North America EV Powertrain Market to 2027 - Regional Analysis and Forecasts by Product Type ; Application
NEW YORK, March 18, 2020 /PRNewswire/ --
EV powertrain market in North America is expected to grow from US$ 4.40 Bn in 2018 to US$ 9.71 Bn by the year 2027. This represents a CAGR of 9.3% from the year 2019 to 2027.
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The EV powertrain market is primarily driven by government initiatives for reducing the carbon footprint by the adoption of electric vehicles and technological advancements in conventional engines.However, the high cost of electric vehicles might hinder the growth of the EV powertrain market.
The automotive industry is experiencing a significant shift from traditional vehicles to electric vehicles.Governments in various countries are taking initiatives to drive the adoption of electric vehicles.
For instance, the Government of Canada invested US$ 182.5 million to develop a fast-charging network for electric vehicles. Also, in December 2017, the Federal Government of Canada released its Greening Government Strategy, which aims to reduce greenhouse gas emissions by 80% by 2050. Also, according to Clean Energy Canada, the Canadian government invested US$ 1 billion in 2017 for the production of EVs. In 2019, more than 40 models of electric vehicles were available in the Canadian market due to increasing production and demand. Therefore, a strong focus of the government in North America towards reducing greenhouse emission is expected to drive the growth of the EV powertrain market.
Key players in the automotive market are focusing on investing in the production of electric vehicles.There have been prominent collaborations in recent years between automakers and tech companies to develop technologically advanced electric vehicles.
For instance, in December 2019, Fiat Chrysler planned a merger with the French automaker PSA Group to focus on the development of electric vehicles.As the market is moving toward EV adaptation, due to changing business strategy in order to innovate, the ICE vehicle manufacturers are shifting their focus towards EVs.
This factor is creating lucrative business market opportunities in the EV powertrain market.
The EV powertrain market by product type is segmented into series hybrid powertrain, battery electric vehicle powertrain, series-parallel hybrid powertrain, mild-hybrid powertrain, and a parallel hybrid powertrain.Hybrid EV vehicles merge internal combustion engines with EV motors, which then offer improved fuel efficiency over cars that operate on fossil fuels only.
The batteries are usually recharged from regenerative braking technology or inbuilt generator.Any vehicle that consists of more than one power source is known as hybrid electric.
In the hybrid electric vehicles, the fuel consuming engines are replaced with electric motors, which, in turn, reduces dependency on fossil fuel and ultimately generating less harmful emissions.
The overall North America 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 North America EV powertrain market.
It also provides an overview and forecast for the North America EV powertrain market based on all the segmentation provided with respect to the North America 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 North America 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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