Product ID: SQMIG25A2065
Report ID:
SQMIG25A2065 |
Region:
Global |
Published Date: February, 2024
Pages:
257
|
Tables:
62 |
Figures:
75
Electric Vehicle Powertrain Market size was valued at USD 88.25 billion in 2021 and is poised to grow from USD 118.87 billion in 2022 to USD 956.44 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
An electric vehicle (EV) is powered by electricity. The powertrain is used to generate the kinetic energy and also used to propel or move the vehicle. Electric powertrain offers the thrust through battery and an electric motor. Therefore, engine, transmission, and driveshaft are the three most important components of any vehicle's powertrain.
Commercially, some of the factors expected to boost sales of automotive powertrains globally include increased electrification of vehicles and stricter government emission standards.
During the forecast period, the market is expected to grow due to lithium-ion battery innovations as well as increased R&D to improve powertrain function by major manufacturers, which will boost powertrain sales. The growing demand for hybrid electric vehicles in many developed countries such as China, Germany, and the United States is also a factor driving the growth of powertrain components.
US Electric Vehicle Powertrain Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG25A2065