According to the report published by Allied Market Research, the global electric powertrain market accrued earnings worth $83.66 billion in 2021, and is predicted to hit $1,078.18 billion by 2031, registering a CAGR of 29.1% from 2022 to 2031.
The market research study provides a detailed analysis of oscillating market trends, top-most segments, value chain analysis, major investment business scenarios, regional space, and competitive landscape.
According to Allied Market Research, COVID-19 pandemic severely impacted the expansion of the global electric powertrain market, due to the disruptions of supply chain. Massive dependence on the global supply chain activities inhibited the global market growth during the COVID-19 pandemic.
Based on the application, the BEV segment contributed the largest market share in 2021, accounting for more than three-fourths of the overall share of the global electric powertrain market. Moreover, this segment is predicted to retain its dominant status during the forecast timespan. In addition, the segment is projected to record the fastest CAGR of 29.5% during the forecast period. The report also provides an overall analysis of segments such as PHEV and FCEV.
Based on region, Asia-Pacific contributed toward the highest market share in 2021, accounting for nearly half of the global electric powertrain market. The region is predicted to contribute majorly toward the global market share in 2031. Moreover, the LAMEA electric power train market is slated to record the highest CAGR of 32.0% during the forecast timeline. The research also analyzes regions including Europe and North America.