Electric Vehicle Powertrain Market Size, Share, Development by 2027
The global united states powertrain size is predicted to reach 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. According to the published by Fortune Business Insights in a report, titled “Electric Vehicle Powertrain Market Size, Share, and Industry Analysis By Component Type (Electric Motor, Inverter, Converter, Power Distribution Module, Transmission), By Vehicle Type (Passenger Cars, Buses & Coaches), and Geography Forecast till 2026” the market size stood at USD 7.99 billion in 2018. 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.
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.
The Report Lists the Main Companies in the Electric Vehicle Powertrain Market;
- Robert Bosch GmbH
- Continental AG
- Magna International Inc.
- Mitsubishi Electric Corporation
- ZF Friedrichshafen AG
- BorgWarner Inc.
- Hitachi Automotive Systems, Ltd.
- NXP Semiconductors
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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 veheciles to hybrid mobility solutions. This, factor has propelled the growth of the market. Moroever, 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.
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.
Author Signature :
Fortune Business Insights™
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Automotive and Transportation INFO..