EV Powertrain Market size is set to surpass USD 180 billion by 2030, according to a new research report by Global Market Insights Inc.
Increasing government subsidies to boost electric vehicle fleets will propel electric powertrain demand, especially in emerging countries. For example, in Shenzhen, China, local authorities have provided support of up to USD 4,000 for vehicles powered by alternative means. This initiative was meant to escalate EV sales and mitigate the economic challenges exacerbated by the COVID-19 pandemic in the auto industry. Government departments across other countries are planning favorable subsidies for EV consumers.
Use of nickel-metal hydride battery packs to outline e-powertrain developments
The electric powertrain market from EV battery packs component is anticipated to reach USD 140 billion by 2030. One key factor augmenting the industry trends is the introduction of nickel-metal hydride batteries to improve performance. As compared to traditional lead-acid batteries, these battery packs have a longer lifespan and are safer. Since battery chemistry improvements can reduce costs and amplify production, the development of EV battery packs will gather momentum, in order to meet electric powertrain requirements.
Get more details on this report - Request Free Sample PDF
Investments to expand charging networks will drive BEV powertrain manufacturing
The battery electric vehicle (BEV) segment is poised to register significant growth during the forecast period. A key factor is the expansion of charging infrastructure in prominent nations such as Germany, China and Japan. As per the China EV Charging Infrastructure, the country increased its charging station installations from 50,000 in 2017 to 70,000 in 2018. Wireless charging companies have also been targeting the EV charging space.
Browse key industry insights spread across 360 pages with 334 market data tables & 24 figures & charts from the report, “Electric Powertrain Market Size By Component (Electric Vehicle Drive Module, EV DC/DC Converter, EV Battery Packs, EV Thermal System, EV DC/AC Inverter, EV Power Distribution Module), By Vehicle (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV)), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2030”, in detail along with the table of contents:
Continuous expansion of EV service providers to fuel aftermarket channel growth
Based on the sales channel, the EV powertrain market value from aftermarket segment is expected to depict more than 28.5% growth rate through 2030, driven by the escalating investment in electric vehicle service providers. Aftermarket players help to increase the availability of replacement parts and ensure a wider coverage of repair & maintenance services for EV users. Initiatives will be make by service providers to expand offerings for battery-electric trucks and other fleets. Furthermore, the need for electric powertrain replacement, given the irreparability of the component, will proliferate the sales of alternative components from aftermarket channels.
Robust BEV development in Europe to influence regional industry outlook
Europe EV powertrain market is projected to record USD 38.5 billion by 2030, as a result of the strong EV production despite the COVID-19 disruptions. It was estimated that electric car registrations in the region was accounted at over 1.3 million units in 2020, which was much higher than the previous year numbers. Government bodies also have introduced favorable initiatives and policies to promote the use of low-carbon vehicles. Moreover, the rapid expansion of EV charging networks will also foster regional market share.
Collaborative business strategies to define the industry landscape
Top participants operating in the EV powertrain market are Delphi Automotive, Denso, Schaeffler AGs, UNIVANCE CORPORATION, Aisin Seiki Co., Ltd, GKN Automotive, Continental AG, Hofer Powertrain, Robert Bosch GmbH, and JATCO Ltd.
The strategic landscape of the market is likely to observe collaborative business development initiatives undertaken by industry players. For example, in January 2021, Aisin Seiki Co., Ltd. installed its newly developed drive unit for ultra-compact EVs in the C+pod developed by Toyota Motor Corporation, reinforcing its presence in the global market.