Rising Demand for Sustainable Transportation Drives Electric Vehicle Powertrain Market Growth
Research Reports
May 09, 2023
Market overview
According to MRFR analysis, the global Electric Vehicle Powertrain Market is expected to register a CAGR of ~34.70% from 2022 to 2030 and hold a value of over USD 956.44 billion by 2030.
The set of components that make up a vehicle’s power train are what move the vehicle forward. The electric powertrain, which also provides power transmission, is made up of the battery and electric motor. The power that will eventually be used to move or drive the vehicle is created through this power transfer. An electric powertrain for a vehicle’s defining features include performance, comfort, and safety. In order to reduce the amount of fuel used by their vehicles, manufacturers of powertrain systems and components have started using electric powertrains. Further crucial components of the powertrain include the differential, axles, driving shaft or propeller shaft, clutch or torque converter, engine, and gearbox. It is frequently utilised in battery-powered automobiles (BEV),
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Key Players
Some of the key market players are ZF Friedrichshafen AG, EPT Co. Inc, WEG, Bonfiglioli Riduttori S.P.A, IET S.p.A., Automation Tooling Systems Inc, GKN PLC, NXP Semiconductors, Robert Bosch, BorgWarner Inc, Continental AG, AVL List GmbH, Mitsubishi Electric Corp.
The innovations in battery technologies have made EVs more competitive than conventional ICE vehicles by offering an increase in range in a single charge. In the electric power-train system, batteries play an integral part. They carry an important part in the total cost of electric cars and how their cost is reduced crucially due to the advancement of technology, optimization of production procedures and the economies of scale. The price is expected to decrease over the estimated period. EVs are expected to pave the way for mass-market penetration to reach a Total Cost Ownership parity.
Market segmentation
By Outlook
- BEV
- HEV/PHEV
By Component
- Motor/Generator
- Battery
- Power Electronics Controller
- Converter
- Transmission
- On-Board Charger
Regional Analysis
The market for electric vehicle power trains in Asia Pacific is anticipated to develop at a substantial CAGR. A variety of legislative efforts supporting EV sales, such as EV sales quotas, fuel economy objectives, and advantages for EVs in the distribution of license plates in countries such as China, are the primary causes of the growing market penetration.
Industrial news
The key players are getting involved in M&A activities to join their place in the rapid growth. In December 2019, Weichai Power Co. acquired Aradex AG. In the same year, Nordesa Inc was acquired by Dana Inc.
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