May 03, 2022 06:50 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, May 03, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Electric Powertrain Market finds that the increasing penetration of PHEVs and BEVs are expediting market growth. Primarily driven by rising stringent vehicular emission norms by government, the total Global Electric Powertrain Market is estimated to reach USD 388.4 Billion by the year 2028.
The Global Market revenue value stood at USD 70.5 Billion in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 32.9%.
Furthermore, the emerging competing technologies in conventional engines are also anticipated to augment the growth of the Global Electric Powertrain Market, states Vantage Market Research, in a report, titled “Electric Powertrain Market Size, Share & Trends Analysis Report by Vehicle Type (Hybrid and Plug-In Hybrid Vehicle (HEV/PHEV), Battery Electric Vehicle (BEV), 48V Mild Hybrid Vehicle (MHEV)), by HEV/PHEV Powertrain Component (Motor/Generator, HV Battery, 12V Battery, Battery Management System), by BEV Motor/Generator Powertrain Component (Motor/Generator, HV Battery, 12V Battery, Battery Management System), by 48V MHEV powertrain type (48V Battery, 12V Battery, Battery Management System, DC/AC Inverter), by Powertrain Type (BEV Powertrain, MHEV Powertrain, Series Hybrid Powertrain, Parallel Hybrid Powertrain), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Increasing Penetration of PHEVs and BEVs to Fuel Global Electric Powertrain Market
The increasing penetration of PHEVs and BEVs are expected to fuel the growth of the Electric Powertrain Market during the forecast period. As per the Global EV Outlook 2021, the worldwide electric car stock reached ten million units in 2020, a 43% increase over 2019 and a 1% stock share. In 2020, battery electric vehicles accounted for two-thirds of new electric car registrations and two-thirds of the stock. With 4.5 million electric vehicles, China had the largest fleet, but Europe had the fastest yearly growth, with 3.2 million by 2020. In Europe, BEV registrations accounted for 54% among the other electric vehicle registrations, continuing to outpace plug-in hybrid electric vehicle registrations (PHEVs). However, the number of BEV registrations increased from the previous year, while the number of PHEV registrations tripled. The Netherlands had the highest percentage of BEVs with 82% of all electric car registrations, followed by Norway with 73%, the United Kingdom with 62%, and France with 60% of share. As a result, the global adoption of electric powertrains in the coming years will be heavily influenced by the penetration of PHEVs and BEVs.
The Electric Powertrain Market covers the following key insights & findings:
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Segmentation of the Global Electric Powertrain Market:
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Rising Stringent Vehicular Emission Norms by Government to Augment Market Growth
The increasingly stringent vehicular emission norms by the government are anticipated to augment the growth of the Electric Powertrain Market within the estimated period. Increased carbon and particulate matter emissions from automobiles have resulted in significant air quality degradation, which has a negative impact on human health and the environment. As a result, governments all over the world have placed strict emission standards on automobile manufacturers. As a result of this aspect, manufacturers have been driven to enhance Research and Development (R&D) for electric vehicles in order to provide customers with a cost-effective option, fuelling the rise of e-powertrains. The road transport industry, for example, accounts for a significant portion of European energy consumption. To achieve its goal of net-zero greenhouse gas emissions, the EU continues to tighten CO2 emission standards for passenger cars and light commercial vehicles. This drives the demand for realistic electric powertrain architecture options. Further, the growing vehicle electrification demand in the automotive industry is also expected to fuel the demand for electric powertrain in near future.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the automotive & transportation industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Electric Powertrain Market highlights:
Asia Pacific to Dominate the Global Electric Powertrain Market
Asia Pacific has dominated the Global Electric Powertrain Market in 2021 and is likely to continue the same trend during the forecast period. China dominated Asia Pacific in 2021. This is attributable to the rising adoption of electric vehicles in emerging economies such as China and India in the region owing to the rising per capita income of consumers in these countries. Further, the increase in implementation of strict environmental regulations and emission norms in the region is also expected to support the growth of the market. Additionally, increasing focus on developing electric infrastructure is also expected to support regional growth of the market in the years to come.
List of Prominent Players in the Electric Powertrain Market:
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Electric Powertrain Market Size, Share & Trends Analysis Report by Vehicle Type (Hybrid and Plug-In Hybrid Vehicle (HEV/PHEV), Battery Electric Vehicle (BEV), 48V Mild Hybrid Vehicle (MHEV)), by HEV/PHEV Powertrain Component (Motor/Generator, HV Battery, 12V Battery, Battery Management System), by BEV Motor/Generator Powertrain Component (Motor/Generator, HV Battery, 12V Battery, Battery Management System), by 48V MHEV powertrain type (48V Battery, 12V Battery, Battery Management System, DC/AC Inverter), by Powertrain Type (BEV Powertrain, MHEV Powertrain, Series Hybrid Powertrain, Parallel Hybrid Powertrain), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/electric-powertrain-market-910927
December, 2021: Endera, a technology company specializing in all-electric commercial vehicles, charging infrastructure, and software solutions, announced the launch of its all-electric powertrain for Class 3 and 4 zero-emission commercial vehicles.
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