About Electric Vehicle Powertrain
An electric vehicle (EV) is powered by an alternative source of power/energy, unlike fossil fuels such as diesel and petrol, it is powered by electricity with the help of a battery. The electric vehicle powertrain includes the battery, electric motor, and transmission, which helps generate power that is utilized to drive or move the vehicle. The market for electric vehicles has been expanding at a high rate, creating a high demand for automotive electric powertrains. There has been tremendous growth in the electric vehicles all over the world. The sales of electric vehicles are expected to rise, owing to a fall in costs of batteries and improvements in technologies, like increased storage capacity which has led to increased adoption by consumers. Governments of major automotive markets, such as China and India, have pledged to allow only electric vehicles on their roads by 2030.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that European Manufacturers will contribute the maximum growth to Global Electric Vehicle Powertrain market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bosch (Germany), Mitsubishi Electric(Japan), Magna (Canada), Continental AG (Germany), Hitachi (Japan), ZF Friedrichshafen AG (Germany), Cummins Inc. (United States), Dana Incorporated (United States) and GKN PLC (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Electric Vehicle Powertrain market by and Region.
On the basis of geography, the market of Electric Vehicle Powertrain has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Vehicle, the sub-segment i.e. Passenger Car will boost the Electric Vehicle Powertrain market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Battery Electric Vehicle will boost the Electric Vehicle Powertrain market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Transmission will boost the Electric Vehicle Powertrain market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Vehicle Electrification Demand in Automotive Industry and Emerging Computing Technologies in Conventional Engines
Market Growth Drivers:
Stringent Emission Norms and Lack of Infrastructure for Electric Vehicle Charging
Challenges:
Technological Challenges With Electric Powertrains
Restraints:
High Cost of Electrical Components
Opportunities:
Increasing Sales of Electric Vehicles and Developments in Lithium-Ion Batteries
Market Leaders and their expansionary development strategies
In June 2023, Lucid Group, Inc. announced a technology partnership with Aston Martin to provide Aston Martin with Lucid-engineered and manufactured electric powertrain technology to power future Aston Martin battery electric vehicles (BEV). It comes with an ultra-twin motor drive unit, battery technology, and the Wunderbox, Lucid Motors onboard charging unit. It will contribute to the introduction of the first pure electric Aston Martin model in 2025. Aston Martin's all-new in-house Battery Electric Vehicle (BEV) platform will be built around access to Lucid's current and future powertrain and battery technology.
In July 2023, Mercedes-Benz introduced the all-new AMG performance version of its GLC SUV. The powertrain is designed and built in Germany at the Affalterbach plant.
Key Target Audience
Government Regulatory Bodies, Private Research Organization, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.