The global electric powertrain market is estimated to be valued at US$75.3 billion in 2022 and is expected to exhibit a CAGR of 16.4% over the forecast period of 2022-2030, according to a new report published by Coherent Market Insights.
Market Overview:
The electric powertrain market refers to the components and systems used in electric vehicles (EVs) to transfer power from the battery to the wheels. These powertrains consist of electric motors, power electronics, and transmission systems. EVs offer various advantages over traditional internal combustion engine vehicles, such as lower emissions, reduced operating costs, and less dependence on fossil fuels. The increasing demand for electric vehicles, driven by growing environmental concerns and supportive government policies, is expected to fuel the growth of the electric powertrain market.
Market Key Trends:
One key trend in the electric powertrain market is the shift towards lightweight and compact designs. As EVs strive for better range and efficiency, manufacturers are focusing on reducing the weight and size of powertrain components. This trend is driven by advancements in lightweight materials and the adoption of integrated powertrain systems. Lightweight powertrains not only improve the overall performance of electric vehicles but also contribute to better energy efficiency. Additionally, compact powertrain designs enable more efficient space utilization within the vehicle, allowing for increased cargo capacity or passenger comfort. This key trend is expected to drive innovation in powertrain technologies and shape the future of the electric powertrain market.
Segment Analysis:
The electric powertrain market can be segmented based on vehicle type, component, and propulsion type. Among these segments, the electric passenger car segment is expected to dominate the market during the forecast period. This dominance can be attributed to the growing demand for electric cars due to various factors such as government incentives, increasing environmental concerns, and advancements in battery technology. Electric passenger cars offer numerous advantages over traditional internal combustion engine vehicles, including lower emissions, reduced fuel consumption, and lower operating costs. Additionally, the availability of a wide range of electric car models from major automakers is further driving the growth of this segment.
Key Takeaways:
The global electric powertrain market is expected to witness high growth, exhibiting a CAGR of 16.4% over the forecast period from 2022 to 2030. This growth can be attributed to several factors. Firstly, stringent emission regulations imposed by governments worldwide are pushing the automotive industry towards electrification. Electric powertrains offer lower emissions and contribute to reducing carbon footprint, making them a preferred choice for automakers. Secondly, advancements in battery technology, such as the development of higher energy density batteries and faster charging capabilities, are driving the adoption of electric powertrains. These advancements are addressing range anxiety concerns and improving the overall performance of electric vehicles.
In terms of regional analysis, the Asia-Pacific region is expected to be the fastest-growing and dominating region in the electric powertrain market. This is due to the presence of major electric vehicle manufacturers and the increasing adoption of electric vehicles in countries like China, Japan, and South Korea. Moreover, the favorable government initiatives and policies promoting the use of electric vehicles, along with the growing charging infrastructure, are contributing to the growth of the market in this region.
Key players operating in the electric powertrain market include 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. These key players are actively involved in research and development activities to introduce innovative and efficient electric powertrain systems. They are also focusing on strategic partnerships and collaborations to expand their market presence and cater to the increasing demand for electric powertrain systems in the automotive industry.
Read More:
https://www.newsstatix.com/electric-truck-market-growing-demand-for-sustainable-transportation/
