The
electric powertrain incorporates electric motor, power electronics, and
transmission and helps convert energy from external power supply into
mechanical energy in electric vehicles. Growing demand for zero-emission and
fuel-efficient vehicles coupled with stringent emission regulations imposed by
regulatory bodies globally are anticipated to drive the demand for electric
powertrains. Additionally, development of high-performance lithium-ion
batteries with high energy density at affordable costs has facilitated automakers
to adopt electric powertrains in their vehicles. 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 key trends:
Adoption of stringent emission regulations imposed by governmental
organizations across the globe to curb carbon emissions is a key trend fueling
the growth of the electric powertrain market. For instance, several countries
have planned to ban or limit the sale of petrol and diesel vehicles and promote
electric vehicles. Growing awareness about the environmental impact of
vehicular emissions is encouraging automakers to adopt electric powertrains to
comply with the existing and upcoming emission standards. Furthermore,
supportive government policies and incentives programs such as subsidies are
encouraging consumers to switch from conventional vehicles to electric vehicles
which in turn increases the demand for electric powertrains during the forecast
period.
Segment Analysis
The
global
electric powertrain market size is segmented into vehicle type,
component, propulsion type, and region. Based on vehicle type, the passenger
vehicles segment dominates the market and accounted for more than 60% share in 2023
due to rising consumer demand for eco-friendly vehicles and stringent emission
norms globally. The commercial vehicles segment is expected to witness growth
at a higher CAGR during the forecast period owing to supportive government
policies and subsidies for adoption of electric commercial vehicles across
countries.
Key Takeaways
The global electric powertrain market is expected to witness high growth
over the forecast period.
Regional
analysis shows that Asia Pacific leads the market and accounted for over 35%
share in 2023 due to presence of key automotive manufacturing countries
including China, Japan, and South Korea in the region. Government initiatives
to reduce carbon emission is supporting electric vehicle adoption.
Key players operating in the electric powertrain market are Ferring B.V., Bayer
AG, Braintree, Bausch Health Companies Inc., and Norgine B.V. Ferring B.V held
the largest market share in 2023 owing to its strong product portfolio and global
presence. Bayer AG is focusing on strategic acquisitions and partnerships to
strengthen its position in the growing electric powertrain components market.
Get
more insights on this topic: https://www.newsstatix.com/electric-powertrain-market-share-and-opportunity-analysis/
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