EV Powertrain Market Revenue, Future And Business Analysis By Forecast 2033 from Vishal's blog

The size of the worldwide EV powertrain market which is estimated at US$ 10,470.6 million in 2022, is anticipated to register a CAGR of 24% from 2023 to 2033. By following this impressive growth rate the total valuation is anticipated to reach US$ 112,036 million by the end of 2033.

Market Drivers:

Environmental Concerns: Growing concerns over air pollution and greenhouse gas emissions are driving governments and consumers to transition towards cleaner transportation alternatives, such as electric vehicles.

Regulatory Policies: Stringent emissions regulations and mandates for zero-emission vehicles in many regions are incentivizing automakers to invest in electric powertrain technology to comply with regulatory standards.

Technological Advancements: Advances in battery technology, electric motor design, power electronics, and charging infrastructure are making electric vehicles more practical, affordable, and appealing to consumers.

Cost Reduction: Declining costs of battery manufacturing, economies of scale, and innovations in production processes are driving down the overall cost of EV powertrains, making electric vehicles more competitive with internal combustion engine vehicles.

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Market Trends:

Increased Range and Performance: Ongoing advancements in battery technology are leading to improvements in energy density, allowing for longer range and higher performance electric vehicles.

Integration of Electric Components: Automakers are increasingly integrating electric powertrain components into vehicle platforms designed specifically for electric propulsion, rather than retrofitting existing internal combustion engine platforms.

Charging Infrastructure Expansion: Growth in public and private charging infrastructure networks is improving access to charging facilities, reducing range anxiety, and supporting the adoption of electric vehicles.

Read more: https://www.futuremarketinsights.com/reports/ev-powertrain-market 

Competitive Landscape for the Market

Robert Bosch GmbH, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, ZF Friedrichshafen AG, BorgWarner Inc., Valeo SE, Hitachi Automotive Systems, NXP Semiconductors, and Dana Incorporated among others are some of the prominent players in the global EV powertrain market.

The top EV powertrain companies are taking part in M&A activity to solidify their position in the industry that is expanding quickly. For instance, in December 2019, Weichai Power Corporation bought Aradex AG. Dana Inc. followed by acquiring Nordesa Inc.