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Electric Powertrain Market - Exceptional Growth and Transformation Ahead
Electric Powertrain Market Global Market Drivers
The global electric powertrain market is set to experience strong growth in the coming years, driven by technological advancements, shift in transportation trends, and rising environmental consciousness.
What Is The Projected Market Size Of The Global Electric Powertrain Market And Its Growth Rate?
The global electric powertrain market has experienced substantial growth in recent years:
• Market size in 2024: $135.91 billion
• Market size forecast for 2025: $181.68 billion (33.7% CAGR)
• Market size forecast for 2029: $544.56 billion (31.6% CAGR)
Technology development, automotive industry transformation, infrastructure enhancement, and higher demand for sustainable vehicles have fueled this growth. Key trends include product innovations, commitment to electrification by automakers, infrastructure development, and advancements in battery technology.
What Is Driving The Growth In The Electric Powertrain Market?
The surging demand for electric vehicles (EVs) is driving the growth of the electric powertrain market. The motor in EVs is powered by batteries, making electric powertrains crucial. With rising defense against COVID-19 and goals for net-zero emissions, the adoption of EVs and hybrid vehicles has surged. According to the International Energy Agency, EV sales rose to 10 million in 2022, with an expectation to increase to 14 million in 2023. This demand surge is likely to lead to increased production and demand for electric powertrains.
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Who Are the Key Players Driving Electric Powertrain Market Growth?
The electric powertrain market boasts numerous key companies:
• Bosch Ltd.
• Mitsubishi Electric Corp.
• Magna International Inc.
• Hitachi Astemo Americas Inc.
• Schaeffler AG
• Valeo
• Nidec Corporation
• Marelli Holdings Co Ltd.
• Tesla Inc.
• General Motors
• BYD Auto Co. Ltd.
• Volkswagen AG
• Stellantis N.V.
• Hyundai Motor Company
• BMW AG
What Are The Key Trends In The Electric Powertrain Market?
Key trends in the electric powertrain market include:
• Product innovations
• Automaker commitment to electrification
• Infrastructure development
• Battery technology advancements
What Are The Segments Of The Global Electric Powertrain Market?
The electric powertrain market can be divided into:
1) By Vehicle: Hybrid And Plug-In Hybrid Vehicle (HEV Or PHEV), Battery Electric Vehicle (BEV), 48V Mild Hybrid Vehicle (MHEV)
2) By HEV/PHEV Powertrain Component: Motor Or Generator, HV Battery, 12V Battery, Battery Management System, Controller, Power Distribution Module, Idle Start-Stop, On-Board Charger
3) By Component: Motor, Battery, Power Electronics Component
4) By Vehicle Types: Passenger Cars, Commercial Vehicles
Which Region Leads The Electric Powertrain Market?
In 2024, Europe stood as the largest region in the electric powertrain market. However, the Asia-Pacific region is expected to record the fastest growth during the forecast period.
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What Is Covered In The Electric Powertrain Market Global Market Report?
- Market Size Analysis: Analyze the Electric Powertrain Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Powertrain Market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Powertrain Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Powertrain Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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