The Asia Pacific Electric Powertrain Market would witness market growth of 14.7% CAGR during the forecast period (2020-2026). Automobile manufacturers are concentrating on the reduction of vehicle weight for improved power, performance, mileage and productivity. As a result, they need lightweight frameworks and components to produce sections of their automobiles. The powertrain should be lightweight; however, it should also be durable and strong. The market for plug-in hybrid and pure electric vehicles has grown significantly, generating a high demand for electric powertrains on the market. Initiatives taken by governments of different countries to promote the production of electric vehicles (EVs) are one of the key factors that increase the demand for electric powertrains on the market.
Increased sales of electric vehicles also prompted leading manufacturers of automotive components to aggressively focus on catering the requisite EV components in order to achieve a comparative advantage over other players. Competition in the market for power electronics products is strong owing to the number of manufacturers actively seeking to join the market in order to obtain lucrative benefits. OEMs find it challenging to make money as they need to substitute an ICE powertrain with an electric powertrain, which is more expensive. They would have struggled to make profits with the power electronics component until they achieved significant sales. The companies are working together to achieve a competitive advantage.
The market in Asia-Pacific is expected to grow at a significant pace during the forecast period due to an increase in demand for electric vehicles and an increase in the per capita income of individuals in the region. The countries of Asia-Pacific, such as China and India, are among the leading car manufacturers. Growth in the penetration of electric vehicles can be expected due to the increased stringency of emission standards in these countries, such as China VI and BS-VI in India, thus fueling regional market growth.
Based on Electric Vehicle Type, the market is segmented into BEV and HEV/PHEV. Based on Component, the market is segmented into Battery, Transmission, Converter, Power Electronics Controller, On-board Charger, Motor/Generator and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: Electric Powertrain Market in Asia Pacific is expected to register a CAGR of 14.7% during the forecast period (2020-2026)
The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Mitsubishi Electric Corporation, Magna International, Inc., ZF Friedrichshafen AG, Valeo SA, Nidec Corporation, Continental AG, Hitachi, Ltd., BorgWarner, Inc., and Schaeffler AG.
Market Segmentation:
By Electric Vehicle Type
By Component
By Country
Companies Profiled
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