The rising sales of electric vehicles are one of the primary factors that are driving the demand for the EV powertrain market during the forecast period. The demand for electric vehicles is driven by initiatives taken by governments of various countries to promote the manufacturing of electric vehicles (EVs) as well as tax deduction incentives and subsidies are offered for pushing the demand among the buyers. For instance, on 16 August 2022, the US president signed The Inflation Reduction Act (IRA) into law, which will provide up to USD 7500 in tax credits for electric vehicle buyers who purchase electric vehicles produced only in North America.

Robert Bosch is on an investment and partnerships spree to command a leadership position in terms of market share: As of November 2022, Robert Bosch GmBH has established a quantum computing partnership with IBM, with this partnership the company aims to use quantum computing materials simulations to find substitutes for precious and rare earth metals, the simulation data will be used to develop the carbon neutral powertrains and its components and helps to reduce the cost incurred to develop a unit of powertrains, making electric vehicles more accessible and enables mass adoption. Furthermore, in November 2022, the company also laid down the foundation stone for the development of new research and engineering center in China, the new center will accommodate more than 540 associates, whose sole purpose will be to work on smart cockpit technologies and intelligent powertrain solution, focusing majorly on software development.

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Further, in 2022, the semiconductor business of the company invested a total of almost 450 million euros in the corresponding production facilities and infrastructure. Within the IPCEI ME (“Important Project of Common European Interest on Microelectronics”) funding program alone, Bosch plans to invest about 3 billion euros by 2026 in the development and manufacture of microelectronics and systems based on them, and the company is undertaking all these investments in order to develop a whole value chain of the electromobility.

Conclusion

Despite the hurdles, the future of the electrification of transportation is undeniably bright. A new dawn is breaking against climate change globally. The remarkable investment interest, the promising results of ongoing technological developments, and the scientific community's unwavering commitment are fueling the new energy vehicle revolution. There's no denying it – electric vehicles are transforming the way of managing and controlling GHG gas emissions, bringing hope for a cleaner and more sustainable environment and society worldwide. According to the UnivDatos Market Insights analysis, the surge in the government’s initiatives, individual awareness, and cost benefits that electric vehicles provide to its consumers surge in the demand for electric vehicles and will drive the global scenario of the electric vehicle components market and as per their “Middle East EV Powertrain Market” report, the middle east market was valued at USD 2.1 billion in 2022, growing at a CAGR of 26.73% during the forecast period from 2023 - 2030 to reach USD XX billion by 2030.