With the emergence and long-term Impact of COVID-19, Global EV Powertrain Market to reach USD XXX Billion by 2029
Bizwit Research & Consulting LLP’s Recent Analysis on Global EV Powertrain Market is poised to raise up to USD XXX Billion by 2029. Electric vehicles are the automotive market’s future, as traditional fuel vehicles are projected to be phased out over the upcoming years. A powertrain is a group of components that produce power to propel the vehicle. The electric powertrain includes the battery and electric motor and provides power transmission, which is used to generate electricity that is then used to drive or move the vehicle. A vehicle’s electric powertrain is defined by its performance, comfort, and safety. As a result, makers of powertrain systems and components have begun to use electric powertrains to cut fuel consumption in automobiles. The EV Powertrain Market is expanding because of factors such as rising sales of electric vehicles and rising fuel prices.
Geographically, the global EV Powertrain market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA Europe dominated the market in terms of revenue, owing to the regulation of carbon emissions for newly registered vehicles, which every auto manufacturer must follow, which is the major driver in this region. Furthermore, aversion to combustion engine-powered transportation and acceptance of e-mobility is growing. The introduction of EV portfolios and anticipated investment in charging infrastructure will most possibly ease the transition. These factors are driving market expansion in this region. North America is expected to grow with the highest CAGR during the forecast period. Customers in the United States typically drive longer distances and prefer larger automobiles. Moreover, electric vehicle Powertrains are expected to have a larger market share in certain places, particularly coastal areas. As a result, market expansion in this region is aided.
The global EV Powertrain market is highly competitive owing to the presence of several key manufacturers such as Robert Bosch GmbH, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, ZF Friedrichshafen AG, BorgWarner Inc., Valeo and others.
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Key findings of the study suggest:
- Global EV Powertrain Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029.
- In the Component segment, Transmission emerged out as the leading market segment in 2021.
- In the Vehicle Type, Passenger Car emerged out as the leading market segment in 2021.
- Europe is anticipated to drive regional growth owing to the regulation of carbon emissions for newly registered vehicles, which every auto manufacturer must follow, which is the major driver in this region.
- North America is expected to grow at higher rate followed by Europe during 2022-2029.
Bizwit Research & Consulting has considered following segments for the study:
Component Type:
- Electric Motor
- Converter
- Inverter
- Power Distribution Module (PDM)
- Transmission
Vehicle Type:
- Passenger Cars
- Buses & Coaches
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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