The EV powertrain market in Europe is expected to grow from US$ 5.27 Bn in 2018 to US$ 13.37 Bn by the year 2027. This represents a CAGR of 11.0% from the year 2019 to 2027.
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The automotive industry is expanding at a rapid rate over the years across the globe. Over the past years, cars have witnessed significant technological advancements, especially in the development of alternative technologies. The technologies, such as electric drive systems, are likely to hold a major share in the automotive sector. The engines are undergoing evolution, with new fuel economy and emission standards. Furthermore, the electrification of vehicles has been considered an advancement of automotive technology.
Key developments such as energy storage, electric motors, and power electronics, as well as the development of charging infrastructure, are expected to boost the market for electric vehicles. The most advanced engines are the hybrid engine. On the other hand, the battery-operated vehicles are expensive, and thus the demand for hybrid engines among the manufacturers is increasing. In hybrid engines, the normal fuel combustion engine is supported by an electric motor. The electric motor can operate individually, whereas the fuel combustion is used only when the electric motor is not charged, which in turn, reduces fuel consumption. Toyota, Lexus, BMW, Mitsubishi, Holden, Nissan, and Land Rover are the major players that offer hybrid models across the world. Thus, these technological advancements in conventional operations of cars are expected to drive the market for EV powertrains.
Currently, Germany is dominating the EV powertrain market in terms of installation, which in turn boosts the demand for the EV powertrain market in the region. Germany is one of the largest automotive hubs globally; most automobile manufacturers such as Audi AG, BMW AG, and Volkswagen AG, among others, are focusing on the production of electric vehicles, which leads to increased demand for the electric powertrain. According to the International Council on Clean Transportation, in 2018, the total number of electric vehicles produced in Germany was 205,000. Furthermore, with the aim of accomplishing the emissions reduction, energy independence, and technology ownership, German carmakers are accelerating the production volumes of electric vehicles. The figure given below highlights the revenue share of Rest of Europe in the Europe EV powertrain market in the forecast period:
Europe EV Powertrain Strategic Insights
Strategic insights for the Europe EV Powertrain provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
Continental AG
Cummins Inc.
Dana Limited
Magna International
Mahle GmbH
Maxim Integrated
Robert Bosch GmbH
Tata Elxsi
Valeo SA
ZF Friedrichshafen AG
Europe EV Powertrain Regional Insights
The geographic scope of the Europe EV Powertrain refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
