Yahoo Finance Electric Vehicle Powertrain Market Size to Hit USD 64.87 Billion by 2026 | Exhibit a CAGR of 28.5%
According to Fortune Business Insights, the global electric vehicle powertrain market was valued at USD 7.99 billion in 2018, and is projected to reach USD 64.87 billion by 2026, growing at CAGR of 28.5% from 2021 to 2026. Partnership between BMW and Jaguar Land Rover to favour growth.
Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle powertrain market size is expected to grow from USD 7.99 billion in 2018 to USD 64.87 billion by 2026, exhibiting a CAGR of 28.5% during the forecast period. The growing environmental concerns and rising energy consumption will contribute positively to the electric vehicle powertrain market growth during the forecast period. In addition, the focus on green energy to reduce carbon emissions along with growing innovation in hybrid vehicles by renowned automotive companies will have a positive impact on the electric vehicle powertrain market revenue in the foreseeable future. This information is given by Fortune Business Insights™ in a new report, titled, “Electric Vehicle Powertrain Market 2020-2026.”
The electric vehicle powertrain market report focuses on demonstrating a complete assessment of the market. It contains facts, thoughtful insights, historical information, industry-validated market information, and projections with a suitable set of assumptions and methodology. It offers valuable insights into all the notable developments of the market. It shares a complete overview of all the segments and parts of the electric vehicle powertrain market analysis, while providing statistical data on all the regions. It is created after extensive research followed by an all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. Moreover, it also includes product launches, acquisitions, collaborations and partnerships, and industry developments.
Industry Developments:
July 2021 - German automaker Mercedes-Benz has announced the acquisition of next-generation electric drive technology company Yasa. The company provides electric and hybrid powertrain solutions to the automotive industry. Yasa will continue to operate as a wholly-owned subsidiary of Mercedes-Benz.
July 2021 - LG electronics and Magna International forms an electric powertrain joint venture to target the EV market. Both the companies have officially signed the transaction agreement. The new company is called LG Magna e-powertrain and will be based in Incheon, South Korea, with an initial workforce of 1000 employees.
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Report Scope & Segmentation:
Report Coverage | Details |
Forecast Period | 2018-2026 |
Forecast Period 2020 to 2026 CAGR | 28.5% |
2026 Value Projection | USD 64.87 billion |
Base Year | 2018 |
Market Size in 2018 | USD 7.99 billion |
Historical Data for | 2015-2017 |
No. of Pages | 120 |
Segments covered | By Component Type, By Vehicle Type |
Growth Drivers | Increasing Regulatory Programs to Boost Market in Asia Pacific |
Consumer Shift towards Electric Mobility Solutions to Augment Market Growth |
Regional Insights-
Increasing Regulatory Programs to Boost Market in Asia Pacific
Geographically, the market is classified into North America, Asia Pacific, Latin America and the Middle East and Africa. The market in Asia Pacific generated a revenue of USD 3.82 billion in 2018. The growth in the region is attributed to increasing penetration of electric vehicles in the region. The surge in regulatory programs for EVs sales such as EV sales quota, fuel economy targets, and advantages for EVs in license plate assignments in countries such as China and India will augment healthy growth of the market. For instance, the implementation of strict emission regulations such as BS-VI in India and China VI will positively influence the market. Moreover, the leading players are focused on providing accessible charging infrastructure in developing countries, which in turn will augur well for the market.
Europe is predicted to witness steady growth during the forecast period owing to the growing regulations to curb carbon emissions. The presence of major automobile companies in the region will enable healthy growth of the market in Europe. North America is predicted to grow rapidly owing to the increasing investment in charging infrastructure
Market Drivers-
Consumer Shift towards Electric Mobility Solutions to Augment Market Growth
The surge in fuel prices and growing environmental concerns have led to a shift from conventional vehicles to hybrid mobility solutions. This, factor has propelled the growth of the market. Moreover, the focus of auto manufacturers towards the development of lightweight and compact e-powertrain solutions that are suitable for everyday transportation will enable speedy growth of the market in the forthcoming years.
Furthermore, the increasing government policies and guidelines to support the expansion of hybrid vehicle through grants, subsidies and incentives will accelerate the electric vehicle powertrain market trends. In addition, the collaboration and partnerships between major companies will create new opportunities for the market in the forthcoming years. For instance, in June 2019, Jaguar Land Rover and BMW announced a collaboration to develop the next generation Electric Drive Units (EDUs) to support the advancement of electrification technologies. The joint venture between the companies will involve R&D, engineering, and procurement of data to the increase consumer adoption of EVs.
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Market Segmentations-
Segmentation | By Component
|
By Vehicle
|
Companies Profiled in the Cloud Security Market Research Report:
Robert Bosch GmbH
Continental AG
Magna International Inc.
Mitsubishi Electric Powertrain
ZF Friedrichshafen AG
BorgWarner Inc.
Valeo
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Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Marine Engines Market
Steps Taken by the Government to Overcome the Impact
Key Developments in the Industry in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
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