New York, United States , March 23, 2023 (GLOBE NEWSWIRE) -- The Global Electric Powertrain Market Size is said to grow by USD 760.1 billion by 2030 at a CAGR of 32.4% from USD 60.8 billion in the year 2021. Attractive incentives by governments for mass adoption and domestic production of electric vehicles, increasing demand for electric vehicles, and stringency in regulations will drive the global market. In additional, the post-COVID-19 recovery in the sales of pure and hybrid electric vehicles is a prominent driving factor for the growth of the electric powertrain industry.
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Tier 2 and tier 1 suppliers, integrators of electric chassis solutions, original equipment manufacturers (OEMs), and start-ups for new electric vehicles are all part of the electric powertrain market value chain. Steel, plastic, rubber, aluminium, aluminium alloys, nickel, lithium, and cobalt are some of the raw materials used to make electric powertrain components. The value chain in the automotive sector has typically gone from tier 2 to tier 1 suppliers to original equipment manufacturers since the 1980s (OEMs).
The supply chain has evolved into an ecosystem where the boundaries between industries are fluid as electric vehicle technology has improved. By providing integrated electric chassis solutions, the tier 1 suppliers are altering their product lines and dropping to tier 0.5. Businesses are changing their business practices, which is exerting increasing pressure on the market for tier 1 suppliers. Moreover, the market would be more challenging due to the small market size, high level of competition, and low OEM margins on EVs.
Browse key industry insights spread across 210 pages with 123 market data tables and figures & charts from the report on the “Global Electric Powertrain Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (BEV & HEV), By Component (Motor, Battery, and Power Electronics Components) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here:
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Increasing Need Automotive Industry Vehicle Electrification and the unexpected rise in the sales of electric vehicles are propelling the market ahead.
The cost of making automobiles more electric by Tesla, Honda, Ford, Toyota, and General Motors has resulted in a significant increase in demand for electric vehicles. Also, increasing collaborations between automakers and suppliers of electric motors ought to increase consumer interest in electric vehicles. For instance, a North American automotive alliance between General Motors Co. and Honda Motors Co. was announced. By 2023, General Motors intends to sell 20 different electric vehicle models, and Honda wants to use GM's battery pack to create two plug-in electric vehicle models.
Maruti Suzuki, the longtime market leader in automobiles, announced in 2019 that it will soon begin selling electric cars for private use in the Indian market. Since the market for electric vehicles is so lucrative, more and more traditional automakers are probably going to start producing them. This will lead to an increase in the market for electric powertrains. The rise in traditional fuel prices and the increase in electric car sales are likely to hasten the development of electric vehicles. The number of individuals purchasing electric automobiles is projected to increase due to severe emission regulations and an increase in people caring about the environment.
Meanwhile, automakers like Bosch and Renault Group have taken the lead in implementing vehicle electrification and concentrating on expanding their product lines to include electrified vehicles. As a result, more cars are anticipated to be electrified. The powertrain market is anticipated to expand over the coming few years as a result of all of these factors.
The business is seeing tremendous growth thanks to the rising demand for electric automobiles.
The largest automakers are producing electric vehicles as demand for them rises. Since the market is so lucrative, it's conceivable that more traditional automakers will start producing electric vehicles. As a result, the market for electric powertrains will expand. Increased sales of electric vehicles and rising costs for conventional fuels are projected to hasten the expansion of electric automobiles. As pollution regulations tighten and public concern for the environment grows, electric vehicles are sure to gain in popularity. Also, automakers like Bosch and the Renault Group have taken the lead in implementing vehicle electrification and concentrating on introducing electrified vehicles to their product lines, which is anticipated to enhance demand.
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Regional Analysis –
The global electric powertrain market is primarily segmented into three regions, namely- North America, Europe, and Asia-Pacific, out of which the Asia-Pacific region dominates the market.
North America –
The market size in the North American region, which was USD 11.28 billion in 2021 and is projected to reach USD 190.5 billion by 2030 with a CAGR of 36.9%, is sizable. As the most developed region and home to key economies like the US and Canada, North America makes a significant contribution to the market's expansion.
Europe –
The majority of the world's industries are based in Europe, which serves as the region's industrial hub. Market share for Europe is USD 39.2 billion in 2021 and is projected to increase to USD 477 billion by 2030 with a CAGR of 32%.
Asia-Pacific –
With a market share of USD 36.1 billion in 2021 and a projected CAGR of 35% to reach USD 537.6 billion by 2030, Asia-Pacific is the most prominent region. The presence of fast-growing emerging economies like China and India is what makes this area the most dominant one.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The major competitors operating in the global electric powertrain market are – Borgwarner Inc., Continental AG, Magna International Inc., Marelli Holdings Co. Ltd., Mitsubishi Electric Corporation, Nidec Corporation, etc.
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Market News -
BorgWarner Inc. increased the availability of two inverters for a top Chinese OEM in May 2022 by expanding its hybrid system applications.
Borgwarner Inc. completes the acquisition of the Light Vehicle eMotor Business from Santroll in April 2022.
Magna International launched a new production facility for the BMW group's first mild hybrid transverse transmission in May 2022.
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