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 collection of parts that a vehicle's power train consists of is what propels the vehicle forward. The battery and electric motor are both parts of the electric powertrain, which also provides power transmission. This transfer of power is used to create the power that is later used to move or drive the vehicle. Performance, comfort, and safety are the defining characteristics of an electric powertrain for a vehicle. As a result, producers of powertrain systems and components have begun to use electric powertrains in their cars to cut down on fuel use. The driving shaft or propeller shaft, clutch or torque converter, differential, axles, and engine and gearbox are additional important parts of the powertrain. It is frequently used in battery electric vehicles (BEV), which run entirely on electricity.
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.
The covid-19 has impacted the economy of the markets globally. Lockdowns and shutdowns were implemented in various regions worldwide to stop the virus from spreading. This resulted in the breakage of supply chains due to a lack of transportation. Due to the shutdown of industries, production was also badly affected. The electric power-train vehicle market was mostly affected as there was a run of vehicles on the road due to strict restrictions. The market is vulnerable due to its dependency on global sourcing for the core of battery technology. The beginning purchase cost of EVs is more important than their gas-powered and hybrid counterparts. The market's growth is also affected by the rising price sensitivity of customers during the present crisis.
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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