Electric Vehicle Powertrain Market to register a healthy CAGR for the forecast p

Posted by surendra choudhary on May 23rd, 2019

Key players operating in the global electric vehicle powertrain market include ZF Friedrichshafen AG, GKN PLC, Cummins Inc., Meritor, Inc., Robert Bosch GmbH, Magna International, Dana Incorporated, and Bonfiglioli Riduttori S.P.A.

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. Electric vehicles powertrains incorporated in battery electric vehicles (BEV), which is an all-electric vehicle, are powered 100% by electric energy. Powertrains in plug-in-hybrid electric vehicles (PHEVs) can be charged from wall mounted electricity power supply board while, powertrains in hybrid-electric vehicles (HEVs) employ two or more types of fuels to power these vehicles.

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EVs are the future of the automotive industry as fossil fuels are expected to go extinct in the next few decades. Therefore, alternative energy is required to power vehicles, which could be electricity. Several countries have formulated stringent policies for alternative fuel vehicle/ EVs. Numerous emission laws have been enacted to reduce the CO2 emission from vehicles. An EV can reduce CO2 emission and also reduce the consumption of fossil fuels. The global electric vehicle powertrain market has expanded in the last few years. It is expected to expand further during the forecast period, due to increase in demand for electric vehicles in the global market. Lack of infrastructure is a major restraint of the electric powertrain market.

The global electric vehicle powertrain market can be segmented based on technology, component, vehicle type, and region. In terms of technology, the global electric vehicle powertrain market can further be bifurcated into Battery electric vehicles (BEV), Plug-in-hybrid electric vehicle (PHEV) and Hybrid-electric vehicle (HEV). Automobile manufacturers are focusing on the reduction of the weight of the vehicle for enhanced power, performance, mileage, and efficiency. Consequently, they demand lightweight structures and components in order to manufacture parts of their vehicles. The powertrain should be lightweight; however, it should also be durable and strong. In terms of component, the electric vehicle powertrain market can further be bifurcated into battery, controller, transmission, engine and motor/generator. Based on vehicle type, the electric vehicle powertrain market can be classified into passenger vehicle, two-wheeler, three-wheeler, and commercial vehicle. The passenger vehicle segment can be further sub-segmented into hatchback, sedan, and SUV/MUV.

In terms of region, the electric vehicle powertrain market can be split into Asia Pacific, Middle East & Africa, Europe, Latin America, and North America. The market in Asia Pacific is projected to expand at a prominent pace during the forecast period due to the increase in demand for vehicles and rise in per capita income of customers in the region. Furthermore, China and India are among the major producers of automobiles, which in turn is expected to be a major factor that fuels the electric vehicle powertrain market in Asia Pacific during the forecast period. Europe is anticipated to be a major market for electric vehicle powertrain, as several OEMs have their presence in Europe. Moreover, the region accounts for a major share of production of automobiles, globally. This, in turn, is anticipated to propel the electric vehicle powertrain market in the region during the forecast period.