Electric Vehicle Power-Train Industry Value Growth and Segments by...

Electric Vehicle Power-Train Industry Value Growth and Segments by 2032, Future Trends, Business Demand, New Opportunity

Posted 2023-08-23 11:59:25

296

Market overview

The automotive industry has mainly compromised the same internal combustion power train in the past few years. The industry is now, however, a large power-train mix as it has been shifting towards environmental-friendly transportation more efficiently. The automotive electric vehicle power-train market is divided, including hybrid power-trains and pure electric. The concept of power-train landscape is becoming more complex with the emergence of electric power-trains.

Electric Vehicle power-train Market is predicted to be worth USD 956.44 billion by 2030, at a CAGR of 34.70% during the estimated period (2023 - 2030). The market was valued at a rate of USD 956.44 billion in 2022. In the current scenario, electric vehicles are considered the future of the automotive market as the traditional vehicles are going to fade out in upcoming years. These vehicles are dominating the market because they provide greatly enhanced environmental benefits. Compared to vehicles powered by internal combustion engines, they have a lower overall cost of ownership.

Many nations have developed stringent regulations to safeguard the environment and promote the use of alternative fuel vehicles, which includes EVs. By providing a greater driving range on a single charge, advances in battery technology have made EVs more competitive than traditional ICE vehicles. Batteries are a key component of the electric drivetrain system. They play a significant role in the overall cost of electric vehicles and in how that cost is reduced as a result of technological advancement, production process optimisation, and economies of scale.

Market segmentation

By Outlook

BEV
HEV/PHEV

By Component

Motor/Generator
Battery
Power Electronics Controller
Converter
Transmission
On-Board Charger

Regional analysis

The Electric Vehicle power-train market is segmented into different regions across the world. The main key players in the Electric Vehicle power-train Market have an important presence in certain regional markets of the world. The Asia Pacific region drove the market. The European and North American regions followed the electric vehicle power-train market share. The Asia Pacific region will also lead the market share in the upcoming years. The North American region will also grow in the predicted period.

Industrial news

The key players are getting involved in M&A activities to join their place in the rapid growth. In December 2019, Weichai Power Co. acquired Aradex AG. In the same year, Nordesa Inc was acquired by Dana Inc.