Electric Vehicle Powertrain Market Scope
An electric vehicle (EV) is powered by an alternative source of power/energy, unlike fossil fuels such as diesel and petrol, it is powered by electricity with the help of a battery. The electric vehicle powertrain includes the battery, electric motor, and transmission, which helps generate power that is utilized to drive or move the vehicle. The market for electric vehicles has been expanding at a high rate, creating a high demand for automotive electric powertrains. There has been tremendous growth in the electric vehicles all over the world. The sales of electric vehicles are expected to rise, owing to a fall in costs of batteries and improvements in technologies, like increased storage capacity which has led to increased adoption by consumers. Governments of major automotive markets, such as China and India, have pledged to allow only electric vehicles on their roads by 2030.
The market study is being classified and major geographies with country level break-up.
Research Analyst at AMA predicts that European Manufacturers will contribute to the maximum growth of Global Electric Vehicle Powertrain market throughout the predicted period.
Bosch (Germany), Mitsubishi Electric(Japan), Magna (Canada), Continental AG (Germany), Hitachi (Japan), ZF Friedrichshafen AG (Germany), Cummins Inc. (United States), Dana Incorporated (United States) and GKN PLC (United Kingdom) are some of the key players profiled in the study.
AdvanceMarketAnalytics has segmented the market of Global Electric Vehicle Powertrain market by Type, Application and Region.
On the basis of geography, the market of Electric Vehicle Powertrain has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In Jul 2018, Cummins Inc. announced its acquisition of the US-based Efficient Drivetrains, Inc., a designer and producer of hybrid and battery electric power solutions for commercial vehicles. The company aims to emerge as the leader in the global electric powertrain market.
- Growing Vehicle Electrification Demand in Automotive Industry
- Emerging Computing Technologies in Conventional Engines
- Stringent Emission Norms
- Lack of Infrastructure for Electric Vehicle Charging
- Increasing Sales of Electric Vehicles
- Developments in Lithium-Ion Batteries
- High Cost of Electrical Components
- Technological Challenges With Electric Powertrains
Key Target AudienceGovernment Regulatory Bodies, Private Research Organization, Government Research Organizations and Others
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