Selbyville, Delaware, Oct. 11, 2022 (GLOBE NEWSWIRE) --
The electric powertrain market is expected to record a valuation of USD 180 billion by 2030, according to a new research report by Global Market Insights Inc. Strategic initiatives to make a transition toward low- and zero-emission transportation modes will be a factor fostering the development of these components.
In developed nations including the U.S., the climate crisis calls for the decarbonization of transportation, the highest carbon-emitting sector. Moreover, a strong commitment to tackling emissions from logistics has also become apparent worldwide. For instance, Swedish furniture giant IKEA unveiled plans to rely on EVs for its in-home furniture delivery applications by 2025. The report claims that this electrification of transportation and logistics fleets will augment the adoption of e-powertrains.
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The electric powertrain market from EV DC/DC converter component segment is slated to exhibit over 25% CAGR through 2030. Favorable usage attributes such as the capability to run in an opposite order to increase the power from a 12-volt to a 48-volt domain are among the major growth drivers. This EV component can also aid in vehicle ignition and provide backup power, stimulating the usage of EV DC/DC converters for electric powertrain applications.
Electric powertrain market from the battery electric vehicle (BEV) segment is estimated to attain more than 27% growth rate till 2030. Infrastructure developments in EV charging and the introduction of stringent emission norms for light-duty vehicles are the key factors influencing the production of BEV powertrains. Initiatives from governments in prominent regions are also contributing to the BEV demand. A notable example is the U.S. government’s plan to install EV chargers across highways as a critical part of achieving climate goals.
The aftermarket sales channels is anticipated to reach around USD 5 billion by 2030. Electric motors are designed to provide reliable and excellent vehicle service for several years. However, the demand for electric motor replacement is increasing, to reduce the impact of its failure on vehicle productivity. Furthermore, high repair costs will encourage consumers to rely on product replacement and in turn, proliferate the sales of aftermarket electric powertrains.
North America EV powertrain market revenue is projected to cross over $25 billion by 2030, on account of the mounting production of new energy vehicles. For example, in 2020, sales of new energy vehicles reached over 300,000 in the U.S. The shift in consumer preference toward advanced fuel-efficient automobiles such as hybrid electric vehicles is also asserting a positive influence on regional market trends.
Top companies operating in the electric powertrain market are Denso, Schaeffler AGs, Aisin Seiki Co., Ltd, GKN Automotive, Continental AG, Hofer Powertrain, Robert Bosch GmbH, UNIVANCE CORPORATION, and JATCO Ltd., among others. These leaders are focusing on business expansion and product development as key growth strategies.
For instance, in 2022, Robert Bosch GmbH developed components for hydrogen electrolysis and invested over USD 500 million in this new business. This initiative was intended to increase fuel cell EV production and consequently enable the firm to establish a strong presence in the market.
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Partial Table of Contents (ToC) of the report:
Chapter 3. Electric Powertrain Market Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 - 2030
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.5 Addressable potential of EV in overall vehicle market
3.6 Patent analysis
3.7 Technology landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Stringent emission regulations and initiatives to reduce carbon footprint
3.8.1.2 Increasing financial incentive and spending for supporting infrastructure
3.8.1.3 Increasing requirement for clean mobility & transportation solutions
3.8.2 Industry pitfalls and challenges
3.8.2.1 Lack of charging infrastructure
3.8.2.2 High battery cost and supply chain constraints
3.9 Regulatory landscape
3.10 Growth potential analysis
3.11 Regional pricing trends
3.12 Competitive landscape, 2021
3.13 Porter’s analysis
3.14 PESTLE analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
