Global Electric Powertrain Market 2022 with 15.4% CAGR: Emerging Trends, In Depth Analysis of Industry Size and Share, Key Market Dynamics, Restraints and Forecast to 2029

Data Bridge Market Research analyses that the electric powertrain market would exhibit a CAGR of 15.4% for the forecast period.

The key components that generate and transfer power to the road surface, water, or air in a vehicle are referred to as the powertrain or power-plant. Instead of an internal combustion engine, all electric cars use an electric motor that is powered by a massive traction battery. The engine and transmission are the most important parts of the powertrain, but the clutch or torque converter, driving shaft or propeller shaft, differential, and axles are all important. The growing demand for less reliance on fossil fuels and lower carbon footprints is propelling the advancement of technologies in all vehicles. The growing demand for such technologies has a direct impact on how powertrain components and systems are tested all around the world.

The upsurge in demand from the automotive industry will influence the growth rate of electric powertrain market during the forecast period of 2022-2029. Due to stringent pollution requirements, the electric powertrain market is likely to grow significantly. The constant shift in customer preferences from fossil fuel-powered conventional vehicles to electric vehicles as a result of growing environmental awareness is a contributing factor to the growth rate of electric powertrain market. Furthermore, expanding vehicle electrification and numerous technological innovations are the major market drivers that will have positive impact on the market’s growth rate. Some of the factors that will accelerate the demand for electric powertrain market include emerging competing technologies in conventional engines, scarcity of infrastructure of electric vehicle charging and the rising trend of downsized engines.

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