Electric powertrain refers to vehicle components used to generate power via electric motors. This powertrain system consists of batteries, power electronics controller, electric motor and transmission unit. Electric powertrains are incorporated in electric as well as hybrid electric vehicles. Electric powertrains are environment-friendly and more energy efficient than conventional internal combustion engine vehicles. Electric vehicles are a sustainable transportation solution with zero tailpipe emissions, helping reduce air pollution.

The global electric powertrain market is estimated to be valued at US$ 81.7 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Stringent emission regulations imposed by governments worldwide are driving the growth of the electric powertrain market. Increasing initiatives by authorities to curb rising pollution levels and transition to clean energy are propelling the adoption of electric vehicles. Electric vehicles offer significant environmental benefits with lower emissions compared to conventional vehicles. Additionally, growing consumer awareness about air pollution and energy security is boosting the demand for green vehicles. Furthermore, improving charging infrastructure and subsidies provided by governments on purchase of electric vehicles are fueling the electric powertrain market growth. However, high manufacturing costs of electric vehicles and lack of standardization are restraining the market.

The global electric powertrain market share exhibits a positive outlook with rising production of electric vehicles. Stringent emission norms and government policies are creating a conducive environment for the electric powertrain industry.

SWOT Analysis
Strength: The electric powertrain market offers promising growth opportunities as governments worldwide are promoting the adoption of electric vehicles to reduce emissions. Electric powertrains improve vehicle efficiency and help lower energy costs. Developing advanced battery technologies also strengthens electric powertrains.

Weakness: High development costs and lack of standardization amongst components act as barriers for electric powertrain manufacturers. Electric vehicles also have shorter driving ranges than gasoline/diesel vehicles due to limited battery capacities. Infrastructure gaps for charging electric vehicles is another weakness.

Opportunity: Many countries are offering subsidies and tax incentives to buyers of electric vehicles, generating increased demand. The need to develop efficient powertrains for commercial vehicles and heavy machinery presents opportunities. Partnerships between automakers and technology firms can help accelerate product innovations.

Threats: Unexpected rise in raw material prices can impact overall costs. Dependence on imports of rare earth minerals used in batteries poses supply chain risks. Slow adoption rates in price-sensitive developing markets are also a threat. Intense competition amongst players risks commoditization of products.

Key Takeaways
The global electric powertrain market is expected to witness high growth in the forecast period from 2023 to 2030. The market size is projected to reach US$ 81.7 Billion by 2023 growing at a CAGR of 4.9% through 2030.

Regional analysis: Asia Pacific is expected to continue dominating the global electric powertrain market through the forecast period. China, Japan, and South Korea have emerged as major EV markets, supported by favorable regulations and infrastructure development initiatives. Government ambitions to transition intra-city public transport and commercial fleets to electric are driving regional demand. Europe is the second largest regional market for electric powertrains due to stringent emission regulations.

Key players operating in the electric powertrain market include Ferring B.V., Bayer AG, Braintree, Bausch Health Companies Inc., and Norgine B.V. They are focusing on expanding manufacturing capacities and developing advanced products to cater to the diverse needs of automakers and other industries. Partnerships are enabling players to leverage complementary strengths and mass produces advanced powertrain systems at competitive prices.

Get more insights on this topic: https://www.newswirestats.com/electric-powertrain-market-size-and-outlook/

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