EV powertrain market in Asia-Pacific is expected to grow from US$ 20. 27 Bn in 2018 to US$ 59. 10 Bn by the year 2027. This represents a CAGR of 12. 8% from the year 2019 to 2027. The EV manufacturers are challenged with bridging the gap between demand and supply of EV components such as batteries, battery management systems, and powertrains, among others.
New York, March 19, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia-Pacific EV Powertrain Market to 2027 - Regional Analysis and Forecasts by Product Type ; Application" - https://www.reportlinker.com/p05875842/?utm_source=GNW
The steep demand curve for EVs among the customers is pressurizing the manufacturers to order a higher number of powertrains and other components, which is leading to the growth of the EV powertrain market.
The battery-electric vehicle (BEV) powertrain is the prominent and most demanding powertrain in the current scenario, owing to the maximum manufacturing of BEVs.The count of new BEVs models is anticipated, which would demand advanced technology powertrain, thereby, upsurging the market size for the same.
Manufacturers are also focusing on lowering the prices to achieve a significant share of the EV powertrain market in emerging economies.
China is the largest EV manufacturing country, and the adoption rate of EVs is highest worldwide, several international EV manufacturers are investing in the country and are expanding their production units to the country. For instance, Tesla is investing US$ 2.0 Bn in a new factory in Shanghai, China, for the production of the Model 3 sedan and future vehicles. Volkswagen has also adopted a similar strategy to capitalize more than US$ 10 Bn in China for over six years. Other manufactures such as Mercedes-Benz, Audi AG, and Jaguar Land Rover Limited are also eyeing on monetizing in China with an objective to build a respective state-of-art production facility to boost their EV production and sales volumes. Thus, with the rise in monetization in the EV industry in China, the demand for EV powertrains is expected to bolster in the coming years, which would result in growth in the EV powertrain market.
The EV powertrain market by application is segmented into passenger cars and commercial vehicles.The automotive industry is expanding at a rapid rate over the years across the globe.
In passenger cars, the demand for electrified vehicles or hybrid vehicles is surging owing to the fact that these vehicles overcome the challenges posed by the ICE vehicles.The increase in awareness among vehicular customers related to the benefits of electric vehicles has resulted in the downsizing of fossil fuel vehicles.
Also, several governmental initiatives have propelled the growth of electric passenger cars over the years.The rise in the number of electric car manufacturing directly impact on the procurement of powertrains.
This factor is the key parameter catalyzing the EV powertrain market through the passenger car segment.
The overall Asia-Pacific EV powertrain market size has been derived using both primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific EV powertrain market.
It also provides an overview and forecast for the Asia-Pacific EV powertrain market based on all the segmentation provided with respect to the Asia-Pacific region.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia-Pacific EV powertrain industry. Some of the players present in the EV powertrain market are Continental AG, Cummins Inc., Dana Limited, Magna International, Mahle GmbH, Maxim Integrated, Robert Bosch GmbH, Tata Elxsi, Valeo SA, and ZF Friedrichshafen AG.
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