The automotive industry has mainly compromised the same internal combustion power train in the past few years. The industry is now, however, a large powertrain mix as it has been shifting towards environmental-friendly transportation more efficiently. The automotive electric vehicle powertrain market is divided, including hybrid powertrains and pure electric. The concept of powertrain landscape is becoming more complex with the emergence of electric powertrains. Electric Vehicle Powertrain Market is predicted to be worth USD 667.31 billion by 2028, at a CAGR of 34.72% during the estimated period (2021 - 2028). The market was valued at a rate of USD 88.25 billion in 2021.
In the current scenario, electric vehicles are considered the future of the automotive market as the traditional vehicles are going to fade out in upcoming years. These vehicles are gaining grip in the market as they offer highly improved environmental advantages. They give a lower cost of ownership than their internal combustion engine vehicles. There are several countries that have come up with strict policies to protect the environment and encourage the application of alternative fuel vehicles, which includes EVs.
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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 powertrain 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 powertrain 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.
- Power Electronics Controller
- On-Board Charger
The Electric Vehicle Powertrain market is segmented into different regions across the world. The main key players in the Electric Vehicle Powertrain Market have an important presence in certain regional markets of the world. The Asia Pacific region drove the market. The European and North American regions followed the electric vehicle powertrain market share. The Asia Pacific region will also lead the market share in the upcoming years. The North American region will also grow in the predicted period.
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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