PORTLAND, ORAGON, UNITED STATES, August 28, 2022 /EINPresswire.com/ — The global electric powertrain market was valued at $83.66 billion in 2021, and is projected to reach $1,078.18 billion by 2031, growing at a CAGR of 29.1% from 2022 to 2031.
At present, the increase in demand for enhanced driving experience, adoption of light-weighted driving shaft, and technological innovation in the battery production technology have transformed electric vehicles into more competitive over conventional internal combustion engine (ICE) vehicles. For instance, in January 2022, Magna International Inc. unveiled the EtelligentForce, a battery electric 4WD powertrain system for pickup trucks and light commercial vehicles. The system had fewer moving parts than a traditional ICE powertrain, thereby requiring less maintenance.
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The key 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 Innovators).
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The downsizing of an engine is a practice of improving fuel efficiency in an internal combustion engine (ICE) to utilize smaller combustion engines over larger ones of the same power capacity when manufacturing vehicles. Hence, engine designers are finding better ways to extract more power from smaller amounts of fuel. For instance, in September 2021, Hitachi Ltd. and and Hitachi Astemo, Ltd. announced the development a compact, lightweight direct-drive system for the EV segment. This system combined the motor, inverter, and brake into a single unit which allowed for installation of the entire system into the wheel. This allowed for the elimination of drive shafts and other indirect mechanisms which allows motor power to be applied directly to EV operation thereby reducing energy loss by up to 30%.
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Electric vehicles (EVs) are experiencing a rise in popularity over the past few years as the technology has matured & costs have declined, and support for clean transportation has promoted awareness, increased charging opportunities, and facilitated EV adoption. Furthermore, growing vehicle emission concerns and depletion of non-renewable energy resources have attracted the attention of several governments to invest in electric vehicles. The European countries are among the frontrunners in adopting electric mobility.
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Key Benefits For Stakeholders
This study presents analytical depiction of the global electric powertrain market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall electric powertrain market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global electric powertrain market with a detailed impact analysis.
The current Electric Powertrain market is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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