The global electric powertrain market is seeing rapid adoption as consumers seek more environmentally friendly transportation options. Electric powertrains offer much lower operating costs than internal combustion engines while also being more energy efficient with fewer moving parts. Battery electric vehicles and hybrids containing electric motors and batteries are able to deliver torque instantly for smooth acceleration and regenerative braking that captures kinetic energy to charge the batteries while slowing down. Automakers are developing advanced powertrain technologies that combine smaller, lighter electric motors with improved batteries capable of longer ranges between charges.
The global Electric Powertrain Market is estimated to be valued at US$ 94.12 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the electric powertrain market is the transition away from internal combustion engines toward electric vehicles to reduce carbon emissions. Stringent government regulations on vehicle emissions and fuel efficiency standards are accelerating this shift, along with incentives and subsidies to promote EV adoption. Automakers are heavily investing in research and development of new electric vehicle platforms optimized for battery-electric technology. Improvements in lithium-ion battery chemistries are enabling higher energy densities to extend vehicle range allowing electric vehicles to truly compete with gasoline vehicles in convenience.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as setting up an electric powertrain manufacturing business requires high initial capital investments and established infrastructure.
Bargaining power of buyers: The bargaining power of buyers is high as the market has huge OEMs who are key buyers and can negotiate on price and demand other benefits.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have established themselves but OEMs can choose from various component manufacturers and suppliers globally.
Threat of new substitutes: The threat of new substitutes is low as electric vehicles have very few close substitutes and hybrids cannot completely replace electric vehicles.
Competitive rivalry: The competitive rivalry is high among global and regional players.
Key Takeaways
The Global Electric Powertrain Market Demand is expected to witness high growth. The global Electric Powertrain Market is estimated to be valued at US$ 94.12 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.
The Asia Pacific region currently dominates the market owing to presence of China and other leading automotive hubs. Countries like China, Japan and South Korea are boosting investments to ramp up their local electric vehicle manufacturing capabilities.
Key players operating in the electric powertrain market are Ferring B.V., Bayer AG, Braintree, Bausch Health Companies Inc., and Norgine B.V. Ferring B.V is a key player focused on developing electrified powertrains for commercial vehicles. Bayer AG provides batteries and electric drive systems to major OEMs in Europe and Americas.
The global market is witnessing new joint ventures and partnerships between major automotive suppliers and OEMs to develop cost effective and high performance electric drivetrains. Governments across regions have introduced supportive policies like subsidies for EVs adoption to drive mass transition towards electric mobility.
For more details on the report, Read- https://www.trendingwebwire.com/electric-powertrain-market-demand-share-analysis/
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