Global Electric Vehicle Powertrain Market Size By Type of Vehicle, By Parts of the Powertrain, By Vehicle Class, By Geographic Scope And Forecast

Electric Vehicle Powertrain Market Size and Forecast

Electric Vehicle Powertrain Market size was valued at USD 187.19 Billion 2023 and is projected to reach USD 424.10 Billion by 2030, growing at a CAGR of 16.70% during the forecasted period 2024 to 2030.

Global Electric Vehicle Powertrain Market Drivers

The growth and development of the Electric Vehicle Powertrain Market drivers. These factors have a big impact on how Electric Vehicle Powertrain are demanded and adopted in different sectors. Several of the major market forces are as follows:

• Government Rules and Incentives: Automakers have been encouraged to invest in electric vehicles by the strict pollution requirements and laws that exist in many different countries.
  To encourage the use of electric vehicles, governments throughout the world are providing incentives and subsidies to both manufacturers and users.
• Environmental Concerns: As a cleaner alternative to conventional internal combustion engine vehicles, electric vehicles are becoming more and more popular as environmental awareness of environmental issues and the need to cut carbon emissions grows.
• Technological Developments: Continuous developments in battery, electric motor, and power electronics technology are among the powertrain innovations that are making electric vehicles more economical, practical, and efficient.
•  Lower Battery Costs: One of the main factors influencing the cost-competitiveness of electric vehicles over conventional automobiles is the declining cost of lithium-ion batteries, which are an essential part of electric vehicle powertrains.
• Growing Customer Demand: The market for electric vehicle powertrains is being driven by consumers’ growing knowledge of the advantages of owning an electric car, including cheaper operating costs, less maintenance needs, and a more enjoyable driving experience.
• Automaker Commitments: A lot of big automakers have made the commitment to switch a sizable percentage of their lineup to electric or electrified vehicles, which is helping to expand the market for electric vehicle powertrains.
• Infrastructure Development: The widespread use of electric vehicles depends on investments in the infrastructure necessary for charging them. Expanding charging networks is a priority for both public and commercial organisations, which benefits the market.
• Increasing Fuel Prices: Variations in the price of conventional fuel might sway consumer preferences in favour of electric and more fuel-efficient cars, which will expand the market for electric vehicle powertrains.

Global Electric Vehicle Powertrain Market Restraints

The Global Electric Vehicle Powertrain Market has a lot of room to grow, but there are several industry limitations that could make it harder for it to do so. It’s imperative that industry stakeholders comprehend these difficulties. Among the significant market limitations are:

• High Initial Costs: Compared to conventional internal combustion engine vehicles, electric vehicles frequently have greater upfront costs. This price can be a major turnoff for some customers because it covers not just the powertrain parts but also the pricey batteries.
• Restricted Driving Range and Charging Infrastructure: The broad adoption of electric vehicles may be hampered by worries about the restricted driving range of each individual charge and the accessibility of charging infrastructure. For some prospective customers, range anxiety—the worry of running out of battery power—remains an obstacle.
• Limitations of Battery Technology: In spite of breakthroughs, the energy density, charging duration, and longevity of present battery technology are all constrained. To overcome these obstacles and increase the competitiveness of electric vehicles, advancements in battery technology are essential.
• Charging Time: Compared to refuelling conventional automobiles with petrol, charging an electric vehicle takes longer. To adequately solve this limitation, fast-charging infrastructure has to continue growing.
• Problems with the Supply Chain: Production and distribution of electric vehicle components, such as batteries and engine components, may be hampered by international events like material shortages, geopolitical unrest, or other disruptions.
• Lack of Model Variety: Compared to conventional cars, the range of electric vehicle models on the market may be smaller. Customers’ selections may be restricted by a lack of variety, particularly in some car categories.
• Perceived Performance Issues: Concerns regarding the acceleration, top speed, and general driving experience are common among consumers regarding the performance of electric vehicles.
• Concerns About Resale Value: Consumers’ decisions when considering the purchase of an electric vehicle can be influenced by uncertainties regarding the resale value of electric vehicles, particularly in light of worries about battery degradation over time.

Global Electric Vehicle Powertrain Market Segmentation Analysis

The Electric Vehicle Powertrain Market is segmented on the basis of Type of Vehicle, Parts of the Powertrain, Vehicle Class, And Geography.

By Type of Vehicle

• Passenger Cars: From little city cars to opulent sedans, electric powertrains are frequently seen in passenger automobiles.
• Commercial Vehicles: Trucks, delivery vans, and buses are among the commercial vehicles that are progressively utilising electric powertrains.

By Parts of the Powertrain

• Battery Electric Vehicles (BEVs): Autos that run exclusively on electricity from batteries.
• Plug-in Hybrid Electric Vehicles (PHEVs): These are cars that have an internal combustion engine and an electric battery, enabling them to run on petrol for a longer distance.
• Hybrid Electric Vehicles (HEVs): These are automobiles that combine an electric motor and internal combustion engine to increase fuel economy.

By Vehicle Class

• Economy/Entry-level EVs: Reasonably priced electric cars aimed at a wide range of buyers.
• Mid-Size EVs: Cost, size, and performance all come together in these electric cars.
• Luxurious EVs: Exotic cars with superior performance and features.

By Geograpghy

• North America: Examining the market for electric car powertrains in nations like the US and Canada.
• Europe: Analysis of market dynamics and trends in European nations, such as Norway, Germany, and the United Kingdom.
• Asia-Pacific: Market insights on electric car powertrains in nations like South Korea, Japan, and China.

Key Players

The major players in the Electric Vehicle Powertrain Market are:

• Bosch
• Continental AG
• Denso Corporation
• Hitachi Astemo Ltd.
• Magna International Inc.
• Valeo
• BorgWarner Inc.
• Eaton Corporation
• Mitsubishi Electric Corporation
• ZF Friedrichshafen AG
• EV Startups
• Rivian
• Lucid Motors

Report Scope

Top Trending Reports:

Global Electronic and Precision Equipment Repair and Maintenance Market Size And Forecast

Global Cadmium Zinc Telluride (CZT) Crystal Market Size And Forecast

Research Methodology of Verified Market Research:

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.