Sales of Electric Powertrain is expected to grow at a CAGR of 13% to 15% during 2021 to 2031
According to latest study, electric powertrain market will grow at a positive rate during 2021-2031. Demand for powertrain will witness an optimistic growth outlook in the forecast period.
Growing demand and production of electric vehicles as well as increase in research & development of powertrain batteries among manufacturers is accelerating the market growth in the given time period.
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What is Driving Demand for Electric Powertrain?
Electric powertrain comprises of the components that generate power that is required to move the vehicle and deliver it to the wheels of the vehicle. Increasing electrification of vehicles along with increasing stringent government emission norms are some of the factors that are expected to stimulate sales of automotive powertrain around the globe.
Over the forecast period, the market is likely to grow because of innovations in lithium- ion batteries as well as increasing in research & development to improve powertrain systems by leading manufacturers is surging the sales of powertrain systems. Main components of powertrain are engine, transmission and driveshaft that are important for any type of vehicle.
Manufacturers are focusing on developing innovative and efficient powertrains solutions for all types of vehicles which is also an important driving factor for the market. Growing demand of hybrid electric vehicles in many developed countries like China, Germany, US is also an important factor contributing to the growth of powertrain components.
Automotive Recovery Likely to Augment Electric Powertrain Sales
The pandemic has had a declining impact on automotive sales. Automotive production declined in 2020 as the manufacturing facilities were closed due to lockdown. This closing of facilities heavily impacted the production and sales of battery electric vehicles (BEV) as well as hybrid electric vehicles (HEV) in the market.
Electric vehicles and plug- in hybrid vehicles need high voltage power solutions in order to run on electricity which is an important factor contributing to the increasing demand of electric powertrain components.
Due to stringent emission regulation norms, governments of developed countries like Germany, Japan and US are promoting OEMs to engage more towards manufacturing of hybrid electric vehicles to avoid harmful carbon emissions in the environment. This factor is likely to upscale the market for automotive powertrain.
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US and Canada Electric Powertrain Market Trend
US is one of the most lucrative market for electric powertrains globally. The US Electric Powertrain market will increase in the coming years because of exponential growth in demand and sales of electric vehicles. Due to pandemic the demand is likely to remain depreciated for the next couple of years but the automotive market is slowly recovering as manufacturing facilities have resumed their production activities in the region.
Demand for powertrain in North America region is accelerated by the increasing automotive production as well as increase in product innovation for powertrain components. Increase in demand of hybrid electric vehicles due to growing traffic congestion in US and Canada is increasing the sales of electric powertrains.
Many OEMs are investing in manufacturing of powertrains, is also one of the factors hastening the automotive powertrain growth in the region.
Europe Demand Trend for Electric Powertrain
Many countries in Europe region have been severely impacted by the COVID-19 crisis, which has led to a decline in automotive production activities. But the market is slowly recovering has automotive manufacturing activities have resumed in many countries in the region.
The market is regarded as the fastest growing market for powertrain components due to presence of large players in the region that comprise of significant global market share.
Countries like Germany and others will accelerate the growth of automotive powertrain in Europe region in the forecast period due to growing demand and production of electric powertrain components in the region.
With the growing demand of electric hybrid vehicles and increasing sales of electric vehicles in Germany due to stringent emission norms, the automotive powertrain market is likely to grow in Europe, making it a fast growing region for powertrain components.
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Who are the Key Manufacturers and Suppliers of Electric Powertrain?
Some of the leading manufacturers and suppliers of Electric Powertrain include
- Bosch
- Mitsubishi Electric
- Magna International
- Continental AG
- Hitachi
- Others.
Many leading manufacturers are focusing on new product development and collaborations with other automotive companies to increase their existing market share and expand their geographic presence for powertrain components.
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