Global Electric Powertrain Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights
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.
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Electric Powertrain Market: Overview
As transportation has become more eco-friendly and efficient, the sector today has a wide variety of powertrains. Various pure electric and hybrid powertrains are available in the diverse automobile powertrain spectrum. With the development of electric powertrains, the landscape of powertrains is also becoming more dynamic and complex.
The post-COVID-19 resurgence in pure and hybrid electric car sales is a vital aspect propelling the electric powertrain market. Additionally, it is projected that the widespread use of electric vehicles and attractive government incentives for the domestic production of electric cars would increase demand for electric powertrains globally.
Electric Powertrain Market: Growth Drivers
Prominent automakers are producing electric vehicles because they are growing in popularity. Since the market is so lucrative, more and more traditional automakers will probably start making electric cars. The demand for electric powertrains will expand as a result.
The expansion of electric vehicles is projected to be accelerated by rising sales of electric cars and increasing costs for conventional fuels. Furthermore, electric vehicles will surely gain popularity as pollution regulations tighten and environmental concerns grow.
Additionally, automakers like Bosch and the Renault Group have taken the lead in implementing vehicle electrification and expanding their product lines to include electrified vehicles. This will enhance the demand for electric cars and create many chances for producers and new businesses looking to enter the market.
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Electric Powertrain Market: Key Insights
A) As per the analysis shared by our research analyst, the Electric Powertrain market is estimated to grow annually at a CAGR of around 38% over the forecast period (2022-2030).
B) In terms of revenue, the Electric Powertrain market size was valued at around USD 88.11 billion in 2021 and is projected to reach USD 1324 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Based on components segmentation, the battery segment was estimated to show maximum market share in 2021.
D) Based on application segmentation, the BEV segment was the top revenue-generating category in 2021.
E) Based on vehicle type segmentation, the passenger cars segment was the top revenue-generating category in 2021.
F) Based on geography/region, the Europe region was the leading revenue generator in 2021.
Electric Powertrain Market: Recent Development
2021: BorgWarner introduced an 800-volt electric motor for the commercial vehicle industry, allowing the business to forge a significant global market position.
2020: According to Vitesco Technologies, a Powertrain segment of Continental AG, a new transmission control system has been introduced. This transmission control system is the first in the world to use over-molding control electronics.
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Electric Powertrain Market: Regional Landscape
In 2021, Europe accounted for more than 40% of the market's electric powertrains. High levels of EV adoption have been seen in nations including the Netherlands, Norway, France, and Sweden, and this trend is likely to support the expansion of the regional market in the area. With major automakers, including Audi AG, Volkswagen AG, and BMW AG, concentrating on the production and marketing of electric vehicles, Germany is one of the world's leading automotive centers, which has increased demand for the market for electric vehicle powertrains.
Additionally, electric car adoption is very high in North America. Significant companies like Tesla, Chevrolet, and Ford are present in the area, which gives it its own identity. In addition, the US and other nations have created an infrastructure for electric vehicles, including charging stations referred to as Electric Vehicle Supply Equipment. These factors are anticipated to increase market demand.
Electric Powertrain Market: Prominent Players
Mitsubishi Electric Corp
Magna International Inc.
ZF Friedrichshafen AG
Magneti Marelli Ck Holdings
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The global Electric Powertrain market is segmented as follows:
Power Electronics Controller
By Vehicle Types
On the basis of Geography
Rest of Europe
Rest of Asia Pacific
The Middle East & Africa
Rest of the Middle East & Africa
Rest of Latin America
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