EV Powertrain Market Size, Demand, Growth and Forecast To 2027: Robert Bosch GmbH, Cummins, Inc., Maxim Integrated Products

The global EV powertrain market accounted for US$ 30,095.5 Mn in 2018 and is expected to grow at a CAGR of 12.0% over the forecast period 2019-2027, to account for US$ 82,382.3 Mn by 2027.

The global automotive industry is experiencing a paradigm shift in powertrain technology. Countries across the globe are emphasizing heavily towards the EV powertrain technology intending to reduce the carbon emission from ICE vehicles. China stands tall and is at the forefront in adopting EV powertrains, with 61% of vehicle owners prefer EV powertrains. Other APAC countries with a fair percentage of EV powertrain preference include Hong Kong, Japan, and Singapore. From the European perspective, 41% of Italian vehicle customers choose EV powertrain, while France and Germany account for 35% and 32%, respectively. The continuous innovations in this field for a wide variety of applications in passenger cars, lightweight commercial vehicle (LCV), heavyweight commercial vehicle (HCV) is attracting several automakers globally, which is paving the path for EV powertrain market in the current scenario. Additionally, the automotive industry is experiencing a rising number of partnerships between the automakers and technology developers which is leading to the growth of the EV powertrain market.

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The major players operating in the market for EV powertrain market are Continental AG, Robert Bosch GmbH, Cummins, Inc., Maxim Integrated Products, Inc., Magna International Inc., Tata Elxsi, Dana Limited, Valeo SA, Mahle GmbH, and ZF Friedrichshafen AG

The global automotive industry is experiencing a significant shift from traditional vehicles to electric vehicles. Governments in various countries are taking initiatives to drive the adoption of electric vehicles. For instance, the Government of Canada invested US$ 182.5 million to develop fast charging network for electric vehicles. Also, in December 2017, the Federal Government of Canada released its Greening Government Strategy, which aims to reduce greenhouse gas emissions by 80% by 2050. Also, according to Clean Energy Canada, the Canadian government invested US$ 1 billion in 2017 for the production of EVs. In 2019, more than 40 models of electric vehicles were available in the Canadian market due to increasing production and demand. Also, electric vehicles account for 2.5% of all vehicles sold in Canada. Furthermore, according to GOV.UK, in July 2019, authorities in the UK invested up to US$ 100 million for the development of next generation electric vehicles.

The global EV powertrain market is anticipated to witness impressive growth during the forecast period owing to government initiatives toward adoption of EV powertrains and technological development in conventional engines. On the contrary, factors such as lack of expertise in several developing countries and high price of vehicles is a limitation might hinder the growth of EV powertrain market. During the forecast period of 2019 to 2027, battery electric vehicle powertrain held the largest market share and will continue its dominance in the market. On the basis of application, passenger cars held the largest market share in 2018 and is expected to maintain its dominance through the review period.

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Asia Pacific is the fastest growing region in the EV powertrain market. China holding the leading position followed by Japan and South Korea. China dominates the entire Asia-Pacific region in terms of the number of electric vehicles. The country, with a population of around 1.4 Bn, is experiencing an expansion in the growth of the automotive industry. Pertaining to a growing middle class, high economic growth, and rapid technological advancement have created immense growth opportunities for the various industries especially automotive industry. China has been the largest automotive market globally over the years. The growth in the automotive sector in China has been achieved mainly through the establishment of various joint ventures with car manufacturers such as Volkswagen, General Motors, and others.

Major Highlights Of The Report:

  • All-inclusive evaluation of the parent market
  • Evolution of significant market aspects
  • Industry-wide investigation of market segments
  • Assessment of market value and volume in past, present, and forecast years
  • Evaluation of market share
  • Study of niche industrial sectors
  • Tactical approaches of market leaders
  • Lucrative strategies to help companies strengthen their position in the market

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FAQ

• What are reasons behind Asia-Pacific EV powertrain market growth?
o The growth of the EV powertrain market in the Asia-Pacific region is primarily driven by the growing automotive industry. Asia-Pacific EV powertrain market is progressing rapidly with China holding the leading position followed by Japan and South Korea. China dominates the entire Asia-Pacific region in terms of the number of electric vehicles. Pertaining to a growing middle class, high economic growth, and rapid technological advancement have created immense growth opportunities for the various industries especially automotive industry. China has been the largest automotive market globally over the years. The growth in the automotive sector in China has been achieved mainly through the establishment of various joint ventures with car manufacturers such as Volkswagen, General Motors, and others

• What are market opportunities for EV Powertrain?
o Key players in the automotive market are focusing on investing in the production of electric vehicles. There have been prominent collaborations in recent years between automakers and tech companies to develop technologically advanced electric vehicles. For instance, in December 2019, Fiat Chrysler planned a merger with French automaker PSA Group to focus on the development of electric vehicles. As the market is moving toward EV adaptation, due to changing business strategy in order to innovate, the ICE vehicle manufacturers are shifting their focus towards EVs. Further, with increasing awareness about the rising levels of greenhouse gas emission and negative impacts of the conventional vehicles in the form of increasing population are the major factors propelling key players to invest in electric vehicles

• Which application holds the major share in EV powertrain market?
o The passenger vehicle segment led the EV powertrain market, by application. The trend of procurement of passenger cars is increasing at a high rate over the years and the trend is anticipated to continue in the future. Passenger car segment undergo substantial technological advancements year on year, owing to the changes in consumer interests, emergence of new technologies. Also, the trend of procurement of passenger cars is increasing at a decent rate over the years. The increase in awareness among the vehicular customers related to the benefits of electric vehicles has resulted in downsizing of fossil fuel vehicles. Also, several governmental initiatives have propelled the growth of electric passenger cars over the years.

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Posted by on Thursday April 02 2020, 5:00 AM EDT. All trademarks acknowledged. Filed under Business Services. Comments and Trackbacks closed. Follow responses: RSS 2.0

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