ev powertrain Market

The global EV powertrain market accounted for US$ 30,095.5 Mn in 2018 and is expected to grow at a CAGR of 12.0% over the forecast period 2019 - 2027, to account for US$ 82,382.3 Mn by 2027.

The EV powertrain market outlook is positive, as the electric vehicles are gaining popularity among the end-users. Increasing the adoption of these vehicles would enable the manufacturers to increase their production lines, thereby requiring an increased quantity of EV powertrains. This factor is expected to drive the EV powertrain market. Additionally, the presence of a large number of well-established and automotive industry recognized players in the market is allowing the end-users to technologically enhanced powertrain products, which is also a key driving force of the EV powertrain market. The volume of EV powertrain procurement is at a constant rise in the current scenario, owing to the fact that the OEMs are increasingly procuring the powertrains in large quantities to cater to the needs of the manufacturing of existing vehicle models and to test respective newer models practically.

Globally, several countries have been adopting stringent CO2 emission regulations, which is supporting the electrification of vehicles. The vehicle manufacturers have been reinforcing respective electrification policies and strategies to adhere to the strict regulations. In European countries, plug-in hybrid electric vehicles (PHEV) are linking the transformation to all-electric vehicles. China's market for new energy vehicles (NEVs, which consists of EVs and PHEVs) is anticipated to magnify quickly until 2020. The US market, on the other hand, is expected to accelerate with new policies and standards set towards the electrification of vehicles. These factors are significantly driving the EV powertrain market.

The overall EV powertrain market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the EV powertrain market. It also provides the overview and forecast for the global EV powertrain market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, and ROW. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the EV powertrain market.