According to Custom Market Insights (CMI), The Global Electric Powertrain Market size was estimated at USD 88.11 Billion in 2021 and is expected to hit around USD 1324 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 38% from 2022 to 2030.
The report further provides an overview of drivers, restraints, and opportunities in the Electric Powertrain market. Moreover, the report examines the global competitive analysis of the Electric Powertrain market.
The essential purpose of the Global Electric Powertrain Market report is to deliver industry investors, company leaders, private equity companies, and stakeholders comprehensive information, facilitating them to make informed strategic decisions concerning the chances in the Electric Powertrain market throughout the world.
Electric Powertrain Market: Overview
Since conventional fuel vehicles are anticipated to become less common in the coming years, electric vehicles are the way of the automobile industry. These cars are becoming more popular because they offer better environmental advantages and a cheaper total cost of ownership than cars powered by internal combustion engines. As a result, many nations have developed strict regulations to promote alternative fuel vehicles, including electric automobiles.
Infrastructure, regulations, customer choice, and technology are the four aspects that can be attributed to the rapid adoption of the electric powertrain. The spread of PHEVs and BEVs will significantly impact how widely electric powertrains are adopted in the future. In addition, CO2 emission regulations are growing more stringent in the U.S. and Europe.
Browse the full “Electric Powertrain Market Size, Trends, and Insights By Applications (BEV, HEV/PHEV), By Components (Motor, Battery, Power Electronics Controller), By Vehicle Types (Passenger Cars, Commercial Vehicles), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/electric-powertrain-market/
A significant driver of the market’s expansion is the rising sales of electric vehicles, both pure and hybrid models. The sale of electric cars is fueled by the strict pollution standards that various regional governments have established. Additionally, governments from multiple areas provide attractive incentives for the widespread use and domestic manufacture of electric vehicles, which is expected to expand the market for electric powertrains globally.
Given that fossil fuels are rapidly running out, electric vehicles are considered the future of the automobile industry. Due to the need for an alternate power source for cars, the number of battery-powered vehicles has increased. To reduce carbon emissions and save fossil fuels for other uses, many nations have enacted harsh restrictions requiring the use of alternative forms of energy in cars.
Additionally, technological advancements in battery production have made electric vehicles more competitive with traditional ICE vehicles. The cost of the batteries used in EVs has significantly decreased due to production process optimization, economies of scale, and technological improvement. As a result, electric vehicles will achieve a Total Cost of Ownership balance and be adopted by the broad market since prices for their parts and batteries are predicted to fall during the analysis period.
The market for Electric Powertrain is segmented into components, applications, and vehicle types. In 2021, the BEV market category held the largest market share, accounting for more than 70% of the total market. A vehicle powered by electricity is referred to as a battery-electric vehicle (BEV). A BEV’s only power source is an electric drivetrain powered by rechargeable batteries rather than an internal combustion engine or petrol tank. To charge, a BEV must be plugged into an electrical outlet. The large percentage can be attributed to declining ICE vehicle sales and CO2 target constraints. In addition, it is anticipated that improvements in battery technology and a decline in the cost of lithium-ion batteries will increase demand for BEVs.
During the projection period, the HEV/PHEVs segment is anticipated to grow at a CAGR of over 35%. Customers are actively embracing PHEVs to take advantage of several benefits, including a more potent electric motor and a larger battery that can be swiftly recharged with the aid of a PHEV-related external power source. They provide customers with a versatile and practical choice. In addition, these cars intend to improve the internal combustion engine’s performance in conjunction with a low-range, high-voltage electric powertrain. These elements are encouraging for the segment’s expansion during the anticipated timeframe.
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Due to escalating government regulations on emission standards, funding allocated by the respective governments to encourage the sale of electric vehicles, and advancements in powertrain components like lithium-ion batteries, battery management systems, and motors, the electric powertrain market is expanding at the fastest rate in the Asia Pacific and North American regions. Additionally, it is anticipated that ongoing R&D and partnerships among automakers in these regions would encourage market expansion for the electric powertrain.
Key Players Insights
Delphi Automotive, Robert Bosch GmbH, UNIVANCE CORPORATION, Continental AG, Aisin Seiki Co., Ltd, GKN Automotive, Hofer Powertrain, and JATCO Ltd. are leading players in the EV powertrain sector.
Market participants’ cooperative business development initiatives are likely to be seen in the market’s strategic landscape. For instance, Aisin Seiki Co., Ltd. strengthened its market position in January 2021 by installing its recently developed drive unit for ultra-compact EVs in the C+pod created by Toyota Motor Corporation.
- Mitsubishi Electric Corp
- Bosch Limited
- Magna International Inc.
- Schaeffler AG
- ZF Friedrichshafen AG
- Nidec Corporation
- Magneti Marelli Ck Holdings
- Continental AG
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