The Electric Powertrain market is estimated to be valued at US$ 81.7 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

An electric powertrain is a vehicle powertrain system that uses electric motors for propulsion instead of an internal combustion engines. The components of electric powertrain include electric motor, power electronics, battery pack, transmission system and other ancillaries. Electric powertrain plays a vital role in reducing carbon emission from vehicles and helps automakers comply with stringent emission norms.

Market Dynamics:

The surge in demand for electric vehicles around the world is the primary driver driving growth of the electric powertrain market over the forecast period. Governments across the globe are promoting adoption of electric vehicles through provision of subsidies and incentives on purchase of electric vehicles as well as establishing charging infrastructure which has boosted sales of electric vehicles. For instance, according to IEA, sales of electric cars reached 6.6 million in 2021, more than tripling from 2020. Additionally, the increasing R&D investments by automakers towards development of advanced powertrain systems with higher range and efficiency will further propel the electric powertrain market growth during the forecast period.

SWOT Analysis

Strength: Electric powertrain has high efficiency and reduces emissions which is better for the environment. It requires less maintenance and has fewer moving parts compared to internal combustion engines. Electric powertrain provides quicker acceleration and power delivery.
Weakness: High manufacturing cost of electric vehicles make them less affordable. Limited driving range within a single charge remain a challenge for electric vehicles.
Opportunity: Stringent emission norms and government incentives & subsidies on electric vehicles will boost their adoption. Advancements in battery technology will enhance driving range and reduce recharging time.
Threats: Dependency on vital raw materials used in batteries can increase prices. Established ICE vehicle manufacturers can capture significant market share.

Key Takeaways

The global Electric Powertrain market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing stringent emission norms worldwide. Governments across regions are promoting electric vehicles to reduce carbon emissions from the transportation sector.

Regional analysis: Europe dominates the global electric powertrain market currently. With over 45% of market share, the region is home to major automakers focusing on electric vehicles. China exhibits the fastest growth in adoption of electric powertrains due to supportive policies for EVs and investments in charging infrastructure development projects.

Key players analysis: Key players operating in the electric powertrain market are 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 companies are focusing on developments including more powerful and efficient electric motors with higher torque levels and wider speed ranges.

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