Message: Trying to access array offset on value of type null
Line Number: 14
In 2018, Asia-Pacific was estimated to hold the largest market share and APAC is expected to be fastest region with a CAGR of 12.8% during 2019 to 2027.
The global automotive industry is experiencing a paradigm shift in powertrain technology. Countries across the globe are emphasizing heavily towards the EV powertrain technology intending to reduce the carbon emission from ICE vehicles. China stands tall and is at the forefront in adopting EV powertrains, with 61% of vehicle owners prefer EV powertrains. Other APAC countries with a fair percentage of EV powertrain preference include Hong Kong, Japan, and Singapore. From the European perspective, 41% of Italian vehicle customers choose EV powertrain, while France and Germany account for 35% and 32%, respectively. The continuous innovations in this field for a wide variety of applications in passenger cars, lightweight commercial vehicle (LCV), heavyweight commercial vehicle (HCV) is attracting several automakers globally, which is paving the path for EV powertrain market in the current scenario. Additionally, the automotive industry is experiencing a rising number of partnerships between the automakers and technology developers which is leading to the growth of the EV powertrain market.
Asia-Pacific holds the dominant share in the EV powertrain market, also is expected to be the fastest growing region across the globe. China, India, Japan, South Korea, are the major contributors to the EV powertrain market in APAC. The region has a more progressive economic outlook than other regions in the world. It has enormous growth potential, with fast-growing countries such as China and South Korea and developed nations such as Japan. Asia Pacific is the fastest growing region in the EV powertrain market. The region consists of many developing countries that are witnessing a high growth in their automotive sector. On account of rapid urbanization, Asia comprises 48% of urban population, which is posing major challenges for Asian countries in provision of sustainable urban transport systems and services. China being a global leader in electric vehicle production, several international EV makers are investing in the country, owing to the availability of resource, adoption of technology, and acceptance of EVs among Chinese customers. Even luxury carmakers including Mercedes-Benz, Audi and Jaguar are showing their interest in building their own state-of-the-art electric vehicles in China. As China is the largest market with the highest market share, increasing number of production facilities of electric vehicles in China is expected to accelerate the EV powertrain market.
Key findings of the study:
Asia Pacific is the fastest growing region in the EV powertrain market. China holding the leading position followed by Japan and South Korea. China dominates the entire Asia-Pacific region in terms of the number of electric vehicles. The country, with a population of around 1.4 Bn, is experiencing an expansion in the growth of the automotive industry. Pertaining to a growing middle class, high economic growth, and rapid technological advancement have created immense growth opportunities for the various industries especially automotive industry. China has been the largest automotive market globally over the years. The growth in the automotive sector in China has been achieved mainly through the establishment of various joint ventures with car manufacturers such as Volkswagen, General Motors, and others.
The EV powertrain market is analyzed on the basis of various parameters such as product type, application, and geography. The product type segment comprises of series hybrid powertrain, battery electric vehicle powertrain, series-parallel hybrid powertrain, mild hybrid powertrain, and parallel hybrid powertrain. The application segment in the EV powertrain market includes passenger cars and commercial vehicles. The EV powertrain market is analyzed on basis of four strategic regions namely; North America, Europe, Asia-Pacific (APAC), Rest of the World (ROW).
The global EV powertrain market is anticipated to witness impressive growth during the forecast period owing to government initiatives toward adoption of EV powertrains and technological development in conventional engines. On the contrary, factors such as lack of expertise in several developing countries and high price of vehicles is a limitation might hinder the growth of EV powertrain market. During the forecast period of 2019 to 2027, battery electric vehicle powertrain held the largest market share and will continue its dominance in the market. On the basis of application, passenger cars held the largest market share in 2018 and is expected to maintain its dominance through the review period.
Contact Person: Sameer Joshi
Email Id: email@example.com