Electric Powertrain Market To Hit $1B by 2031: Allied Market Research

Electric Powertrain Market To Hit $1B by 2031

Allied Market Research sees rise in sales of EVs and strict vehicular emission norms driving this growth.

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. 

Covid-19 Scenario

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. 

You May Also Like

Green Li-ion Launches Recycled Lithium-Ion Battery Materials Plant

The plant is North America’s first commercial-scale plant to produce recycled lithium-ion engineered battery materials.

Green Li-ion, a lithium-ion battery recycling technology company, announced the launch of its first commercial-scale installation to produce sustainable, battery-grade materials, the first of its kind in North America, it said.

The plant, located within an existing recycling facility, will produce valuable battery-grade cathode and anode materials from concentrated components of spent batteries using Green Li-ion’s patented multi-cathode-producing Green-hydrorejuvenation technology, the company said.

How Much Do Gas Prices Affect the Automotive Aftermarket?

The fluctuations in gasoline prices serve as barometers for a variety of economic factors.

Gas Prices Automotive Aftermarket
.dott Releases DEI Maturity Report for Automotive Aftermarket

The report measures DEI Maturity across the top 100 companies in the automotive aftermarket and emphasizes DEI efforts.

Report: CTOs Become Star Players in US Automotive C-Suite

The findings reveal that CTOs have jumped in annual compensation from $2 million in 2020 to $4.8 million in 2023.

Economic Factors Affecting B2B/B2C Channels in the Aftermarket

We unravel the impact of elements influencing the aftermarket to provide insights and strategies for businesses to thrive.

Economic factors auto afterarket

Other Posts

LEVC Provides First Glimpse of its L380 Luxury MPV

LEVC has debuted information and images of its L380 MPV, the first of a new range of smart, spacious, fully electric models.

GreenPower to Deliver 88 All-Electric School Buses in West Virginia

In January, the EPA announced an $18,565,000 grant awarded to GreenPower of WV for the deployment of its all-electric, purpose-built, zero-emission school buses in seven West Virginia counties in 2025.

Greenpower busses
Autel Energy Europe Releases MaxiCharger Launch Plan

Autel introduced the MaxiCharger Megawatt Charging System satellite launch plan at the Nordic EV Summit 2024.

Autel Energy Europe Releases MaxiCharger Megawatt Charging System Satellite Launch Plan
FLO, GM Activate Plug and Charge for GM EV Drivers in Canada

FLO’s technology confirms identification, authorizes the charging session and activates billing without any additional action from the driver.