Showing posts with label Europe Electric Powertrain Market Revenue. Show all posts
Showing posts with label Europe Electric Powertrain Market Revenue. Show all posts

Tuesday, December 20, 2022

Europe Electric Powertrain Market is expected to record a positive CAGR of nearly 11% during the forecast period (2022-2027): Ken Research

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According to Ken Research estimates, the Europe Electric Powertrain Market – which grew from around US$ 14 Billion in 2017 to nearly US$95 Billion in 2021 – is expected to grow further into a more than US$ 160 Billion opportunity by 2027.

The Europe Electric Powertrain Market is expected to record a positive CAGR of nearly 11% during the forecast period (2022-2027), due to the globally rising demand for electric vehicles. The Covid-19 pandemic benefited the Electric Powertrain industry, notably in 2020, because of the increasing concern over health and the environment. Rising petrol prices also benefited the electric powertrain market to gain momentum as many car owners shifted towards EVs from ICEs. Electric Powertrain components’ growth is directly proportionate to automobile companies’ product demand in the market.

europe-electric-powertrain-market

  • Lenient government policies along with incentivizing initiatives by several national governments across the EU have helped the electric vehicle market to grow translating into increased demand for electric powertrains. More than 20 countries have electrification targets or ICE bans for cars including the Netherlands by 2030, the UK by 2035, France by 2040, Germany by 2050, and 8 countries along with European Union have announced net Zero Emission Pledges by 2045 and 2050.
  • Germany is the fastest growing region in terms of Electric Powertrain adoption, with the highest CAGR intended during the forecast period. New BEV registrations increased by 83.3% from 2020 to 2021, and new PHEV registrations increased by 62.3% from 2020 to 2021. 356,425 BEVs and 325,449 PHEV units of new cars were registered in 2021.
  • Many global automobile leaders are forming alliances to better their offerings in the European EV market. For instance, Magna & Fisker Inc. has signed a long-term manufacturing agreement for the production of the all-electric Fisker Ocean SUV at Magna’s facility in Graz, Austria. In May 2022, Magna, under its Electric Mobility Business, signed an agreement with the BMW Group to develop mild hybrid transmission at Magna’s facilities in Germany, Slovakia, and other countries.
  • One of the most crucial segments of the electric powertrain is the battery along with battery packs and battery management systems. Global demand for batteries is expected to grow by 14 folds by 2030 and the EU holds 17% of that demand.

Key Trends by Market Segment:

By Component:  Battery Component holds the largest share of Europe’s Electric Powertrain market.

  • The battery pack is made up of multiple lithium-ion cells and stores the energy needed to run the vehicle.
  • Battery used in EVs are rechargeable batteries and consist of various components. It majorly requires a cathode, anode, electrolyte, and separator apart from materials that are used to build it, including aluminum, copper, cobalt, iron, etc.
  • As per the statistics available from EV industry, battery pack prices have declined by almost 90% from 2010 to 2021. The prices of raw materials used in the battery pack, such as cathode, cobalt, nickel, and lithium, were volatile during COVID-19. However, in the forecasted future, the price of battery packs is expected to follow a gradual downward trend.

By EV Type: TheHEV segment accounts for the majority share of the Europe Electric Powertrain Market.

Policies and regulations laid down by the European government in various regions to reduce the carbon emission on roads by net zero by 2035 are fueling the demand for fully and hybrid electric vehicles.

  • Several Chinese players have entered the European market to meet the growing demand for electric vehicles in the region. Units sold by Chinese players in Europe in 2021 were 80,000. In the first half of 2022, 75,000 units were sold and it was estimated to reach 150,000 by the year-end.
  • The Electric Powertrain market in the BEV segment is expected to grow at the fastest rate during the forecast period (2022-2030), as BEVs are fully electric vehicles that come with rechargeable batteries and no gasoline engine. PHEVs are also expected to grow higher than regular hybrid vehicles because of the upgrading of charging infrastructure. PHEVs are regular hybrid models which carry an engine and electric motor to drive the vehicle.
  • PHEV new car registrations increased by 68.1% from 2020 to 2021 as per the European Automobile Manufacturers Association (ACEA).
  • HEV new car registrations also increased by 55.6% from 2020 to 2021 according to the ACEA.

