Electric Powertrain Market A Deep Dive into Market Size, Share, and Trends by 2030 | Borgwarner Inc., Continental Ag, Magna International Inc

An electric powertrain refers to a vehicle powertrain where the onboard engine or motor is powered fully or partially by electricity. Electric powertrains are used in hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles to provide efficient and eco-friendly mobility.

Global Electric Powertrain Market was valued at US$ 75.3 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 16.4% from 2023 to 2030.

Request a sample copy of the report @https://www.coherentmarketinsights.com/insight/request-sample/5988

Market Dynamics:

The electric powertrain market is expected to witness significant growth over the forecast period owing to rising adoption of electric vehicles around the globe. Growing awareness about environmental pollution combined with supportive government policies and subsidies for electric vehicles in countries is encouraging automakers to invest heavily in developing advanced electric powertrains. In addition, continuous decline in battery prices is making electric vehicles economically viable for consumers, thus boosting sales of electric vehicles and demand for electric powertrains. Furthermore, stricter fuel efficiency and emission regulations in regions such as Europe and China are forcing automakers to shift from conventional internal combustion engines technology to electric mobility, which is another key factor driving the electric powertrain market.

Growing Environmental Awareness is Driving Electric Powertrain Adoption

With rising environmental concerns due to increasing pollution levels and deteriorating air quality, consumers are becoming more aware of how their product choices impact the environment. Electric vehicles are perceived as a more sustainable alternative to fuel-powered vehicles since they do not directly emit greenhouse gases at the point of use. Many countries have also implemented various policy measures and incentives to promote electric vehicle sales in order to lower their carbon footprint from transportation. Automakers are increasingly investing in electric powertrain development in order to cater to this growing demand from environmentally conscious consumers.

Key Company Profiles:

Borgwarner Inc., Continental Ag, Magna International Inc., Marelli Holdings Co Ltd., Mitsubishi Electric Corporation, Nidec Corporation, Robert Bosch Gmbh, Schaeffler Group Usa Inc., and Valeo Sa.

Market segmentation:

Global Electric Powertrain Market, By Vehicle Type
BEV
HEV/PHEV

Global Electric Powertrain Market, By Component
Motor/Generator
Battery
Power Electronics Controller
Convertor
Transmission
On-Board Charger
Regional Analysis:

●North America (U.S., Canada)
● Europe (U.K., Italy, Germany, France, Rest of EU)
● Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
● Latin America (Chile, Brazil, Argentina, Rest of Latin America)
● Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Request for Report Customization @https://www.coherentmarketinsights.com/insight/request-customization/5988

Stringent Emission Regulations are Forcing Increased Adoption of Electric Powertrains

Governments across the world have been implementing increasingly stringent fuel economy and emission regulations over the past decade. Manufacturers are finding it difficult to comply with these norms using only internal combustion engine technology improvements. Adopting electric powertrains either partially or fully is proving to be an effective way for them to meet these legal obligations. The regulatory push is giving a strong impetus to automakers to accelerate the electrification of their vehicle lineup and transition away from fossil fuel-powered vehicles eventually.

High Battery Costs Pose a Challenge to Electric Powertrain Commercialization

While technological advancements are helping to steadily reduce battery pack prices year-over-year, energy storage still accounts for a major portion of an electric vehicle's overall cost. High battery costs remain one of the key stumbling blocks that is limiting the affordability and mass adoption of electric vehicles currently. Even with subsidies and tax rebates, electric vehicles are often 10-20% more expensive to purchase compared to similar gasoline-powered cars. Bringing down battery costs significantly through innovations in chemistries and manufacturing will be critical to make EVs truly competitive in the mainstream market.

Infrastructure Investment Presents an Opportunity for Accelerated Electric Powertrain Adoption

Many governments see developing electric vehicle charging infrastructure as an important part of their strategy for promoting cleaner transportation and reducing oil imports. Large-scale investments are being made to install public charging stations nationwide, making electric mobility a more viable option for a wider range of drivers not just those with private parking. Companies are also entering the charging infrastructure space attracted by the growing market opportunity. As more chargers become available, it provides a fillip to boost electric vehicle sales volumes which in turn stimulates greater infrastructure build-out.

Growing Electrification Across Vehicle Segments Indicates Market Trend Towards Diverse Applications

While the current electric vehicle market is dominated by passenger cars, industry stakeholders are collaborating to develop electric powertrains suitable for other vehicle categories as well. Battery and drive technology originally developed for cars is now being adapted for use in commercial vans, trucks, buses and even non-road vehicles. Automakers are also unveiling all-electric pickup trucks and SUVs. This trend towards electrification of multiple vehicle segments suggests the technology is maturing and diversifying to serve diverse mobility needs. It is also reflective of growing consumer interest in electric options across different lifestyles and use cases.

Key Questions in This Report:

How big is the world market for Electric Powertrain Market right now?

What is the anticipated rate of growth for the Electric Powertrain Market worldwide between 2023 and 2030?

What are the primary elements propelling the Electric Powertrain industry worldwide?

Which are the main kinds of Electric Powertrain Market and how are they used?

Which areas are the main Electric Powertrain Market?

Which companies/major players dominate the global Electric Powertrain Market?

Buy Now @ https://www.coherentmarketinsights.com/insight/buy-now/5988

533 Airport Boulevard, Suite 400, Burlingame,
CA 94010, United States
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

About Coherent Market Insights

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.