The global electric powertrain market size is expected to reach USD 346.84 billion by 2032, according to a new study by Polaris Market Research. The report “Electric Powertrain Market Share, Size, Trends, Industry Analysis Report, By Powertrain Product Type (BEV, Mild Hybrid, Series Hybrid, Parallel Hybrid, and Series-Parallel Hybrid); By Vehicle Type; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The latest trends in the automobile business are electric powertrains. The emergence of electric vehicles (EVs) has been foreshadowed by the increasing trend of choosing a low carbon environment as a stand-alone strategy to combat global warming. The development of EVs is a result of making the most of the available energy sources. The constitutions of the United States, China, Japan, and Europe have all been revised to include new regulations regarding carbon dioxide emissions. Technology has advanced as a result.
Contrary to internal combustion vehicles, which are powered by fossil fuels like gasoline or diesel, electric vehicles (EVs) draw their power from alternative energy sources like batteries. The battery, electric motor, and transmission are all parts of the electric vehicle's powertrain, which aids in generating power for propulsion. The engine and transmission of a vehicle can be used to identify the powertrains, which are regarded as the vehicle's most important component. The vehicle's performance quotient is defined by its power, comfort, and safety.
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Currently, gasoline vehicles perform better than diesel ones, but they are rapidly losing out due to the high cost of gasoline, which is becoming more expensive than diesel oil. Manufacturers are opting for hybrid powertrains as a result of this to reduce their reliance on fuel consumption.
Electric vehicles (EVs) are the automotive industry's future because fossil fuels are expected to become extinct in a few decades. In the current organizational structure, battery electric vehicle (BEV) powertrains are the most widely used type. The only source of power for a BEV is electricity. Wall-mounted power supplies assist plug-in hybrid electric vehicle (PHEV) powertrains in charging. In the current industry, series hybrid powertrains are the least frequently used of this type; It is constructed with a single path for wheel power. There are a variety of modes in which this kind of powertrain operates, such as engine-only traction, electric-only traction, hybrid traction, engine-only traction, and battery charging.
Electric Powertrain Market Report Highlights
Polaris Market Research has segmented the Electric Powertrain market report based on powertrain product type, vehicle type, and region:
Electric Powertrain, Powertrain Product Type Outlook (Revenue - USD Billion, 2019-2032)
Electric Powertrain, Vehicle Type Outlook (Revenue - USD Billion, 2019 - 2032)
Electric Powertrain, Regional Outlook (Revenue - USD Billion, 2019 - 2032)