According to a market report, published by Sheer Analytics and Insights, The global electric vehicle (ev) powertrain market was valued at $16.7 billion in 2021 and it is expected to reach $180.1 billion at a CAGR of 21% between 2022 and 2032. Due to the steady depletion of the world's oil reserves and the problems associated with global warming as a result of significant CO2 emissions, oil prices have significantly risen. Energy conservation and environmental protection are major world issues. Consequently, the industrial design and development of cars are dominated by the green energy trend. As a result, vehicle businesses are now focusing on developing e-powertrains that consume little energy and emit less carbon. It functions as the vehicle's power source, replacing the need for an internal combustion engine. The power distribution module, transmission, inverter, converter, gearbox, and electric motor are a few of the essential parts of an electric vehicle's powertrain. These components work together to deliver premium, responsive, and smooth driving.
The environment and human health are being negatively impacted by rising levels of carbon and particulate matter emissions from automobiles, which has resulted in a serious deterioration of the air quality. As a result, governments all over the world have mandated strict emission standards for car makers. As a result, manufacturers have been forced to invest more in R&D for electric vehicles to offer consumers a competitive alternative, which has accelerated the development of e-powertrains. Moreover, to achieve its goal of net-zero greenhouse gas emissions, the EU continues to tighten CO2 emission standards for passenger cars and light commercial vehicles. This aspect motivates the pursuit of practical solutions for the powertrain architecture of electric vehicles. Hence, these primary factors are driving the market growth over the past few years.
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Furthermore, with increased fuel economy and emission rules, engines are evolving. A further innovation in automotive technology has been the electrification of automobiles. With the aid of government policies, several enterprises are concentrating on investing to create novel innovations. By the end of 2032, the investment would have contributed to the development of 500,000 electric vehicle charging stations. Popular automotive component makers are aggressively concentrating on producing critical EV components to obtain a competitive edge as a result of the increased sales of electric vehicles. Hence, these rising factors are expected to create more growth opportunities for the EV powertrain market across the globe.
On the other hand, although they cost more than conventional automobiles, electric vehicles have advantages over them. Additionally, given that the metals used in these motors are subject to export limitations and supply uncertainties, the market for electric powertrains is anticipated to experience difficulties in the procurement of rare earth metals used in permanent magnets for synchronous motors. Additionally, buying a vehicle with an e-powertrain is anticipated to cost almost twice as much as buying one with a standard gasoline engine.
Some new developments in the global EV powertrain market:
- On 14th November, 2022, BYD, a Chinese manufacturer, has introduced the Atto 3 for Rs 33.99 lakh in India. The Atto 3 has slim headlights with wing-shaped LED DRLs on either side of a silver front grille that has been blanked out. The trapezoid-shaped dual-tone bumper, the faux silver skid plate, and the BYD inscription on the grille are further features at the front.
- On 14th November, 2022, In the near future, Skoda is anticipated to introduce a new sedan, an electric vehicle, and a few SUVs in the Indian market. With the introduction of the new Skoda Superb, Skoda Enyaq EV, and Skoda Octavia RS iV, Skoda is anticipated to broaden its product line in the nation.
According to the study, key players dominating the global EV powertrain market are Aisin (Japan), BYD (China), Continental AG (Germany), Denso (Japan),Hofer Powertrain (Germany), Hitachi (Japan), JATCO (Japan), Magna International (Canada), Melrose Industries (U.K), Mitsubishi Electric (Japan), NXP Semiconductors (Netherlands), Porsche SE (Germany), Robert Bosch (Germany), Stellantis (Netherlands), SAIC Motor (China), Tesla (U.S), Univance Corporation (Japan), Valeo (France), among others.
The Global Electric Vehicle (EV) Powertrain Market Has Been Segmented Into:
The Global EV Powertrain Market – by Technology Type:
- BEV
- HEV
- PHEV
- Others
The Global EV Powertrain Market – by Vehicle Type:
- Passenger Car
- Commercial Car
- Others
The Global EV Powertrain Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/electric-vehicle-ev-powertrain-market-21
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