By Powertrain: The parallel hybrid powertrain segment holds the largest market share in the Europe Electric Powertrain Market as hybrid electric vehicles occupy the largest chunk.

  • EVs generally cost higher than a usual conventional vehicle, due to which players are trying to find alternative ways to reduce the cost with quality remaining intact.
  • Demand for fully electric vehicles is growing day by day which leads to an opportunity for component manufacturing players to enhance their production capabilities to meet the target customers.

europe-electric-powertrain-sector

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By Vehicle Type: Passenger cars refer to vehicles designed and constructed for carrying individuals. It comprises not more than eight seats inclusive of the driver and has a maximum mass of 3.5 tones. Commercial vehicles are specially designed for transporting goods and materials rather than passengers. These vehicles can be used for personal and business purposes. There is a wide range of commercial vehicles, such as trucks, tractors, buses, panel vans, and chassis cabs.

  • The number of electric passenger cars on European roads increased by 18 million in three years, from 2017 to 2020.
  • The number of electric commercial vehicles increased by 3 million between 2017 and 2020. Among electric commercial vehicles, the category light commercial vehicles had the maximum share, followed by the category medium and heavy commercial vehicles and buses.
  • As governments across the union undertake initiatives to promote electric vehicles in the region by providing subsidies, relaxation on toll tax, free parking, etc., people are expected to feel more encouraged to purchase an electric vehicle.

By Geography: Germany is the largest country within the total Europe Electric Powertrain market, accounting for more about a quarter of total market revenue.

  • UK is expected to have the highest CAGR during the forecast period, owing to the major presence of OEMs and component suppliers. Also, UK’s various regions have started implementing ZEZ for their zero-emission target. For Instance, London has implemented small street-based near-zero-emission zones in three areas.
  • Germany is expected to witness a strong growth during the forecasted period, because of various factors such as the active participation of the government to promote electric vehicles and a high number of local automobile and component manufacturers. In April 2022, the Eaton e-Mobility segment expanded its footprints in the Europe region and started a new research center in Karlsruhe, Germany.

europe-electric-powertrain-industry-size

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Competitive Landscape:

  • The Europe Electric Powertrain market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players having their own niche in electric powertrain for major OEMs and automobile companies. Most of the country-niche players are component suppliers and powertrain part manufacturers.
  • Large global players control about 50% of the market, while regional players hold the second largest share. Some of the major players in the market include Bosch, Magna, Denso, MAHLE, Cummins, AISIN, Eaton, Mitsubishi, Dana, ZF, BorgWarner, Continental, and others.
  • The leading global specialist companies such as Bosch, Denso, Eaton, and BorgWarner are highly focused on providing a fully electric and hybrid powertrain solution and their components can fit various cars and commercial vehicles.

Recent Developments Related to Major Players

  • Ford’s Cologne site in Germany will see an investment of $2 billion, while the company is also planning to set up a new battery assembly facility by the start of 2024.
  • Stellantis sold 105,413 fully electric cars in the first half of 2022, just behind the VW Group, which sold 116,307, and ahead of Tesla, which recorded a sale of 78,277.
  • In July 2021, Dana Incorporated and Switch Mobility Ltd, the electrified commercial vehicles company and a subsidiary of Ashok Leyland Ltd, came under a strategic partnership to supply electric drivetrain components.
  • In 2022, Magna Automotive Europe GmbH, part of the Cosma Group of Magna International, announced the acquisition of the Czech company Klein automotive s.r.o
  • Honda unveiled its next electrified model for Europe, Civic e: HEV. The car will be made available to European customers in the latter half of 2022.

europe-electric-powertrain-market-share

Conclusion

The Europe Electric Powertrain Market witnessed accelerated growth during the period 2017-2021, primarily driven by increased health and environmental concerns, declining battery prices, and rising prices of fuel. Although the growth rate is expected to come down in the forecasted period, the adoption rate of electric vehicles is estimated to remain strong as the European Union has a net-zero target to achieve by 2050. Several European governments are providing subsidies to encourage EV purchases.

Though the market is highly competitive with over 200 participants, few global players control the dominant share and regional players also hold a significant share.

