The HEV/PHEV segment is anticipated to witness the highest CAGR exceeding 36% over the forecast period The growth is credited to the increasing penetration of BEVs and PHEVs across the globe The motor/generator component segment is anticipated to witness the fastest CAGR from 2021 to 2028 This, along with the presence of several automotive OEMs, is estimated to drive market growth in Europe.Įlectric Powertrain Market Report Highlights Countries, such as Finland, Norway, Sweden, and the Netherlands, have the highest adoption rate of EVs in the world. Europe is a crucial market for electric powertrains and holds a substantial share of automotive production. With factory shutdowns, declining vehicle sales, and decreasing use of public transit, the automotive supply chains have been heavily disrupted by the pandemic. However, the COVID-19 pandemic has interrupted the ten consecutive years of robust growth of EVs, mainly impacting sales in countries, such as China. Stringent government regulations and emission norms, including BS-VI in India, are also expected to contribute to the growth of the Asia Pacific market. Countries, such as China, South Korea, and India, are among the prominent manufacturers of automobiles. The company's three new facilities located in Poland, China, and Mexico would deliver up to 8.4 million electric motors every year.Īsia Pacific is projected to grow at a substantial CAGR over the forecast period owing to the increase in demand for EVs and the rise in the per capita income of people. For instance, in February 2020, Nidec Corporation invested around USD 1.8 billion to expand its EV powertrain business. Prominent manufacturers in the market are primarily focusing on enhancing their facilities in countries, such as China and the U.S. The rising sales of EVs have propelled prominent automotive component manufacturers to aggressively focus on developing essential EV components to gain a competitive edge. The investment would help develop 500,000 charging outlets for electric vehicles by the end of 2030. Department of Energy announced a public investment of USD 400 billion in clean energy. Governments in various countries are taking initiatives to promote the development of Electric Vehicles (EVs). The market for pure electric and plug-in hybrid vehicles has been growing significantly, in turn, creating an increasing demand for automotive electric powertrains. The global electric powertrain market size is expected to reach USD 654.95 billion by 2028, registering a CAGR of 33.5% over the forecast period. 22, 2021 (GLOBE NEWSWIRE) - The "Global Electric Powertrain Market Size, Share & Trends Analysis Report by Component (Motor/Generator, Battery), by Electric Vehicle (BEV, HEV/PHEV), by Region, and Segment Forecasts, 2021-2028" report has been added to 's offering.
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