Global electric powertrain market is expected to reach a valuation of $568.6 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Some of the factors driving market growth include:
- The rising popularity of electric powertrains in the automotive industry.
- Development in the electric vehicle market owing to the rising trend of reducing carbon foot-print and for the effective use of various energy forms.
- Accelerated development of electric vehicle technology due to the imposition of strict carbon dioxide emission control regulations in the U.S., China, Japan and some parts of Europe.
- Consumers’ growing preference for green technologies due to the rapidly increasing oil prices.
According to the report, the battery electric vehicle powertrains are the most extensively used products in the current industry set-up. These powertrains are fully powered with electric energy, which usually involves a big electric motor and a large battery pack. The MHE powertrains are the least electrified compared to other types of hybrid electric powertrains. These powertrains are known as the traditional combustion engine fixed with a bigger starter motor which is also used as a generator that is usually a belted alternator starter or integrated starter generator, and an oversized battery which powers the vehicle and is recharged using the motor.
The report cites that the series hybrid electric powertrains are one of the most rarely used types in the current industry scenario. Such powertrains function in several modes comprising of electric-only traction, engine only traction, engine traction and battery charging, regenerative braking, battery charging and no traction, hybrid traction, and hybrid battery changing.
With regards to powertrain type, the parallel hybrid type is built with two parallel paths to power the vehicle that encompasses the engine and electrical path. This transmission pairs the engine and generator/motor that enables both or anyone to control the wheels. PHEV functions in five modes and has been gaining significance over recent years.
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Electric powertrains are energy-efficient substitutes compliant with the environment but still happens to have certain restrictions. Two of the most important disadvantages linked with these vehicles include energy storage problems concerning electrical energy and lead emissions from batteries, cites the report.
In terms of production, the United States, Europe, Japan, China, and South Korea account for the highest market share in the global electric powertrain market. Out of these regions, Japan is one of the largest manufacturers of battery packs for the electric powertrains market. These nations comprise of several manufacturers, who have made or planned multi-billion dollars investment to develop a range of new electric models. For the growth of electric vehicles, Asia is the most popular contender with China as the most significant global player, cites the report.
The report also offers an in-depth analysis of the electric powertrain market drivers, restraints, and opportunities over the estimated timeline. A detailed analysis of the market in terms of powertrain type, vehicle type, regional spectrum, and competitive ranking analysis has also been elaborated in the report. In addition, company profiles of key market contenders have been outlined in the report under the heads of business overview, financials, product benchmarking, and recent developments of industry partakers.
The competitive landscape of the global electric powertrain market comprises of major industry participants such as AVL LIST GmbH, ALTe Technologies, ARC CORE, IET S.p.A., EptDyn, ATS Automation Tooling Systems Inc., TM4, Jayem Automotives, AllCell Technologies LLC, and BMW Motorrad International. The significant growth strategies practiced by key players in this business space include launching innovative products and partnering with other industry leaders to design new products and serve the increasing consumer needs and requirements, thereby boosting the electric powertrain market growth over the forecast timeline.