Transport

5 Key Takeaways From The Electric Powertrain Market Report 2024

February 29, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Electric Powertrain Global Market Report 2024, the electric powertrain market is expected to show significant growth in the forecast period.

The electric powertrain market has witnessed exponential growth in recent years, driven by various factors such as technological advancements, shifts in the automotive industry, and infrastructure development.

Past Growth Trends

The market size surged from $102.35 billion in 2023 to $137.45 billion in 2024 at a remarkable CAGR of 34.3%.
Historic growth owes itself to technological support, automotive industry shifts, and infrastructure development.

Future Projections

Anticipated growth to $419.52 billion in 2028 at a CAGR of 32.2%.
Factors driving forecasted growth include rapid urbanization, environmental awareness, and expanding charging infrastructure.

View More On The Electric Powertrain Market Report 2024 – https://www.thebusinessresearchcompany.com/report/electric-powertrain-global-market-report

Surging Demand For Electric Vehicles Ignites Growth In The Electric Powertrain Market

Elevated Electric Vehicle Demand

The rising demand for electric vehicles (EVs) is a primary driver of electric powertrain market growth.
EVs, powered by electricity stored in batteries, have gained popularity amid efforts to combat climate change and achieve net-zero emissions.

Global EV Adoption

In 2021, global EV sales doubled from the previous year, reaching 6.6 million units.
Electric car sales surged to 6.6 million units, reflecting a significant shift towards sustainable mobility.

Key Market Players

Leading companies in the electric powertrain market include Bosch Ltd., Magna International Inc., and Tesla Inc.

Magna International Unveils Etelligentreach

Innovative Technological Solutions

Major market players focus on innovation to enhance EV range, efficiency, and performance.
Magna International Inc. unveiled EtelligentReach, a connected powertrain designed to maximize vehicle range and driving dynamics.

Features of Etelligentreach

EtelligentReach offers enhanced range, optimized performance, and advanced connectivity.
Its modular design makes it a compelling choice for automakers seeking high-performance EV solutions.

Cosworth Expands Capabilities In Electric Powertrains With The Acquisition Of Delta

Strategic Acquisitions

In May 2021, Cosworth acquired Delta, a UK-based company specializing in electric powertrains.
This acquisition enables Cosworth to meet evolving client needs in hybrid, EV, and fuel cell configurations.

Market Segmentation

The electric powertrain market is segmented by vehicle type, powertrain components, and components.
Europe emerged as the largest region in 2023, with Asia-Pacific forecasted as the fastest-growing region.

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The Electric Powertrain Global Market Report 2024 provides an in-depth analysis on the electric powertrain market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the electric powertrain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Electric Power Steering Global Market Report 2024

Electric Locomotives Global Market Report 2024

Motor Vehicle Engine, Power Train & Parts Global Market Report 2024

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