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 Dynamics
Electric Vehicle Powertrain Market Drivers
Stringent Gas Emission Regulations to Bolster Market Growth
- Stringent regulations by the Governments for vehicle emission is expected to drive the market growth. Increase in carbon and particulate matter emissions from automobiles have resulted in severe depletion of air quality, which has a negative impact on human health and the environment. As a result, governments all over the world have imposed stringent emission standards on automobile manufacturers. As a result, manufacturers have increased R&D for electric vehicles to provide customers with a cost-effective alternative, which has fuelled the growth of e-powertrains.
- Increase in fuel prices and existing environmental concerns have resulted in a greater shift of consumers toward electric mobility solutions, particularly in developed countries. As a result, automakers are concentrating on the development of lightweight and compact e-powertrain solutions suitable for daily transportation. Furthermore, attractive government policies and support, such as grants and subsidies, incentives for domestic production, and mass adoption of electric vehicles, as well as other non-monetary incentives, are expected to drive the electric vehicle powertrain market.
Electric Vehicle Powertrain Market Restraints
Lack of Infrastructure to Hinder Market Growth
- The cost of battery elements, infrastructure support, and making electric vehicles commercially viable are all factors that have hampered global adoption of electric vehicles. Key battery components, such as cobalt and lithium, are only available in certain areas. Lithium can be found in Australia, China, and Latin America, whereas cobalt is primarily obtained from the Democratic Republic of the Congo (DRC). Obtaining these elements is difficult and costly due to transportation costs and government regulations that govern the supply chain. Furthermore, developing cost-effective yet high-performance battery management systems has proven difficult, resulting in EVs being more expensive and thus less appealing.
- Infrastructure is also a significant impediment. Access to public charging stations and quick recharging are critical. However, EVs' limited accessibility and poor range have remained problems. These factors have slowed EV adoption, which is expected to limit the market for electric vehicle powertrains.
Global Electric Vehicle Powertrain Market Report Snapshots
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