PORTLAND, ORAGON, UNITED STATES, Aug. 28, 2022 /EINPresswire.com/ — The global electric powertrain market was valued at US$83.66 billion in 2021 and is projected to reach US$1,078.18 billion by 2031 and ex 2022 with a CAGR of 29.1% growing until 2031.
Currently, the increasing demand for an enhanced driving experience, the introduction of lighter drive shafts, and technological innovations in battery production technology have made electric vehicles more competitive than traditional internal combustion engine (ICE) vehicles. For example, in January 2022, Magna International Inc. introduced the EtelligentForce, a 4WD battery-electric drive system for pickup trucks and light trucks. The system had fewer moving parts than a traditional ICE powertrain and therefore required less maintenance.
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The major players in the Electric Drivetrain market are BorgWarner, Robert Bosch GmbH, Continental AG, Dana Incorporated, Denso, Hitachi, Magna International Inc., Magneti Marelli Ck Holdings, Mitsubishi Electric Corp., Nidec Corporation, Panasonic, Schaeffler AG, Toyota Industries Corporation , Valeo, ZF Friedrichshafen AG, Brusa Electronic (key innovator) and Kelly Controls, Inc. (key innovators).
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Downsizing an engine is a practice to improve fuel efficiency in an internal combustion engine (ICE) in order to manufacture vehicles using smaller internal combustion engines versus larger ones with the same power capacity. As a result, engine designers are finding better ways to get more power from smaller amounts of fuel. For example, Hitachi Ltd. and Hitachi Astemo,Ltd. announced in September 2021 the development of a compact, lightweight direct drive system for the EV segment. This system combined the motor, inverter and brake into a single unit, allowing the entire system to be built into the wheel. This enabled the elimination of drive shafts and other indirect mechanisms, allowing motor power to be applied directly to EV operation, reducing energy loss by up to 30%.
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Electric vehicles (EVs) have grown in popularity in recent years as technology has matured, costs have come down, and support for clean transport has raised awareness, increased charging opportunities and facilitated EV adoption. In addition, increasing concerns about vehicle emissions and the depletion of non-renewable energy resources have drawn the attention of several governments to invest in electric vehicles. European countries are among the pioneers in introducing electromobility.
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Main benefits for stakeholders
This study presents an analytical presentation of the global Electric Powertrain Market Analysis along with current trends and future estimates to depict upcoming investment pockets.
Overall EV market opportunities are determined by understanding profitable trends to gain a stronger foothold.
The report provides information on the major drivers, restraints and opportunities of the global Electric Powertrain market with a detailed impact analysis.
The current EV market is quantitatively analyzed from 2022 to 2031 to assess financial literacy.
Porter’s Five Forces Analysis illustrates the strength of buyers and suppliers in the industry.
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