The EV powertrain market is predicted to expand at a compound annual growth rate of 7.93% and increase from US$136.120 billion in 2024 to account for US$199.314 billion in 2029. An EV powertrain is a combination of...
The EV powertrain market is predicted to expand at a compound annual growth rate of 7.93% and increase from US$136.120 billion in 2024 to account for US$199.314 billion in 2029.
An EV powertrain is a combination of different systems and components of an electric vehicle, which powers and drives the vehicle forward. The powertrain of an electric vehicle consists of multiple key components, which include batteries, motors, transmissions, and energy management systems.
With the increasing demand for electric vehicles across the globe, the global EV powertrain market is forecasted to witness significant growth. Various global companies and organizations introduced new research and development schemes to innovate and integrate new technologies in the electric vehicle powertrain market. For instance, in March 2023, Nissan, a global leader in automotive innovation, launched its new approach to electrified powertrain development. The company stated that the new approach is aimed at reducing the development cost of newer powertrains for the electric vehicle, as it offers sharing and modulization of EVs and e-power core components.
Under the component segment, the EV powertrain market is categorized into transmission, motors, and battery. In the global EV powertrain market, the battery category, under the component segment is forecasted to attain a greater market share during the forecasted timeline. The battery is among the key components of an electric vehicle, which helps in storing, and efficiently delivering power to different components of the vehicles.
The propulsion type segment of the EV powertrain market is categorized into battery electric vehicles and plug-in hybrid electric vehicles. Under the propulsion type segment of the electric vehicle powertrain market, the battery electric vehicle market will attain a greater market share. The battery electric vehicle or BEVs are a type of electric vehicle, which completely depends on electricity stored in its battery to operate and drive the vehicle. In the global zero-emission vehicle market, the battery electric vehicle witnessed significant growth, as it offers efficient and sustainable technology in the automotive industry. The International Energy Agency, in its report, stated that the sales of battery electric vehicles witnessed a massive growth in the past few years, compared to plug-in hybrid electric vehicles. The agency stated that in 2021, 1.19 million PHEVs were sold globally, whereas about 4.7 million BEVs were sold. Similarly, in 2023, the total sales of BEV were recorded at 9.5 million, whereas about 4.3 million PHEVs were sold globally.
The EV powertrain market, under the vehicle segment, is categorized into passenger cars and commercial vehicles. In the global EV powertrain market, the passenger cars category under the vehicle segment is projected to witness significant growth during the forecasted timeline. The passenger cars category in the global EV market witnessed significant growth in sales. Similarly, various governments across the globe also introduced key policies and subsidy schemes to boost the sales of passenger cars.
Based on geography, the Asia Pacific region is forecasted to witness the maximum share of the global EV powertrain market. The Asia Pacific is among the biggest producers and adopters of electric vehicles across the globe. The sale of electric vehicles in the Asia Pacific region has also witnessed a constant increase with the introduction of new technologies in the industry. The International Energy Agency, in its report, stated that China alone contributed to about half of the total sale of electric vehicles across the globe. The agency stated that in 2021, the total sales of electric vehicles in the nation were recorded at about 3.3 million, which surged to about 6 million in 2022. In 2023, the total sales of EVs in China were recorded at 8.1 million, whereas only 3.2 million EVs were sold in Europe and 1.4 million in the USA during 2023. Similarly, the introduction of key investment schemes and tax benefits by the governments of various countries in the region also pushed the production of electric vehicles, boosting the EV powertrain market in the Asia Pacific region.
The research includes several key players from the EV powertrain market, such as GKN PLC (Melrose Industries PLC), NVIDIA, Magna International Inc., Hitachi Astemo, Ltd., Bosch Limited, Cummins Inc, AVL List GmbH, Mitsubishi Electric Corp, and BorgWarner Inc.
View a sample of the report or purchase the complete study at: https://www.knowledge-sourcing.com/report/ev-powertrain-market
This analytics report segments the EV powertrain market as follows:
-
- By Component
- Transmission
- Motors
- Battery
- By Propulsion Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- By Vehicle
- Passenger Car
- Commercial Vehicle
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Others
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
- North America
- EV Charging Connectors Market Report
- EV Battery Cooling Market Report
- Vehicle Analytics Market share
- By Component
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