Electric Vehicle Powertrain Market Overview
Electric Vehicle Powertrain Market is projected to be worth USD 667.31 billion by 2028, registering a CAGR of 34.72% during the forecast period (2021 – 2028), The market was valued at USD 88.25 billion in 2021. A powertrain system in electric vehicles is used to power the vehicle axle and other vehicle drive systems. Factors such as the increasingly stringent regulations regarding the fuel economy with limited greenhouse emissions, growing demand for e-mobility, and the rising sales of electric vehicles drive the market growth. However, growing demand for e-mobility in vehicles is expected to provide promising opportunities for market players. The powertrain system provides various advantages including emission-free and low noise drive and energy saving.
Electric Vehicle Powertrain market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
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Globally Major key Players accelerates the Electric Vehicle Powertrain Market are, ZF Friedrichshafen AG (Germany), EPT Co., Inc. (South Korea), WEG (Brazil), Bonfiglioli Riduttori S.P.A (Italy), IET S.p.A. (Italy), Automation Tooling Systems Inc. (Canada), GKN PLC (UK), NXP Semiconductors (the Netherlands), Robert Bosch GmbH (Germany), BorgWarner Inc. (US), Continental AG (Germany), AVL List GmbH (Austria), Mitsubishi Electric Corp (Japan), Magna International Inc. (Canada), and Dana Incorporated (US).
Most important Segments of Electric Vehicle Powertrain market covered in this report are,
The global electric vehicle powertrain market is segmented based on component, propulsion,vehicle type, and region.
By Component Type
By Vehicle Type
Electric Vehicle Powertrain Industry Influence of the global market report:
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The global Electric Vehicle Powertrain market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.
In terms of region, the global market for the electric vehicle powertrain is segmented as Europe, North America, Asia-Pacific, and the rest of the world. Asia-Pacific is estimated to hold the largest market share and is projected to grow rapidly during the forecast period owing to growing production of electric vehicles and establishing manufacturing facilities of automotive powertrain. Moreover, the growing population, changing lifestyle, and rising purchasing power of people are expected to boost the demand for electric vehicle powertrain market in Asia-Pacific.
Europe is estimated to grow at a high rate in electric vehicle powertrain market during the forecast period with the presence of key players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), and Continental AG (Germany) are contributing in the growth of this market.
North America is expected to witness a substantial growth over the forecast period The increased spending on research and development to promote the vehicle advanced technologies and increased presence of major powertrain manufacturers such as BorgWarner Inc. and Dana Incorporated will increase the revenue for the electric vehicle powertrains during the forecast period in North America. Additionally, in the US, the US Environmental Protection Agency (EPA) and the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) established new fuel economy and greenhouse gas standards for vehicles. The standards are applied to all automobiles, including electric vehicles from 2012. These standards enhanced the demand for Powertrains in the country, which in turn drives the growth of this market.
The growing investment for the development of advanced powertrain solutions for the vehicles used in public transport across the Middle East & Africa and South America is expected to fuel the market growth. Furthermore, South America region is projected to grow at the faster rate than MEA region during the forecast period due to increased environmental awareness and stringent government vehicle standards are expected to influence the sales for automotive systems such as powertrains in Brazil and Argentina, which in turn drives the market growth in South America.
The following report comprises of –
The Electric Vehicle Powertrain market is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
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