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Electric Powertrain Global Market Predicted to Augment and Reach over $419.52 Billion at a CAGR of 32.2% By 2028 | Schaeffler AG, Valeo, Nidec Corporation, Marelli Holdings Co Ltd., Panasonic Corporation
Electric Powertrain Global Market
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According to The Business Research Company's, The electric powertrain market size has grown exponentially in recent years. It will grow from $102.35 billion in 2023 to $137.45 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to technological support and research, automotive industry shift, infrastructure development, consumer demand for sustainable mobility.
The electric powertrain market size is expected to see exponential growth in the next few years. It will grow to $419.52 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%. The growth in the forecast period can be attributed to rapid urbanization and smart city initiatives, environmental awareness and sustainability goals, cost reductions and economies of scale, consumer acceptance and demand, expanding charging infrastructure. Major trends in the forecast period include product innovations, automaker commitment to electrification, infrastructure development, battery technology advancements.
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Market Drivers and Trends:
The growing research and development (R&D) investment in the automobile sector is expected to propel the growth of the electric powertrain market going forward. R&D investment in the automobile sector means that companies operating in this industry are allocating resources and funds to research and development activities. This involves the creation and enhancement of technologies and products. Research and development investment is used in electric powertrains to improve the efficiency, range, and performance of electric vehicles. This investment is helping to make electric vehicles more affordable, have longer ranges, and perform better. For instance, in May 2023, according to reports published by the European Automobile Manufacturers Association, a Belgium-based automobile association, in 2021, EU investment in automotive R&D climbed by 0.5%, reaching an annual total of $66.783 billion (€59.1 billion). Therefore, the growing research and development (R&D) investment in the automobile sector is driving the growth of the electric powertrain market.
Major companies operating in the electric powertrain market are focusing on innovative technological solutions, such as EtelligentReach, to improve the range, efficiency, and performance of their EVs. EtelligentReach, a connected powertrain, represents a significant advancement in EV technology. This innovative system is designed to maximize vehicle range and driving dynamics, making it a compelling choice for automakers seeking to develop high-performance EVs. For instance, in December 2021, Magna International Inc., a Canada-based manufacturing company, unveiled its all-electric connected powertrain, dubbed EtelligentReach, which is expected to have a positive impact on the EV industry. By providing automakers with a high-performance, efficient, and range-enhancing powertrain solution, with its enhanced range, optimized performance, modular design, and advanced connectivity, this innovative system is poised to play a key role in shaping the future of electric vehicles.
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Major Key Players of the Market:
Bosch Ltd., Mitsubishi Electric Corp., Magna International Inc., Hitachi Astemo Americas Inc., Schaeffler AG, Valeo, Nidec Corporation, Marelli Holdings Co Ltd., Panasonic Corporation, Brusa Elektronik AG, Cummins Inc., ZeroAvia Inc., Damon Motors Inc., eLeapPower Co. Ltd., Tesla Inc., General Motors, BYD Auto Co. Ltd., Volkswagen AG, SAIC-GM-Wuling Automobile, Stellantis N.V., Hyundai Motor Company, BMW AG, Zhejiang Geely Holding Group Co. Ltd., Renault-Nissan-Mitsubishi Alliance, GAC Motor, Chery Automobile Co. Ltd., Polestar, Changan Automobile Co. Ltd., Dongfeng Motor Corporation, Denso Corporation
Electric Powertrain Market 2024 Key Insights:
• The electric powertrain market size is expected to see exponential growth in the next few years. It will grow to $419.52 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%.
• Surging Demand For Electric Vehicles Ignites Growth In The Electric Powertrain Market
• Magna International Unveils Etelligentreach
• Europe was the largest region in the electric powertrain market in 2023
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