The Global Electric Powertrain Market Poised for Growth Driven by Sustainable Transportation
Electric Powertrain Market |
The
global electric powertrain market is seeing rapid adoption as consumers seek
more environmentally friendly transportation options. Electric powertrains
offer much lower operating costs than internal combustion engines while also
being more energy efficient with fewer moving parts. Battery electric vehicles
and hybrids containing electric motors and batteries are able to deliver torque
instantly for smooth acceleration and regenerative braking that captures
kinetic energy to charge the batteries while slowing down. Automakers are
developing advanced powertrain technologies that combine smaller, lighter
electric motors with improved batteries capable of longer ranges between
charges.
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:
One of the major trends driving growth in the electric powertrain market is the
transition away from internal combustion engines toward electric vehicles to
reduce carbon emissions. Stringent government regulations on vehicle emissions
and fuel efficiency standards are accelerating this shift, along with
incentives and subsidies to promote EV adoption. Automakers are heavily
investing in research and development of new electric vehicle platforms
optimized for battery-electric technology. Improvements in lithium-ion battery
chemistries are enabling higher energy densities to extend vehicle range
allowing electric vehicles to truly compete with gasoline vehicles in convenience.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as setting up an
electric powertrain manufacturing business requires high initial capital
investments and established infrastructure.
Bargaining power of buyers: The bargaining power of buyers is high as the
market has huge OEMs who are key buyers and can negotiate on price and demand
other benefits.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
raw material suppliers have established themselves but OEMs can choose from
various component manufacturers and suppliers globally.
Threat of new substitutes: The threat of new substitutes is low as electric
vehicles have very few close substitutes and hybrids cannot completely replace electric
vehicles.
Competitive rivalry: The competitive rivalry is high among global and regional
players.
Key Takeaways
The Global
Electric Powertrain Market Demand is expected to witness high growth.
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 market owing to presence of China
and other leading automotive hubs. Countries like China, Japan and South Korea
are boosting investments to ramp up their local electric vehicle manufacturing
capabilities.
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 is a
key player focused on developing electrified powertrains for commercial
vehicles. Bayer AG provides batteries and electric drive systems to major OEMs
in Europe and Americas.
The global market is witnessing new joint ventures and partnerships between
major automotive suppliers and OEMs to develop cost effective and high
performance electric drivetrains. Governments across regions have introduced
supportive policies like subsidies for EVs adoption to drive mass transition
towards electric mobility.
For more details on the report, Read- https://www.trendingwebwire.com/electric-powertrain-market-demand-share-analysis/
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