Electric Powertrain Market : Industry Statistics and Growth Trends Analysis, Global Opportunity Forecast 2021-2031

According to a new report published by Allied Market Research, titled, "Electric Powertrain Market," The electric powertrain market was valued at $83.66 billion in 2021, and is estimated to reach $1,078.18 billion by 2031, growing at a CAGR of 29.1% from 2022 to 2031.

An electric powertrain is the group of components in an electric vehicle that transfers power from the battery to the surface where the vehicle runs. The component in an electric powertrain includes inverter, which converts the battery DC power to AC and drives the induction motor in vehicle for propulsion. Moreover, electric motor is an important part of electric powertrain development as it converts electricity to torque to move the vehicle. The electric powertrain of a vehicle is defined by its performance, comfort, and safety. The automotive powertrain portfolio is diversified and includes many pure electric and hybrid powertrains. In addition, the overall powertrain landscape has become more dynamic and complex with the emergence of technology such as innovation in battery technologies and supportive government policies. For instance, in January 2022, Magna International Inc. unveiled the EtelligentForce, a battery electric 4WD powertrain system for pickup trucks and light commercial vehicles. The system had fewer moving parts than a traditional ICE powertrain, thereby requiring less maintenance.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬- https://www.alliedmarketresearch.com/request-sample/10456

In addition, the electric powertrain market has witnessed significant growth in recent years, owing to increased demand for improved vehicle performance and the inclination of consumers toward environment-friendly vehicles. For instance, in April 2022, Magna International Inc. announced the opening of a new manufacturing plant in Ramos Arizpe, Mexico. The 260,000 square foot facility produced inverters, motors, and on-board chargers for use in General Motors' series of electric vehicles (EVs). Furthermore, the companies operating in the electric powertrain market have adopted partnerships, investments, and product developments to increase their market share and expand their geographical presence. Moreover, major automotive component manufacturers have been investing in electric axle drives to capitalize on the increasing sales of electric and hybrid vehicles to increase their market share. For instance, in August 2021, Schaeffler AG brought in further development in its electric axle by introducing the 800-volt power electronics and thermal management system. These improvements increased the efficiency of the electric drive, which further increased the effective range of electric vehicles.

The factors such as growth in trend of downsized engines, increase in sales of electric vehicles, and stringent vehicular emission norms & regulations propel the demand for electric powertrain market. However, high manufacturing costs and range anxiety & serviceability are the factors expected to hamper the market growth. In addition, rocketing infrastructural developments of EV infrastructure and advancement in technology are some of the factors that create lucrative opportunities for the electric powertrain market during the forecast period.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭- https://www.alliedmarketresearch.com/electric-powertrain-market/purchase-options

COVID-19 Impact Analysis:

The electric powertrain market could not escape from the demand & supply chain disruption and remains susceptible, owing to its dependence on the global supply chains for its core technology services. Various companies operating in the automotive industry are stepping up by reconfiguring their supply chain, production, and services for delivery of critical medical supplies. For instance, India's largest automaker, Maruti Suzuki collaborated with Nigen Equipment Pvt Ltd and SAM Gas Projects Pvt Ltd to produce more oxygen to meet the demand. Bajaj Auto, market leader in the three-wheeler market came out to assist its employees who lost their battle in COVID-19 by paying them two year's salary. However, in the second half of 2020, when lockdowns were lifted or relaxed for some time, there was high growth in EV sales during the pandemic, as governments worldwide progressively encouraged people to switch to low-emission fuel vehicles. This led to growth in demand for electric powertrain system around the world. According to International Energy Agency (IEA), both in Europe & China, electric car sales reached about 1.3 million in 2020, of which 10% is of Europe & 5% is of China. In addition, in the U.S., despite a lack of EV stimulus measures at a federal level, the EV sales were 4% higher than in 2019, which further shows both consumer demand on one hand and R&D and scale-up efforts from the EV industry on the other hand.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/10456

KEY FINDINGS OF THE STUDY

By component, on-board charger segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of vehicle type, the commercial vehicle segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of vehicle class, the luxury segment is the highest contributor to the electric powertrain market in terms of growth rate.
By vehicle drive type, the rear wheel drive segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of application, the battery electric vehicle (BEV) segment is expected to exhibit a remarkable growth during the forecast period.
By region, LAMEA would exhibit higher growth rate as compared to other regions.

The key players operating in the electric powertrain market are BorgWarner, Robert Bosch GmbH, Continental AG, Dana Incorporated, Denso, Hitachi, Magna International Inc., Magneti Marelli Ck Holdings, Mitsubishi Electric Corp., Nidec Corporation, Panasonic, Schaeffler AG, Toyota Industries Corporation, Valeo, ZF Friedrichshafen AG, Brusa Electronik (Key Innovator) and Kelly Controls, Inc. (Key Innovators).

David Correa
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Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.

This release was published on openPR.