Ken Research has published a report title Europe Electric Powertrain Market Size, Segments, Outlook, and Revenue Forecast 2022-2027 that is segmented by Components, EV Type, Powertrain, and Vehicle Type. In addition, the report also covers market size and forecasts for the region's five major countries' Electric Powertrain markets. The revenue used to size and forecast the market for each segment is US$ Billion.

Market Taxonomy

By Component

Motor/Generator

Battery

Battery Management System (BMS)

Thermal Management System

DC/AC Converter

DC/DC Converter

Body Control Module

On-Board Charger

By EV Type

HEV

PHEV

BEV

By Powertrain Type

BEV Powertrain

Series Hybrid Powertrain

Parallel Hybrid Powertrain

Series-Parallel Hybrid Powertrain

By Vehicle Type

Passenger Cars

Commercial Vehicles

By Geography

Germany

France

United Kingdom

Netherlands

Sweden

Rest of Europe (Belgium, Italy, Denmark, Norway, Finland, Portugal, Spain, Austria, Romania and Others)

Thursday, July 14, 2022

Europe Electric Powertrain Market by Component, by Electric Vehicle, by Powertrain, by Vehicle, and Major Countries, Market Size and Growth, Market Outlook and Forecast by Revenue (2017-2027): Ken Research

 Electric Powertrain Market Definition and Overview

An electric powertrain powers the vehicle by producing energy to propel the vehicle forward. It comprises various components such as electric motors which converts electric energy into mechanical energy and delivers it to wheels through single transmission, a battery to store energy that is needed to propel the vehicle, DC-DC converter which helps to distribute power to different systems in a vehicle and a charger to control the amount of the current flowing in the battery pack. It also has several advantages such as higher efficiency, an electric vehicle converts 80% of the energy used to its usable power whereas the conventional vehicle converts only 20%, low- maintenance cost, high durability over an internal combustion engine (ICE) in conventional cars.

Europe Electric Powertrain Market Outlook, Drivers, and Challenges

The electric powertrain market in Europe is expected to grow at a rate of more than 10% CAGR over the next five years. The electric powertrain vehicles are predicted to be a leading future component of Europe’s mobility system, as it helps in the reduction of the impacts on climate change, health, and ecosystem. Major automobile companies such as BMW Group, Daimler, Ferrari, Ford etc. are shifting away from ICE vehicles to electric vehicles, leading to fully electrified sales over the coming years. During the first quarter 2022, the market share for Battery Electric Vehicles (BEVs) doubled as the sales across the European continent increased. Government policies, incentives, falling battery prices, and declining lifetime cost of ownership are also some of the dominant factors that are anticipated to propel the growth of the market during the forecast period.


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The government of Europe plans to shift away from combustion engine-powered vehicles and proposed a ban on the sale of ICE vehicles by 2035, seeking to step up against climate change through the faster adoption of electric vehicles. Furthermore, incentives are contributing to the growth of the market as there are seven European countries such as Belgium, France, UK, Germany, Norway, Netherland, and Sweden offering bonus payments and reducing tax. Countries like UK, France, and Norway are aiming to completely ban the sales of internal combustion (ICE) vehicles by 2030 while countries like Germany and Spain are targeting to ban the sales by 2040.

To fully decarbonize the EU road transport by 2030, electrification plays a vital role in the demand for electric vehicles. Currently, passenger cars contribute 12% of carbon dioxide (CO2) emissions in Europe. By increasing environmental awareness and reducing emissions, more people will be encouraged to opt for electric cars. Also, manufacturers are focusing on initiating innovative and efficient electric powertrain solutions for all types of vehicles which is considered to be an important driving factor of market growth.

Making battery management systems cost-effective with high performance is quite challenging, resulting in EV less attractive as it will be expensive. Lack of fast charging infrastructure is also a considerable roadblock as there is limited access to public charging stations in Europe.

