Electric Powertrain Market Size, Share, Growth Analysis and Forecast 2031

At a projected value of USD 96 billion in 2023, the Electric Powertrain Market is projected to increase at a compound annual growth rate (CAGR) of 15.5% to reach USD 304.03 billion by 2031.

The COVID-19 epidemic has had an impact on the whole automotive industry, resulting in a fall in the growth of the electric powertrain business due to low automobile sales and increased standards. However, strict emission norms imposed by government agencies, such as the U.S. Environmental Protection Agency's (EPA) Greenhouse Gas (GHG) emission limits, BS-VI norms in India, and China VI, are driving market expansion. The post-COVID-19 resurgence in sales of pure and hybrid electric vehicles is a significant driving force behind the growth of the electric powertrain industry. Furthermore, widespread use of electric vehicles, as well as attractive government incentives for domestic electric vehicle manufacture, are expected to increase global demand for electric powertrains.

Since traditional fuel-powered cars are predicted to become less common in the upcoming years, electric vehicles are the way of the future for the automotive industry. These cars are becoming more and more popular since they are more environmentally friendly and have a lower total cost of ownership than their equivalents with internal combustion engines. Stricter regulations have been implemented in many nations to promote the use of electric and other alternative fuel cars.

Instant Access to Your Exclusive Sample Copy @ https://www.snsinsider.com/sample-request/1274

Top Key Companies of Electric Powertrain Market
-ZF Friedrichshafen AG (Germany)
-Robert Bosch GmbH (Germany)
-BorgWarner Inc. (US)
-Mitsubishi Electric Corp (Japan)
-Magna International Inc. (Canada)
-Continental AG (Germany)
-Valeo
-Magneti Marelli Ck Holdings
-Nidec Corporation
-Schaeffler AG

Market Segmentation
By Vehicle Type
-BEV
-HEV/PHEV

By Components
-Motor/Generator
-Converter
-Battery
-Transmission
-Power Electronics Controller
-On-Board Charger

The internal combustion engine powertrain used in the automotive industry has not changed in the last ten years. But as the industry has been moving toward more ecologically friendly and efficient modes of transportation, it currently boasts a wide variety of powertrains. Numerous fully electric and hybrid powertrains are available in the diverse automotive powertrain offering. Furthermore, the introduction of electric powertrains has made the landscape of powertrains more dynamic and complex overall.

Thanks to advancements in battery technology, electric vehicles may now go farther between charges than traditional internal combustion engines (ICE) vehicles. An essential component of the electric powertrain system is the battery. They make up a sizeable amount of the entire cost of electric automobiles, and economies of scale, production process optimization, and technological breakthroughs have greatly lowered their cost. As a result of anticipated price reductions over the projection period, EVs are anticipated to achieve Total Cost Ownership (TCO) parity, opening the door for the widespread adoption of electric vehicles.

For More Customized Data, Request for Report Customization@ https://www.snsinsider.com/enquiry/1274

The Electric Powertrain Market report represents gathered information about a market within an industry or various industries. The Electric Powertrain Market report includes analysis in terms of both quantitative and qualitative data with a forecast period of the report extending from 2024 to 2031. The report is prepared to take into consideration various factors such as Product pricing, Product or services penetration at both country and regional levels, Country GDP, market dynamics of parent market & child markets, End application industries, major players, consumer buying behavior, economic, political, social scenarios of countries, many others. The report is divided into various segments to offer a detailed analysis of the market from every possible aspect of the market.

In 2022, Asia Pacific accounted for the highest revenue proportion, surpassing 57.0%. China, Japan, South Korea, and India are some of the leading automotive manufacturing nations in this region. Tight government rules and emission standards aimed at addressing the problems of global warming brought on by high CO2 emissions are anticipated to fuel the Asia Pacific market's expansion.

In addition, the increasing uptake of electric vehicles in nations like China and India is anticipated to increase demand. Increasingly, nations like China are concentrating their efforts on building up their electrical infrastructure. For example, BP, a British gas, energy, and oil firm, and China's Didi Chuxing (DiDi) formed a joint venture to build China's infrastructure for charging electric vehicles. It is anticipated that these types of strategic alliances would promote the use of electric vehicles.

Get Access to The Full Market Report@ https://www.snsinsider.com/reports/electric-powertrain-market-1274

Contact Us:
Akash Anand - Head of Business Development Strategy
Email: info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

This release was published on openPR.