Newark, NJ, May 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global Electric Powertrain market is expected to grow from USD 63 billion in 2019 to USD 80.4 billion by 2027, at a CARG of 15% during the forecast period 2020-2027. Asia-Pacific region has the highest growth in this market. With China being the largest market for electric vehicles. And with increasing sales in this region the automakers are introducing more with advanced functionalities. Even the manufactures of the other regions are entering Chinese market by coming into a partnership or a joint venture with local manufactures of china.
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The key players of electric powertrain market are GKN PLC, Magan Inernational, Hitachi Automotive Systems Ltd., Robert Bosch, Cummins Inc.
Magna International has signed an agreement with Huayu automotive systems for expanding drive footprint in China.
The product type segment includes Parallel hybrid, BEV, series-parallel hybrid, mild hybrid and series hybrid. BEV is the highest growing segment and is predicted to increase at a rapid rate due to government measures, incentives offered, good performance and growing infrastructure. The vehicle type segment includes light trucks, light vehicles and cars. Cars have the largest market share with having large number of manufactures of electric cars. Whereas, light vehicles are expected to increase its share in the forecasted year.
As it is predicted that fossil fuels are going to get vanished in few decades, so e-vehicles are the best for the automotive industry and to power vehicle there is a need for an alternative energy which could be electricity. Many laws are being built for the emission of c02 and electric vehicle can reduce co2 emission and reduce the consumption of fossil fuel. The restrain to this market is lack of infrastructure.
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About the report:
The global Electric Powertrain market is analysed on the basis of value (USD Million/Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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