The electric powertrain market is estimated at USD 96.7 billion in 2023 and is projected to reach USD 230.5 billion by 2030, at a CAGR of 13.2%. Attractive incentives by governments for mass adoption and domestic production of electric vehicles, increasing demand for electric cars, and the decreasing cost of electric powertrains will drive the market.
The increasing electric car fleet has pushed automakers to introduce innovative technologies in electrified powertrains. Key innovations in battery chemistry to increase energy density and the expansion of production plants, along with cost optimization, have also been major enablers for the electric powertrain market. The growth of the BEV electric powertrain market is a major trend in the automotive industry. As BEVs are becoming more affordable and practical, they are being supported by government regulations.
Government support to increase EV sales to lower CO2 emissions
Governments worldwide are offering incentives to encourage people to buy electric vehicles. These incentives can include tax breaks, rebates, and free parking. These incentives make electric cars more affordable for consumers, which can help to boost demand. Stricter emission norms imposed by the government for lower CO2 emissions force automakers to make their vehicles more efficient and environmentally friendly. Companies across the globe, including governments, are investing in infrastructure to support electric vehicles. This includes building charging stations and improving the electrical grid. This will make it easier for people to own and operate electric vehicles, which will also help to boost demand. The government policies are helping to create a more favorable environment for electric powertrain manufacturers and electric vehicle consumers. As a result, the market is expected to grow rapidly in the coming years.
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Development of lithium-ion batteries
Lithium-ion batteries are the most common type of battery used in electric vehicles (EVs). They are lightweight, have a high energy density, and can be recharged quickly. As the demand for EVs grows, the need for lithium-ion batteries is also expected to grow. Developing new lithium-ion battery technologies is also an opportunity for the electric powertrain market. New technologies like solid-state batteries could offer higher energy densities and longer ranges than traditional lithium-ion batteries. This could make EVs even more attractive to consumers and could help to accelerate the growth of the market. The development of lithium-ion batteries is an integral part of the growth of the market. Lithium-ion batteries are also expected to grow as the demand for EVs grows. As the market grows, a higher need for cost-effective batteries exists. Developing more efficient and cost-competitive lithium-ion batteries can make electric vehicles more affordable and accessible to a broader range of consumers. Samsung SDI, CATL, LG Energy Solution, and Panasonic are some of the prominent players in the battery manufacturing market. These companies are investing heavily in research and development to improve the performance and cost of lithium-ion batteries. This is helping to drive the growth of the market.
Asia Pacific is estimated to be the fastest-growing electric powertrain market.
Asia Pacific is home to some of the world’s largest and most populous countries, such as China, India, and Japan. These countries are all seeing a rapid increase in demand for electric vehicles. The demand for electric vehicles in this region is increasing rapidly, and the government also offers subsidies to consumers who purchase electric vehicles and invest in charging infrastructure. In China, for instance, the government has set a target of 40% of all car sales to be electric vehicles by 2030. According to MnM analysis, China will be the largest market for electric powertrain market by 2030.
Key Market Players
The key players in the Electric Powertrain market are Robert Bosch Gmbh (Germany), Mitsubishi Electric (Japan), Magna International Inc. (Canada), Continental AG (Germany), and Hitachi Astemo Ltd. (Japan).
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