by An electric powertrain is a vehicle powertrain where electrical energy obtained from the electric motor replaces the use of fossil fuels. Electric powertrains offer improved engine efficiency, lower emissions, reduced use of fossil fuels, and lower operating and maintenance costs compared to conventional powertrains. Electric powertrains provide smoother acceleration and lower running costs compared to internal combustion engines.
The global Electric Powertrain Market is estimated to be valued at US$ 94.12 Mn in 2023 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:
Governments across the world are increasingly focusing on curbing vehicle emissions to improve air quality and reduce the impact of climate change. Stringent emission norms are being introduced that are fueling the demand for electric vehicles equipped with electric powertrains. Manufacturers are investing heavily in the development of efficient electric powertrains to comply with the evolving emission standards. Electric powertrains help automakers meet corporate average fuel economy (CAFE) standards and achieve carbon reduction targets set by various governments and environmental agencies. The increasing focus on lowering vehicular emissions through policies and regulations is a key factor driving the growth of the electric powertrain market.
Segment Analysis
The global electric powertrain market is dominated by the battery electric vehicle (BEV) segment which accounts for over 55% of the total market share. The high adoption of BEVs is driven by factors like declining battery prices, growing investment by OEMs in electric vehicle production, and government policies and subsidies promoting electric vehicles. Within the BEV segment, passenger vehicles dominate due to rising environmental awareness among consumers and availability of attractive electric car models from Tesla, BMW, and others.
Key Takeaways
The Global Electric Powertrain Market Demand is expected to witness high growth over the forecast period from 2024 to 2031. The global Electric Powertrain Market is estimated to be valued at US$ 94.12 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.
Regional Analysis: Asia Pacific region is expected to be the fastest growing as well as the dominating region in the global electric powertrain market during the forecast period. This can be attributed to the strong government push for electric vehicles led by China along with declining battery costs spurring higher EV adoption. Several leading automakers are also actively expanding their electric vehicle production facilities across major APAC markets.
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. Within the electric vehicle powertrain segment, these leading automotive suppliers are focusing on developing advanced technologies to improve vehicle performance and driving range. They are also investing significantly in manufacturing facilities for electric vehicle components to cater to the rapidly growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
