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Automotive Electric Drivetrain Components Market worth USD 170 Bn by 2027
- Published Date: December 2, 2021
Automotive Electric Drivetrain Components Market size is slated to exceed USD 170 billion by 2027, according to a new research study published by Global Market Insights Inc.
The hybrid vehicle structure, the ICE vehicle is just altered with electric motors and drive cycle operation. The key components of an electric vehicle drivetrain include electric drive module, inverter, and Power Delivery Module (PDM). The size and component configuration depend on the size and power output required for automotive vehicle, which also differ the cost of automotive electric drivetrain components. Limited vehicle charging infrastructure will limit the hybrid drivetrain market expansion. Lack of charging stations in emerging economies will limit the adoption of hybrid and electric vehicles. Furthermore, the supply bottlenecks for lithium and rare earth metals require monitoring to establish secure supply chain and address resource requirement constraints.
Growth in the global plug-in vehicle sales
The implementation of strict carbon emission regulations and rising environmental awareness among customers and governments offering tax benefits on electric propulsion vehicles, including Fuel Cell Vehicles (FCVs), Electric Vehicles (EVs), and PHVs, have increased the sales of the electric vehicles globally. Europe and China have observed substantial sales of electric vehicles in spite of COVID-19. For example, in the first three quarter of 2020, the overall sales of electric vehicles in Europe sales increased by 137% year-on-year while China observed 12% growth in the sales of electric vehicles.
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Browse key industry insights spread across 160 pages with 144 market data tables & 23 figures & charts from the report, “Automotive Electric Drivetrain Components Market Size By Components (Electric Drive Module, DC/DC Converter, Battery Packs, Thermal System, DC/AC Inverter, Power Distribution Module), By Vehicle (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The Fuel Cell Electric Vehicle (FCEV) market is poised to witness over 30% CAGR through 2027. Hydrogen is a clean means to produce electricity, and it is also not affected by instabilities in the supply of fuel. Moreover, it also has negligible carbon emissions as fuel. The hydrogen fuel also has a larger energy density than electric batteries and is easy to store and transport, positively impacting the Fuel Cell Electric Vehicle (FCEV) drivetrain components demand.
Automotive electric drivetrain components market from thermal system is expected to register growth rate of around 25% till 2027. The electric vehicle powertrain systems are increasingly more powerful and efficient, and hence require thermal systems for effectively cooling the car battery. Moreover, at large high surrounding temperatures, the car battery needs cooling via the refrigerant circuit and the chiller in order to have the permissible maximum battery temperature and also to have a longer service life.
In 2020, Asia Pacific market generated more than USD 23 billion revenue. This can be mainly attributed to the large electric vehicle sales and production in China. The electric vehicle production in China was nearly 1.36 million units in 2020. Moreover, many Asian countries are adopting electric vehicles in public transports to reduce dependence on conventional fuel.
Some of the major manufacturers in the global automotive electric drivetrain components market are Hexagon AB, VALEO, BorgWarner, ZF, Schaeffler AG, UNIVANCE CORPORATION, GKN Automotive, Denso, Continental AG, Delphi Automotive, Hofer Powertrain, JATCO Ltd., Magna International, and Robert Bosch GmbH.