Europe Electric Powertrain Market Value Chain Analysis

The electric powertrain value chain consists of raw material suppliers, components manufacturers, electric powertrain manufacturers/assemblers, and electric vehicle manufacturers (end users). Raw materials collected are processed and sent to further manufacturing. The materials are then used for the production of the vehicle components. The component includes electric motor, transmission, battery, DC/AC, and DC/DC converters, capacitors, the braking system, structural components, wheels, and the base vehicle. Electric powertrain manufactures then assemble to prepare the final product.

europe-electric-powertrain-market-value-chain-analysis

 Europe Electric Powertrain Market Segmentation

The Electric Powertrain Market can be split into two major categories based on Vehicle type as Passenger Cars, and Commercial Cars. Motor/Generator, Battery, Battery Management System (BMS), Thermal Management System, DC/AC Converter, DC/DC Converter, Body Control Module, and On-Board Charger are the Components-based segments in the market. Based on the Electric Vehicle type, the market is categorized as Hybrid Electric Vehicle (HEV)/ Plug-In Hybrid Electric Vehicle (PHEV), Battery Electrical Vehicle (BEV), and Mild Hybrid Electrical Vehicles (MHEV). Based on powertrain type, the market can be segmented as BEV Powertrain, MHEV Powertrain, Series Hybrid Powertrain, Parallel Hybrid Powertrain, and Series-Parallel Hybrid Powertrain. Geographically, the major country markets in Europe are Norway, The Netherlands, Germany, UK, and Sweden.

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Europe Electric Powertrain Market Competitive Landscape of Major Competitors

Some key competitors in the Europe electric powertrain market are Bosch, Continental AG, Magna International Inc., Hitachi, DENSO Corporation, AVL, Siemens and Tesla.

Impact of COVID-19 on Europe Electric Powertrain Market

The pandemic of Covid-19 had a positive impact on Europe electric powertrain market in 2020. According to the International Council on Clean Transportation, the European electric vehicle (EV) market experienced remarkable growth in 2020, posting a 143% increase in sales of passenger electric cars from 2019. The sales in 2020 made Europe the biggest EV market globally, surpassing China and the US. Although sales of all new cars in Europe decreased by 20%, the increase in EV sales boosted the EV share to 11%. Both battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) have jumped into the air, not only in terms of market share but also in overall terms. In Germany, sales of PHEV vehicles from January to June increased from 47,584 in 2019 to 93,848 in 2020. Similar trends were observed across other countries in Europe.

Key Segments Covered in Europe Electric Powertrain Market:-

Europe Electric Powertrain Market By Component

Motor/Generator

Battery

Battery Management System (BMS)

Thermal Management System

DC/AC Converter

DC/DC Converter

Body Control Module

On-Board Charger

Europe Powertrain Market By Electric Vehicle Type

Hybrid electric vehicle (HEV) / Plug-In Hybrid Electric Vehicle (PHEV)

Battery Electric Vehicle

Mild Hybrid Electric Vehicles (MHEVs)

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Europe Electric Powertrain Market By Powertrain Type

BEV Powertrain

MHEV Powertrain

Series Hybrid Powertrain

Parallel Hybrid Powertrain

Series-Parallel Hybrid Powertrain

Europe Electric Powertrain Market By Vehicle Type

Passenger Cars

Commercial Vehicles

Europe Electric Powertrain Market By Geography and Major Countries:-

Germany

UK

France

The Netherlands

Sweden

Key Competitors in Europe Electric Powertrain Market:-

Bosch

Continental AG

Magna International Inc.

Hitachi

DENSO Corporation

AVL

Siemens

Tesla

Time Period Captured in the Report:-

Historical Period: 2017-2021

Forecast Period: 2022-2027F

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Key Target Audience:-

Electric Vehicle Manufacturers

Battery Manufacturers

Vehicle Electronics Manufacturers

Electric Vehicle Motor Manufacturers

Automobile Technology Research Organizations

EV Charging Solution Providers

Automobile Manufacturing Industry Associations

Automobile Regulatory Organizations

Environment Control and Emission Regulatory Organizations

Transportation Ministries

Electric Vehicle Industry Forums

Raw Material Suppliers for Electric Vehicles

Components Suppliers for Electric Vehicles

Potential Investors in Electric Vehicle Companies

For any queries or feedback, reach out to the author at Support@kenresearch.com

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

ankur@kenresearch.com

+91-9015378249