Product ID: SQMIG25A2065
Global Electric Vehicle Powertrain Market Size, Share, Growth Analysis, By component(Electric Motor, Inverter), By vehicle(Passenger Cars and Buses & Coaches) - Industry Forecast 2024-2031
Report ID:
SQMIG25A2065 |
Region:
Global |
Published Date: February, 2024
Pages:
257
|
Tables:
62 |
Figures:
75
Global Electric Vehicle Powertrain Market Regional Insights
Asia Pacific is expected to grow significantly during the forecast period. The primary driver of the high market penetration includes regulatory programmes encouraging EV sales, such as EV sales quotas, fuel economy targets, and EV advantages in licence plate assignments in countries such as China. Strict emission regulations, such as BS-VI in India and China VI in China, are propelling the e-powertrain market in this region. Partnerships between leading players to build charging infrastructure are driving market growth in this region. For example, China's Didi Chuxing and British oil giant BP collaborated to build EV charging infrastructure in China. China has lithium reserves, which is driving up investment in battery production. Tesla also launched the Model 3 in South Korea at a significantly reduced price due to favourable government incentives. These factors are likely to lead to APAC's dominance in this market.
Europe is expected to hold a dominant share over the forecast period. The regulation of carbon emissions for newly registered vehicles, which every auto manufacturer must follow, is the key driver in this region. Furthermore, aversion to combustion engine-powered transportation and acceptance of e-mobility are growing. The rollout of EV portfolios and anticipated investment in charging infrastructure will most likely ease the transition.
This market is expected to grow steadily in North America. Customers in the United States typically drive longer distances and prefer larger vehicles. However, electric vehicle Powertrains are expected to have a larger market share in certain regions, particularly coastal areas.
Global Electric Vehicle Powertrain Market Report Snapshots
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