Electric Powertrain Market is expected to grow with a CAGR 32.9% from 2022 to 2028

Electric Powertrain
  • Electric Powertrain Market

As stated in our extensive report; providing insights onVehicle Type, HEV/PHEV Powertrain Component, BEV Powertrain Component, 48V MHEV Powertrain Component, and Powertrain Type;the Global Electric Powertrain Market accounted for USD 70.5 Billion in 2021.

In the past decade, the automotive industry primarily comprised of the same internal combustion engine powertrain. However, the industry now is a broad powertrain mix as it has been shifting toward more efficient and environmentally friendly transportation.

The factors such as growing infrastructural activities, stringent regulations regarding CO2 emissions, and consumer preferences is increasing the demand for the electric powertrain. Hence, driving the market growth over the forecast period. Moreover, the increasing technological advancements in the sectors of electric vehicles, electric powertrains, and renewable energy sectors is further boosting the market growth over the forecast period. The penetration of PHEVs and BEVs would strongly determine the future adoption of electric powertrains globally.

Additionally, batteries are an integral part of electronic vehicles. Increasing technological advancements in lithium-ion batteries is further propelling the market growth.The increasing popularity of electric vehicles is due, in part, to the fact that they are more environmentally friendly than gasoline-powered cars. Electric vehicles produce zero emissions, while gasoline-powered cars produce carbon dioxide and other gases that contribute to climate change. Hence, increasing the demand for EVs further propels the market growth over the forecast period.

Asia Pacificholds the major share in the market owing to the presence of emerging economies such as China and India in the region which are one of the most populated countries in the world, which provides special benefit for the market growth over the forecast period. Additionally, without any doubt, China is the world's largest producer of LIBs; hence, offers a lucrative opportunity for the market. Hence, contributing the market growth.

Some of the key players in the GlobalElectric Powertrain MarketincludeBosch (Germany), Mitsubishi Electric(Japan), Magna (Canada), Continental AG (Germany), Hitachi (Japan) and others.