PORTLAND, ORAGON, USA, Aug. 22, 2022 /EINPresswire.com/ — The electric powertrain market is segmented into component, vehicle type, vehicle class, vehicle drive type, application, and region. By component, the market is categorized into battery, electronic power controller, motor/generator, converter, transmission, and on-board charger. By vehicle type, the market is fragmented into passenger cars and commercial vehicles. By vehicle category, the market is divided into mid-range and luxury. By vehicle drive type, the market is further categorized into front-wheel drive, rear-wheel drive, and all-wheel drive. By application, the market is categorized into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). By region, the market has been studied North America, Europe, Asia-Pacific, and LAMEA.
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Major players operating in the electric powertrain market are BorgWarner, Robert Bosch GmbH, Continental AG, Dana Incorporated, Denso, Hitachi, Magna International Inc., Magneti Marelli Ck Holdings, Mitsubishi Electric Corp., Nidec Corporation, Panasonic, Schaeffler AG , Toyota Industries Corporation, Valeo, ZF Friedrichshafen AG, Brusa Electronik (Key Innovator) and Kelly Controls, Inc. (Key Innovator).
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Electric vehicles are advantageous compared to conventional vehicles; however, their cost is higher than traditional vehicles. In addition, the electric powertrain market is expected to face challenges in the form of supply of rare earth metals used in permanent magnets for synchronous motors, as the metals used in these motors are subject to restrictions at the export and supply risks. Additionally, purchasing electric powertrain vehicles is expected to cost about twice the cost of traditional gasoline-powered vehicles. This large price difference between internal combustion vehicles and electric vehicles has prompted many fleet owners to invest, as many unknown variables are present in determining the total cost of ownership of electric vehicles. Thus, the high initial cost of electric vehicles is hampering the growth of the electric powertrain market. According to a report on Forbes by energy innovation, the cost of manufacturing an electric vehicle is much higher today compared to diesel or petrol trucks, but by 2030 it will be 50% cheaper compared to diesel and petrol variants with falling battery prices. Thus, the high cost of electric vehicles is challenging the growth of the electric powertrain market.
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Building charging infrastructure can be daunting and expensive. This involves disrupting already congested travel corridors and finding suitable charging spaces and substantial expense to achieve a decent EV charging infrastructure network. This must be complemented by alternative solutions such as the installation of charging stations in residential complexes, housing companies (including visitor parking lots), shopping centres, car parks, stations, offices and small stores. Meanwhile, governments around the world are focusing on infrastructure development for the EV landscape and thus promoting the use of EVs. Due to the heavy investments made by governments, public charging stations are installed in all possible public places. For example, in April 2022, automaker BYD India partnered with Chargezone, Volttic, and Indipro to set up charging infrastructure for electric vehicles in India. This combination meets the company’s general-purpose electric vehicle charging needs in several cities and major highways across the country. Additionally, in June 2021, the Canadian government announced an investment of approximately $2.35 million to install fast chargers for electric vehicles in the country. Moreover, few governments like the Chinese and French governments subsidize the construction of public charging stations, further expanding the market for electric transmission systems. Thus, the increasing investments made by countries in the development of electric vehicle charging infrastructure will create an opportunity for the growth of the electric powertrain industry during the forecast period.
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Main benefits for stakeholders
This study presents an analytical description of the global Electric Powertrain market analysis along with current trends and future estimates to depict the impending pockets of investment.
The overall Electric Powertrain market opportunity is determined by understanding the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints and opportunities of the global electric powertrain market with detailed impact analysis.
Current Electric Powertrain Market is quantitatively analyzed from 2022 to 2031 to assess financial proficiency.
Porter’s five forces analysis illustrates the power of buyers and suppliers in the industry.
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