An electric powertrain comprises a battery and an electric motor to drive electric vehicles. It provides enhanced performance and reduces harmful emissions as compared to internal combustion engine vehicles. With stringent government regulations on vehicular emissions and rising consumer awareness about environmental protection, electric vehicles are gaining immense popularity globally.

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:
The growing adoption of electric vehicles is one of the major trends fueling the electric powertrain market growth. Various factors such as rising environmental concerns, government initiatives and subsidies to promote electric vehicles, and extensive deployment of charging infrastructure are encouraging consumers to opt for electric vehicles. Automakers are extensively focusing on developing affordable and high-performance electric vehicles with extended driving range on a single charge. They are investing heavily in R&D of advanced electric powertrains to manufacture electric vehicles that meet consumer demands. This is expected to boost the electric powertrain market size during the forecast period.

SWOT Analysis
Strength: Electric powertrain offers reduced noise and lower emissions over their conventional counterparts. This helps OEMs comply with stringent emission norms.
Weakness: High development and manufacturing costs associated with electric powertrains restrict mass adoption. Infrastructure for charging electric vehicles also needs significant investment.
Opportunity: Stringent government policies and regulations regarding vehicular emissions are driving OEMs to focus on electrification of vehicles. Growing consumer preference for electric vehicles also opens up opportunities.
Threats: Availability of other cleaner technologies like hybrid powertrains is a threat to electric powertrains. Rising costs of raw materials for batteries can increase the cost of vehicles.

Key Takeaways

The Global Electric Powertrain Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. 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 global electric powertrain market and is expected to maintain its lead over the forecast period due to rapid adoption of electric vehicles in China and India. Stringent emission norms in the region are driving electrification in the automotive sector.

Key players

Key players operating in the electric powertrain market are Ferring B.V., Bayer AG, Braintree, Bausch Health Companies Inc., and Norgine B.V. OEMs are collaborating with these players to develop efficient and affordable electric powertrain solutions.

For more details on the report, Read- https://www.marketwebjournal.com/electric-powertrain-market-size-and-share-demand/

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