Westford, USA, March 14, 2023 (GLOBE NEWSWIRE) -- The global electric vehicle powertrain market is expected to witness significant growth in the coming years, with the Asia Pacific region projected to capture the largest revenue share. The regional growth can be driven by the increasing demand for electric vehicles and the modernization of conventional engines worldwide. Europe and North America are also expected to compete closely with the Asia-Pacific region for market share. In addition, various factors, including stricter government emission standards and the increasing demand for sustainable transportation solutions, drive vehicles' shift towards electric powertrains. As a result, the sales of automotive powertrains are expected to see a surge in the near future. Furthermore, with the automotive industry undergoing a rapid transformation towards electric mobility, electric powertrains have become an essential component in the manufacturing of vehicles.
As per SkyQuest's latest research, by 2028, the market value of electric vehicles is projected to reach a whopping USD 353.64 billion. This growth clearly indicates the rising demand for eco-friendly transportation solutions and the adoption of cleaner and sustainable energy sources. Furthermore, with more electric cars on the road, the demand for advanced electric vehicle powertrains will also likely increase. The powertrain is one of the critical components of an electric vehicle that determines its overall performance and efficiency.
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Electric vehicles (EVs) have become increasingly popular as a cleaner, more sustainable alternative to traditional gasoline-powered vehicles in recent years. Unlike conventional vehicles that rely on internal combustion engines, EVs use electric powertrains to generate the energy required to propel the vehicle. The electric powertrain is the heart of the EV, consisting of several major components that work together to deliver power to the road surface. The battery is the most critical component of the powertrain, providing the necessary energy storage to power the electric motor.
Prominent Players in Electric Vehicle Powertrain Market
- Hitachi Automotive Systems Ltd.
- Robert Bosch GmbH
- BorgWarner Inc.
- Continental AG
- Nidec Corporation
- Mitsubishi Electric Corporation
- NXP Semiconductors
- Valeo
- Magna International Inc.
- Cummins Inc.
- Denso Corporation
- ZF Friedrichshafen AG
- Magneti Marelli Ck Holdings
- GKN Plc.
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Passenger Car Segment to Retain Market Position Thanks to a Favorable Combination of Consumer Demand, Government Incentives, and Infrastructure
The electric vehicle powertrain market has witnessed remarkable growth in recent years, with the passenger car segment leading the way. In 2022, this trend continued, and it is expected to persist throughout 2023 to 2030. The rise of electric vehicles in the passenger car segment can be attributed to several factors. Firstly, governments worldwide are pushing for a transition to clean energy, with many offering incentives to purchase electric vehicles. This has increased demand for these vehicles, particularly in urban areas where air pollution is a significant concern. Additionally, the development of fast-charging infrastructure has alleviated concerns about range anxiety, making electric vehicles a more practical option for everyday use.
The Asia Pacific region has become a strong contender in the electric vehicle powertrain market, showcasing impressive growth in 2022. With its vast potential and dynamic market conditions, this region is expected to capture a significant share of the global market by the year 2030. As per SkyQuest, the Chinese government has taken a significant step towards reducing their country's carbon footprint by setting a target of 20% of all vehicle sales to be EVs by 2025. The Chinese government's commitment to promoting electric vehicle use is projected to boost the Electric Vehicle Powertrain industry in the region significantly. With an increasing demand for electric vehicles, the industry is likely to see a surge in growth, creating new opportunities for manufacturers and suppliers alike.
Electric Motor Segment to Register Higher Sales owing to Support of Technological Advancements Allowing Cheaper Production of Electric Motors
In 2022, the electric motor segment emerged as the dominant electric vehicle powertrain market player. This trend is expected to continue throughout the forecast period, from 2023 to 2030. The electric motor is a critical component of the electric powertrain, and several factors drive its dominance. Firstly, electric motors offer several advantages over their combustion engine counterparts. They are highly efficient, have lower maintenance costs, and produce zero emissions, making them ideal for use in electric vehicles. Additionally, electric motors have a simpler design and are more reliable than combustion engines, leading to increased adoption by vehicle manufacturers.
The electric vehicle powertrain market in Europe and North America experienced remarkable growth in 2022, expected to continue in the coming years. According to a report by SkyQuest, the Electric Vehicle (EV) industry in the United States experienced significant growth in the first quarter of 2022. Over 165,000 units of battery EVs were sold during this period, reflecting a remarkable year-over-year increase of approximately 72 percent compared to the same period in 2021. The increasing demand for EVs positively impacts the electric vehicle powertrain industry, which provides the technology that powers electric vehicles.
The electric vehicle powertrain market is rapidly evolving and highly competitive, with companies vying for a growing market share. To succeed in this dynamic industry, businesses must stay abreast of the latest industry trends and emerging opportunities. SkyQuest's report offers valuable insights and recommendations to help businesses make informed decisions and expand their operations in this dynamic market.
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Key Developments in Electric Vehicle Powertrain Market
- Ford has announced plans to increase its investment in a UK-based electric vehicle powertrain plant by $180 million. This move is part of the company's efforts to accelerate the development and production of its electric vehicles in Europe. With this investment, Ford aims to boost its presence in the electric vehicle market and cater to the growing demand for sustainable transportation options. The company plans to launch several new electric models in the coming years, and the Dunton facility will play a critical role in powering these vehicles.
- Allegro MicroSystems, a leading supplier of high-performance semiconductors, has announced the industry's first ASIL C safety-rated field current sensor for electric vehicle powertrain systems. This new sensor is designed to provide high accuracy and reliability in measuring the current flowing through the traction motor of an electric vehicle. The new ASIL C safety-rated field current sensor is expected to be critical in developing electric vehicle powertrain systems.
- Geely, the Chinese automotive company, has launched a new electric brand named "Galaxy." The company aims to make Galaxy a premium electric vehicle (EV) brand that will compete with other luxury EV manufacturers such as Tesla and Mercedes-Benz. The Galaxy brand will have its own research and development center, manufacturing facilities, and supply chain operations. This will allow the brand to have complete control over the production of its vehicles, ensuring that they meet the highest standards of quality and performance.
Key Questions Answered in Electric Vehicle Powertrain Market Report
- How do external factors influence the growth of the global market, and what opportunities and challenges do they pose for different industries?
- What effective tactics have prominent companies in the global market implemented to surmount obstacles and seize emerging prospects?
- Which regions are expected to witness the most significant sales and revenue expansion in the global market, and what factors account for this trend?
- What are the key challenges that vendors operating in the global market may encounter, and how can they successfully tackle these impediments?
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