The North America Electric Powertrain Market would witness market growth of 14.1% CAGR during the forecast period (2020-2026). Electric cars are the next wave of automobiles and are witnessing a massive growth in their adoption around the globe. EVs are the future of the automotive market when fossil fuels are projected to deplete over the coming years. The additional energy is then required to drive the vehicles, and the solution to this issue is the battery-powered automobiles. Many nations have introduced tougher measures to promote the introduction of alternative fuel vehicles, such as electric vehicles.
Technological advancement in battery production technology has made electric vehicles more competitive and conventional ICE vehicles more competitive. Batteries comprise a significant cost item for electric vehicles and their costs have decreased significantly due to optimization of the production process, technological advancement and economies of scale. With prices expected to decline over the forecast period, the EVs would have reached the parity of Total Cost Ownership (TCO) that would enable the mass market penetration of electric vehicles.
The Electric Powertrain market is experiencing tremendous growth due to environmental degradation and the imposition of strict government regulations on toxic emissions. In addition, the growing demand and output of electric vehicles in the automotive industry are further factors driving the growth of the business. Moreover, the rapidly increasing demand for enhanced driving experience and a lightweight driving shaft contribute to accelerating the growth of the market. Nevertheless, the unavailability of the electrical charging infrastructure and the technological development of conventional engines are expected to hinder the growth of the market.
Based on Electric Vehicle Type, the market is segmented into BEV and HEV/PHEV. Based on Component, the market is segmented into Battery, Transmission, Converter, Power Electronics Controller, On-board Charger, Motor/Generator and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Electric Powertrain Market in North America is expected to register a CAGR of 14.1% during the forecast period (2020-2026)
The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Mitsubishi Electric Corporation, Magna International, Inc., ZF Friedrichshafen AG, Valeo SA, Nidec Corporation, Continental AG, Hitachi, Ltd., BorgWarner, Inc., and Schaeffler AG.
Market Segmentation:
By Electric Vehicle Type
By Component
By Country
Companies Profiled
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