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(Transportation-News.com, September 06, 2024 ) Pune, 06, September 2024: Electric Powertrain Market Size Was Valued at USD 95.1 Billion in 2023, and is Projected to Reach USD 339.9 Billion by 2032, Growing at a CAGR of 15.1% From 2024-2032.
The electric powertrain is central to the functioning of any electric vehicle (EV), converting electrical energy from the vehicle’s battery into mechanical energy to drive the vehicle. This system typically includes an electric motor, a power electronic system for controlling speed and torque, and occasionally, a transmission. Power electronics play a key role in managing the flow of electrical energy from the battery, and optimizing motor efficiency and performance. This sophisticated setup allows electric vehicles to operate with low noise, deliver instant power, and produce zero emissions, contributing to the shift toward sustainable transportation.
The electric powertrain market is experiencing significant growth, driven by the increasing demand for EVs as governments worldwide implement policies to reduce carbon emissions and dependency on fossil fuels. Investments in research and development of powertrain components such as motors, batteries, and power electronics are accelerating, supported by technological advances in battery costs and charging infrastructure. However, challenges like range limitations, charging infrastructure gaps, and battery sustainability remain. Overcoming these barriers will require collaboration among automakers, governments, and stakeholders to advance the adoption of EVs and stabilize the electric powertrain market, which holds immense potential for the future of mobility.
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Electric Powertrain Key Competitors include:
BorgWarner (United States)
Bosch Limited (Germany)
Mitsubishi Electric Corp (Japan)
Magna International Inc. (Canada)
Schaeffler AG (Germany)
ZF Friedrichshafen AG (Germany)
Valeo (France)
Nidec Corporation (Japan)
Continental AG (Germany)
Magneti Marelli Ck Holdings (Italy) and Other key Players
Electric Powertrain Market Dynamics
Solid-state batteries offer several advantages over traditional lithium-ion batteries, including higher energy density, shorter charging times, enhanced safety, and longer lifespan. These benefits are driving significant investment from major battery manufacturers and new entrants into the development of solid-state battery technologies. As research progresses, these batteries are expected to play a pivotal role in improving the performance and sustainability of electric vehicles (EVs), addressing issues like range anxiety and battery degradation. Simultaneously, the electrification of transportation is expanding beyond passenger cars to sectors such as commercial fleets, public transport, freight, and even aviation, with electric buses, trucks, and air taxis emerging as key solutions to reduce emissions and promote environmental sustainability. This shift, driven by growing awareness of environmental concerns and regulatory pressures, presents substantial opportunities for powertrain manufacturers to innovate and develop electric solutions for a wide range of applications.
Electric Powertrain Market Regional Insights
Asia Pacific dominated the Electric Powertrain Market in 2023 and is expected to continue its dominance over the forecast period. The Asia Pacific region is poised to become the leading market for electric powertrains, driven by advanced nations like China, Japan, and South Korea, which have actively embraced the EV market. China leads globally, fueled by government subsidies, climate goals, and restrictions on fossil fuel vehicles. Japan and South Korea, renowned for their automotive industries, are advancing electric powertrain technology. The region’s large population, rising urbanization, and growing middle class are boosting demand for EVs, with expanding infrastructure for charging stations and improving battery technology set to further accelerate growth.
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Electric Powertrain Market Segment Analysis
By Vehicle
BEV
HEV/PHEV
Based on the Vehicle, the market is segmented into BEV and HEV/PHEV. BEV are expected to dominate the Electric Powertrain Market during the forecast period. Battery Electric Vehicles (BEVs) are projected to dominate the electric powertrain market due to several key factors, including rising environmental consciousness, new emission control standards, and advancements in battery technology. BEVs' fully electric systems, which eliminate the need for internal combustion engines and fossil fuels, align with global efforts to reduce greenhouse gas emissions and combat climate change. Improvements in battery range and charging infrastructure have addressed earlier concerns, making BEVs more appealing to consumers seeking cleaner, cost-effective energy sources. With ongoing investments by automakers and government subsidies for clean energy vehicles, BEVs are expected to lead the market.
By Deployment Mode
Motor/Generator
Battery
Power Electronics Controller
Converter
Transmission
On-Board Charger
GLOBAL ELECTRIC POWERTRAIN MARKET BY REGION
NORTH AMERICA
USA
Canada
Mexico
EASTERN EUROPE
Russia
Bulgaria
The Czech Republic
Hungary
Poland
Romania
Rest Of Eastern Europe
WESTERN EUROPE
Germany
United Kingdom
France
The Netherlands
Italy
Spain
Rest Of Western Europe
ASIA PACIFIC
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
The Philippines
Australia
New-Zealand
Rest Of APAC
MIDDLE EAST & AFRICA
Turkey
Bahrain
Kuwait
Saudi Arabia
Qatar
UAE
Israel
South Africa
SOUTH AMERICA
Brazil
Argentina
Rest of South America
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Key questions answered in the Electric Powertrain Market report are:
Which market segment dominated the global Electric Powertrain market in 2023?
What are the current global trends in the Electric Powertrain market?
What future industry applications and trends are emerging in the Electric Powertrain market?
What growth strategies are companies adopting to expand their presence in the Electric Powertrain market?
Who are the leading companies in the Electric Powertrain market, and what are their product portfolios?
What are the primary challenges that the Electric Powertrain market may face in the future?
Which region had the largest share of the Electric Powertrain market in 2023?
How is the regulatory environment influencing the Electric Powertrain market?
Key Offerings:
Market Size, Share, Size & Forecast by Different Segments | 2024−2032
Electric Powertrain Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Trend Analysis
Pestle Analysis
Porter’s Five Forces Analysis
Industry Value Chain Analysis
Ecosystem
Regulatory Landscape
Price Trend Analysis
Patent Analysis
Technology Evolution
Investment Pockets
Electric Powertrain Market Segmentation
Competitive Landscape – Profiles of selected key players in a strategic perspective
Competitive landscape – Competitive Benchmarking, Electric Powertrain Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
Analyst Viewpoint and Conclusion
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