Electric Powertrain Electric Powertrain Market expected to grow at 191.4 billion in revenue by 2027
Stringent emission standards for vehicles and developments in electric powertrain products are driving the battery electric powertrain market. The Global Electric Powertrain Market is projected to reach US$ 191.4 Billion by 2027.
Electric car deployment has been increasing over the past ten years. In 2018, the global stock of electric passenger cars passed 5 million, an increase of 63 percent from 2017.
The Global Electric Powertrain Market is projected to reach US$ 191.4 Billion by 2027 from an estimated US$ 62.9 Billion in 2019, at a CAGR of 14.9 percent, according to ReportsnReports' recent report Electric Powertrain Market Research Report.
Concerns for the environment elevating the Electric Powertrain Market
One factor boosting both car manufacturers' and the public's interest in electric vehicles (EVs) is the increased interest in developing low-emission, environment-friendly mobility solutions.
EVs save more greenhouse gas emissions compared to internal combustion engine (ICE) vehicles having similar characteristics. This is due to the higher fuel economy penalty related to the heavier weight of ICE vehicles in comparison with EVs.
The biggest emissions reduction potential over the EV's life cycle is in the decarbonization of power generation systems. This can be an essential advantage for battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) over other powertrain technologies if electricity generation decarbonizes at a rapid pace.
Onboard charger segment is witnessing the highest CAGR in the PHEV powertrain market
PHEVs use an onboard charger to recharge their battery. The increase in PHEV sales will drive the onboard charger market. In the U.S., various government incentives such as exemptions from sales taxes, tax credits, and rebates are driving the PHEV market.
Another driving factor of the PHEV electric powertrain market is the rapid increase of car manufacturers offering PHEV models. Globally, BMW, Mercedes-Benz, Volvo, Porsche, Kia, and Hyundai are leading the way. In China, the PHEV market is dominated by SAIC and BYD.
BEVs are the most sought-after type of EVs
BEV sales are increasing at a rapid rate because of various government measures.
The incentives on the purchase of BEVs are higher than any other type of electric vehicle. Growing charging infrastructure and better performance of BEVs over PHEVs are driving the BEV powertrain market.
Stringent emission standards for vehicles and developments in electric powertrain products such as in Lithium-ion batteries, battery management systems, and power distribution modules are also driving the BEV powertrain market.