EV Powertrain Market Size, Trends and Growth Analysis by 2027

In 2018, the global market for electric vehicle (EV) powertrains was valued at approximately US$ 30,095.5 million and is projected to experience a compound annual growth rate (CAGR) of 12.0% from 2019 to 2027, ultimately reaching around US$ 82,382.3 million by the year 2027.

The outlook for the EV powertrain market is optimistic, driven by the increasing acceptance of electric vehicles among consumers. As more individuals opt for these vehicles, manufacturers are likely to expand their production capabilities, which in turn will necessitate a higher demand for EV powertrains. This growing demand is anticipated to be a significant factor propelling the EV powertrain market forward. Furthermore, the presence of numerous established players in the automotive sector is enabling consumers to access technologically advanced powertrain solutions, which serves as another crucial driver for market growth. Currently, the procurement of EV powertrains is on the rise, as original equipment manufacturers (OEMs) are increasingly sourcing these components in substantial volumes to support the production of existing vehicle models and to conduct practical tests on new models.

On a global scale, various nations are implementing stringent regulations regarding CO2 emissions, which is facilitating the shift towards vehicle electrification. Automakers are reinforcing their electrification strategies and policies to comply with these rigorous standards. In Europe, the transition from conventional vehicles to plug-in hybrid electric vehicles (PHEVs) is paving the way for a future dominated by all-electric vehicles. Meanwhile, the market for new energy vehicles (NEVs), which includes both EVs and PHEVs, in China is expected to expand rapidly through 2020. In the United States, the market is also anticipated to gain momentum due to the introduction of new policies and standards aimed at promoting vehicle electrification. These developments are significantly influencing the growth trajectory of the EV powertrain market.

The overall size of the EV powertrain market has been determined through a combination of primary and secondary research methodologies. The research process commences with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative insights related to the EV powertrain market. This approach also includes an overview and forecast of the global EV powertrain market, segmented by five key regions: North America, Europe, Asia-Pacific, and the Rest of the World (ROW). Additionally, primary interviews with industry stakeholders and experts were conducted to validate the data and analysis. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders who specialize in the EV powertrain sector.