"Market Intelligence for High-Geared Performance"
An electric powertrain refers to the system in an electric vehicle (EV) or hybrid vehicle that converts electrical energy from the power source (usually a battery) into mechanical energy to propel the vehicle. An electric drivetrain component delivers power from the battery to the wheels. The system's main components are the electric motor, drive shaft, and transmission. The automotive electric powertrain components include the electric drive module, DC/DC converter, battery packs, thermal system, DC/AC inverters, Power Distribution Module (PDM), and others.
The stringent emission rules and initiatives to reduce pollution emissions have increased the application of electric drivetrain components, reducing carbon footprints. The presence of multiple automotive OEMs, increasing financial incentives and investments for supporting infrastructures, and technology advancements fuel the market growth. Some of the constraints faced by the market that will hamper its growth are a lack of charging facilities, high battery costs, semiconductor shortage, and supply chain constraints.
In the initial phase, the COVID-19 pandemic had a negative impact on the automotive electric drivetrain components market. During the rise of the pandemic, the government imposed restrictions in various nations to contain the virus affecting the automotive industry. Also, disturbances in the supply chain developed a significant interference with manufacturability. Therefore, the reduced production of automobiles due to the temporary shutdown of manufacturing plants had an adverse impact on the demand for automotive electric drivetrain components in the automotive sector, thus slowing down the automotive electric drivetrain components market.
In the post-COVID period, as the restrictions have eased, the automotive industry has resumed manufacturing, so demand for automotive electric drivetrain components has increased, thus improving the market growth.
The report covers the following key insights:
By Components | By Vehicle | By Sales Channel | By Region |
|
|
|
|
By components, the market is segmented into electric drive module, DC/DC converter, battery packs, thermal system, DC/AC inverter, power distribution module (PDM), and others.
The battery packs segment dominates the segment due to the higher cost of the battery packs. Innovations in the battery performance of hybrid vehicles, such as Nickel-Metal Hydride batteries, account for a longer lifespan than lead-acid batteries and are safer. The cost can be reduced by improving the component chemistry and thus increasing the production. These factors will contribute to the segment's growth. Automotive electric drivetrain components industry players are taking initiatives to improve battery power storage and higher output. The established manufacturers and suppliers are integrating DC/AC inverters and other components to improve efficiency.
The DC/DC converter segment will observe growth in the automotive electric drivetrain components market over the forecast period. Others include electric motors, power electronic controllers, battery management systems, and onboard chargers. These also increase the demand for automotive electric drivetrain components, thus boosting the market.
By vehicle, the market is classified into BEV, HEV, PHEV, and FCEV.
The BEV segment dominates the market. A battery electric vehicle (BEV) is a vehicle that is powered entirely by electric energy. It runs on an electric drivetrain powered by rechargeable batteries. Moreover, advancements in battery technology, reduced Lithium-ion battery prices, and government regulations to reduce pollution emissions are expected to boost the demand for BEVs. Also, in the post-COVID period, the production of BEVs increased. Thus, the need for electric drivetrain components will increase over the forecast period.
The HEV/PHEV segment is expected to grow significantly over the forecast period. As many countries don't have the facilities to charge BEV, hybrid vehicles, such as HEV/PHEV, have gained popularity. PHEVs have various benefits, including more powerful electric motors and larger batteries that are rapidly rechargeable with the help of an external power source, so customers are adopting hybrid vehicles. All these factors fuel the segment's growth over the forecast period.
The global market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the world.
Asia Pacific dominates the market due to its high rate of vehicle production. So, the demand for automotive electric drivetrain components will also be increased. Hence, improving the market growth.
The market in Europe is expected to grow over the forecast period. Factors contributing to the growth are that most manufacturers are working to improve cutting-edge hybrid, electric, and fuel cell technology for vehicles that can provide better efficiency and reduce the pollution emitted by the vehicles to meet the emission standards set by the government. These factors are expected to drive market growth in Europe.
The report includes the profiles of key players, such as Mitsubishi Electric (Japan), BorgWarner Inc. (U.S.), ABB Ltd (Switzerland), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Magna International Inc. (Canada), Hitachi Ltd (Japan), Valeo (France), and Schaeffler Group (Germany).
US +1 833 909 2966 ( Toll Free )