Global Electric Powertrain Market to Reach $260.91 Billion by 2030: Players Include BorgWarner, Gentex, Continental and Cummins
ResearchAndMarkets.com has recently included the "Electric Powertrain Market Size, Share & Trends Analysis Report By Electric Vehicle (Battery Electric Vehicle, Hybrid Electric Vehicle/Plug-in Hybrid Electric Vehicle), By Component (Motor/Generator, Battery, Power Electronics Controller), By Region" and Segment Forecasts from 2023 to 2030 to their available offerings.
By 2030, the electric powertrain market worldwide is expected to reach a value of USD 260.91 billion. This growth is anticipated to occur at a steady Compound Annual Growth Rate (CAGR) of 15.3% throughout the forecast period.
The remarkable expansion in the market for fully electric and plug-in hybrid cars has resulted in a growing need for electric powertrains in the automotive industry. Authorities across the globe are actively encouraging the adoption of Electric Vehicles (EVs), as exemplified by the U.S. Department of Energy's generous investment of USD 400 billion to erect 500,000 charging points for electric vehicles by 2030.
Increasing Demand for Electric Cars and Advancement in Electric Vehicle Technology
Major automotive part makers are paying more attention to developing necessary components for electric vehicles (EVs) in order to stay ahead of the competition. They are expanding their facilities in key regions like Europe, China, and the United States. To provide an example, Nidec Corporation invested roughly 1.8 billion dollars in 2020 to grow its electric vehicle powertrain business. As part of this expansion, they established new factories in Poland, China, and Mexico. These facilities have the capacity to manufacture up to 8.4 million electric motors each year.
The importance of adhering to strict emission regulations in the Asia Pacific region
The Asia Pacific region is anticipated to experience significant growth as a result of the rising desire for electric vehicles and increasing individual incomes. China, South Korea, and India are notable players in the automobile manufacturing industry in this area. Additionally, the market expansion in the region is being facilitated by rigorous government regulations and emission standards such as BS-VI in India and China VI.
The United States and Europe are imposing stricter regulations on CO2 emissions, making it harder for companies to comply. To reach emission goals, car manufacturers are actively promoting and selling more electric vehicles, which has caused a significant increase in demand for electric vehicle powertrain systems.
The Electric Powertrain Market Overview
The market for electric powertrains is experiencing robust expansion as a result of the rising use of electric vehicles (EVs), government efforts, and strict emissions requirements. Prominent manufacturers are concentrating on enhancing components to meet the surging global demand for electric vehicles.
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