The global Electric Powertrain Market size is projected to reach USD 191.4 billion by 2027 from an estimated USD 62.9 billion in 2019, at a CAGR of 14.9%, driven by developments in electric powertrain technologies. For instance, Continental presented a 48V high power drive system of 30 kW to power full hybrid vehicles. This new system comprises of an electric motor with integrated power electronics and a battery, reducing fuel consumption and CO2 emissions by 20%.
There are various factors propelling the electric powertrain market. The major factor being the emission norms across regions. For instance, the introduction of Euro VI, China VI, and PROCONVE P8 have driven the electric powertrain market by pushing automakers to come up with advanced electrified powertrain technologies. Also, attractive government incentives such as tax rebates and subsidies for buyers have also propelled the market growth.
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The electric powertrain market comprises major manufacturers such as Bosch (Germany), Mitsubishi Electric (Japan), Magna (Canada), Continental (Germany), and Hitachi (Japan).
The on-board charger is estimated to be the fastest HEV/PHEV powertrain segment in the electric powertrain market. On-board chargers are used in PHEVs and not HEVs. Thus, the growth in PHEV sales will drive the market for on-board chargers. The revenue pockets for PHEV on-board chargers can be evaluated by the new model launches in 2019 such as Toyota RAV4, BMW X3, Lincoln Corsair, and Vision T Plug-in Hybrid crossover. According to the European Federation for Transport and Environment, automakers will bring about 118 PHEV models by 2021 to meet the EU CO2 emissions target of 95 g/km. Hence, to meet the emission standards, the automakers are looking for increased production of plug-in hybrids, which, in turn, will fuel the on-board charger market.
The BEV segment is estimated to be the largest electric powertrain market. According to the International Energy Agency (IEA), the number of electric vehicles will hit 125 million by 2030, with government policies being the linchpin for electric vehicle adoption. Various developments in powertrain components such as Lithium-ion batteries, battery management systems, and power distribution modules are driving the BEV powertrain market. As the number of BEVs increases, the demand for BEV powertrain components would also go up.
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The Asia Pacific is estimated to be the largest and fastest market during the forecast period. Various government initiatives to build charging infrastructure and policies to promote EV adoption is propelling the Asia Pacific electric powertrain market. The growing presence of electric powertrain players in the region and new product developments have also accelerated the market.
