Electric Vehicle Powertrain Market Projected to Reach USD 956.44 billion by 2030, at a 34.70% CAGR – Report by Market Research Future (MRFR)
Electric Vehicle Powertrain Market Growth Boost by Increasing Use of Simulation Technology and Growing Demand
New York, US, June 06, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Electric Vehicle Powertrains Market Research Report Information by Vehicle Type, Region, Component, and Propulsion - Forecast Till 2030", the global Electric Vehicle Powertrains market research predicts that the market is likely to bolster substantially during the review era from 2022 to 2032 at a substantial growth rate of around 34.70%. The reports further predict that the Electric Vehicle Powertrains market size will be nearly USD 956.44 billion by the end of 2030. As per the study reports, the market was worth nearly USD 118.87 billion in 2022.
Electric Vehicle Powertrains Industry Overview:
The global Electric Vehicle Powertrains industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the expansion in the trend of smaller engines. Furthermore, the rising sales of electric vehicles are also considered to be one of the crucial factors enhancing the performance of the market. Moreover, stricter vehicle pollution norms & laws are also anticipated to positively impact the development of the Electric Vehicle Powertrains market over the coming years.
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Electric Vehicle Powertrain Market Competitive Analysis
The listing of the prominent leaders across the global market for Electric Vehicle Powertrains includes players such as:
AVL List GmbH (Austria)
ZF Friedrichshafen AG(Germany)
Continental AG (Germany)
EPT Co. Inc. (South Korea)
BorgWarner Inc. (US)
WEG (Brazil)
Robert Bosch GmbH (Germany)
Bonfiglioli Riduttori S.P.A (Italy)
NXP Semiconductors (the Netherlands)
IET S.p.A. (Italy)
Magna International Inc. (Canada)
GKN PLC (UK)
Automation Tooling Systems Inc. (Canada)
Dana Incorporated (US)
Mitsubishi Electric Corp (Japan)
Among others.
Market USP Covered
Electric Vehicle Powertrain Market Drivers
The global Electric Vehicle Powertrains industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the expansion in the trend of smaller engines. Furthermore, the rising sales of electric vehicles are also considered to be one of the crucial factors enhancing the performance of the market. Moreover, stricter vehicle pollution norms & laws are also anticipated to positively impact the development of the Electric Vehicle Powertrains market over the coming years.
In addition, the factors such as the government enforcing strict vehicle emission regulations, rising levels of carbon, growing investments in R&D for electric vehicles, ongoing environmental concerns, and continuously rising fuel prices are also projected to catalyze the market performance over the assessment period.
Report Scope:
Report Metrics | Details |
Market Size 2030 | 2030: USD 956.44 billion |
CAGR during 2022-2030 | 34.70% CAGR |
Base Year | 2021 |
Forecast | 2022-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Propulsion, Vehicle Type and Region |
Key Market Opportunities | Increasing use of simulation technology in powertrain systems |
Key Market Dynamics | Strict emission standards Need for energy-efficient EV drivetrain systems is rising |
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Electric Vehicle Powertrain Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated. Furthermore, the elevated likelihood of accidents is also projected to restrict the market's development.
Electric Vehicle Powertrain Market COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Electric Vehicle Powertrains market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Electric Vehicle Powertrain Market Segment Analysis
Among all the components, the battery segment is anticipated to secure the leading position across the global market for Electric Vehicle Powertrains over the assessment era. When it comes to the electrification of automobiles, the battery is the most vital component.
Among all the propulsion types, the battery electric vehicle (BEV) segment is anticipated to secure the leading position across the global market for Electric Vehicle Powertrains over the assessment era.
Among all the vehicle types, the passenger car segment is anticipated to secure the leading position across the global market for Electric Vehicle Powertrains over the assessment era. The segment's growth is ascribed to the factors such as rising demand for vehicles for daily transportation and the fast adoption of electric cars.
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Electric Vehicle Powertrain Market Regional Analysis
The global market for Electric Vehicle Powertrains is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region secured the top position across the global Electric Vehicle Powertrains industry in 2022 with a maximum revenue contribution of nearly USD 38.74 billion. The region has China and India as the leading growth contributors. The main parameter supporting regional market expansion is several legislative initiatives promoting EV sales, such as fuel economy targets, benefits for EVs in allocating license plates, and EV sales quotas. Furthermore, the India Electric Vehicle Powertrain market recorded the maximum growth rate in the Asia-Pacific region, while the China Electric Vehicle Powertrain market had the largest market share.
The European regional market for Electric Vehicle Powertrains is anticipated to secure a significant position globally over the assessment period. The growth of the regional market is ascribed to the aspects such as the new rules that abide by regarding carbon emissions, resistance to transportation powered by internal combustion engines, and adoption of e-mobility. Further, the Germany Electric Vehicle Powertrain market held the largest market share. On the other hand, the UK Electric Vehicle Powertrain market is anticipated to showcase the maximum growth rate over the coming years.
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The North American regional market for Electric Vehicle Powertrains is projected to ensure considerable development over the review timeframe. The main parameter supporting the performance of the regional market is the presence of several leading players across the region. The region has the US as the leading growth contributor with the largest revenue share. On the other hand, the Canadian Electric Vehicle Powertrains market is anticipated to showcase the maximum growth rate over the coming years.
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