Electrified Truck and Bus Powertrain Components Market in APAC Worth $68 Billion By 2030
- Electrified truck and bus powertrain components market will show a revenue CAGR of 38% between 2021 and 2030
- Batteries will stay out in front, but fuel cell systems to hit 322,000-unit shipments by 2030, up from 2,000 today
- By 2030, trucks are projected to contribute approximately 93% of total powertrain revenues
London, 06 July 2022 – New research from Interact Analysis shows that total electrified powertrain component revenues for the truck and bus market in Asia Pacific (APAC), will hit $68 billion in 2030, up from $3.7 billion in 2021 – a CAGR of 38%. This is to service a rapidly growing APAC electrified truck and bus market, which is set to increase 18-fold from 2021 to 2030, reaching 4 million units. Battery electric is by far the leading powertrain type in APAC, accounting for 97% of all new energy on-road bus and truck units in 2021, a position that will be maintained out to 2030. Additionally, although fuel cells currently have a much weaker market position (with 2,000 units sold in 2021), they are set to enjoy phenomenal growth out to 2030 reaching 322,000-unit shipments.
Driven by the large volume of vehicle production, China leads the way in APAC, accounting for the dominant share of 83%, or $3.1 billion powertrain component sales revenues in 2021. The country will sustain its leading position for powertrain revenue generation, expected to reach $42.3 billion in 2030. Rest of Asian countries, including Japan, India, South Korea and other countries, are expected to grow by 51% annually up to 2030, when revenues will total $26.1 billion.
Battery electric was the dominant powertrain type, generating an estimated $3.4 billion sales revenues in 2021, constituting 91% of the powertrain total. Despite limited sales revenues in 2021, fuel cell powertrains are predicted to generate the fastest growing powertrain revenues, with a CAGR of 64% over the forecast period, reaching $27.6 billion revenues, or 40% of the market total in 2030, with a value of $27.6 billion. This will be as a result of increasing fuel cell vehicle adoption (particularly for heavy-duty trucks and large-size buses). Also, component revenues per vehicle are much higher than for the powertrains of battery electric and hybrid.
Shirly Zhu, Principal Analyst at Interact Analysis, says: “For me, one of the big stories in the electrified truck and bus powertrain components market for APAC is that the powertrain pricing of a battery electric vehicle is set to decline from $16,800 to $11,900 by 2030. In contrast, fuel cell powertrains will cost $86,000 by 2030, and this high price will still represent a decrease of 47% since 2021. The significant price erosion for powertrain components is mainly attributed to increasing demand for new energy buses and trucks, component product development, as well as intensive market competition. Further, the downward powertrain pricing will favor to narrow the price gap of electrified and ICE vehicles, and thusly drive the electrification of buses and trucks”.
About the Report:
The hybrid and electric truck and bus industry is lacking credible and detailed component market data. If you need to get accurate and up-to-date market sizes, prices and volumes for components such as motors, batteries and inverters in hybrid and electric truck and bus technology, then this report is the answer.
The report includes 50 tables of forecast data and a pivot table for an even deeper dive. Our research has already proven valuable to leading OEMs and component suppliers as we document the increasing interest in and growth of electric vehicle.
About Interact Analysis
With over 200 years of combined experience, Interact Analysis is the market intelligence authority for global supply chain automation. Our research covers the entire automation value chain – from the technology used to automate factory production, through inventory storage and distribution channels, to the transportation of the finished goods. The world’s leading companies trust us to surface robust insights and opportunities for technology-driven growth. To learn more, visit www.InteractAnalysis.com