Global Electric Powertrain Market 2024–2033

Reports Description

The rising demand for EVs is boosting the market for Electric Powertrain

According to Custom Market Insights (CMI), The Global Electric Powertrain Market size was estimated at USD 88.11 Billion in 2021 and is expected to reach USD 110 billion in 2022 and is expected to hit around USD 1324 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 38% from 2022 to 2030. 

The report further provides an overview of drivers, restraints, and opportunities in the Electric Powertrain market. Moreover, the report examines the global competitive analysis of the Electric Powertrain market.

The essential purpose of the Global Electric Powertrain Market report is to deliver industry investors, company leaders, private equity companies, and stakeholders comprehensive information, facilitating them to make informed strategic decisions concerning the chances in the Electric Powertrain market throughout the world.

Electric Powertrain Market: Overview

As transportation has become more eco-friendly and efficient, the sector today has a wide variety of powertrains. Various pure electric and hybrid powertrains are available in the diverse automobile powertrain spectrum. With the development of electric powertrains, the landscape of powertrains is also becoming more dynamic and complex. The post-COVID-19 resurgence in pure and hybrid electric car sales is a vital aspect propelling the electric powertrain market. Additionally, it is projected that the widespread use of electric vehicles and attractive government incentives for the domestic production of electric cars would increase demand for electric powertrains globally.

Electric Powertrain Market: COVID–19 Impact Analysis

Lockdowns imposed worldwide to stop the virus’ spread caused supply chain hiccups and the temporary shutdown of some production sites. Due to its reliance on international procurement for the technology that goes into its batteries, the electric powertrain sector is particularly vulnerable. In addition, electric vehicles have a higher initial purchase price than gas-powered and hybrid vehicles.

The current crisis has made consumers more price-sensitive, affecting market growth. Moreover, sales of electric vehicles are sharply declining in Europe, one of the most critical regions for EV adoption. Italy, Spain, and Germany are among the worst-affected nations.

Electric Powertrain Market: Growth Drivers

Rising demand for EVs

Prominent automakers are producing electric vehicles because they are growing in popularity. Since the market is so lucrative, more and more traditional automakers will probably start making electric cars. The demand for electric powertrains will expand as a result. The expansion of electric vehicles is projected to be accelerated by rising sales of electric cars and increasing costs for conventional fuels. Furthermore, electric vehicles will surely gain popularity as pollution regulations tighten and environmental concerns grow.

Additionally, automakers like Bosch and the Renault Group have taken the lead in implementing vehicle electrification and expanding their product lines to include electrified vehicles. This will enhance the demand for electric cars and create many chances for producers and new businesses looking to enter the market.

Government initiatives

Various governments are encouraging the development of electric vehicles (EVs). For instance, the US Department of Energy announced a $400 billion public investment in clean energy in 2020. By 2030, the investment would have contributed to developing 500,000 electric vehicle charging stations. In addition, famous automotive component makers are aggressively concentrating on producing critical EV components to obtain a competitive edge due to the increased sales of electric vehicles.

Electric Powertrain Market: Segmentation Analysis

The Electric Powertrain market is segmented into components, applications, and vehicle types in our research scope. In terms of market share by application, the BEV category accounted for more than three-fourths of the market for electric powertrains worldwide in 2021. Furthermore, it is expected that this segment will continue to hold a leading position during the forecast period. Moreover, the part is anticipated to experience the fastest CAGR throughout the year. Additionally, a general study of market segments like PHEV and FCEV is provided in the report.

Regarding component share, the battery category accounted for roughly three-fifths of the market for electric powertrains globally in 2021. Furthermore, by 2030, this sector’s most significant market share contribution is anticipated. However, onboard chargers are also predicted to increase substantially, with a CAGR of around 35% over the forecast year. Therefore, a comprehensive examination of sectors, including power electronic controller, converter, motor/generator, and transmission, is also provided in the report.

Report Scope

Key Insights: 

• As per the analysis shared by our research analyst, the Electric Powertrain market is estimated to grow annually at a CAGR of around 38% over the forecast period (2022-2030).
• In terms of revenue, the Electric Powertrain market size was valued at around USD 88.11 billion in 2021 and is projected to reach USD 1324 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on components segmentation, the battery segment was estimated to show maximum market share in 2021.
• Based on application segmentation, the BEV segment was the top revenue-generating category in 2021.
• Based on vehicle type segmentation, the passenger cars segment was the top revenue-generating category in 2021.
• Based on geography/region, the Europe region was the leading revenue generator in 2021.

Recent Development

• 2021: BorgWarner introduced an 800-volt electric motor for the commercial vehicle industry, allowing the business to forge a significant global market position.
• 2020: According to Vitesco Technologies, a Powertrain segment of Continental AG, a new transmission control system has been introduced. This transmission control system is the first in the world to use over-molding control electronics.

Regional Landscape

In 2021, Europe accounted for more than 40% of the market’s electric powertrains. High levels of EV adoption have been seen in nations including the Netherlands, Norway, France, and Sweden, and this trend is likely to support the expansion of the regional market in the area. With major automakers, including Audi AG, Volkswagen AG, and BMW AG, concentrating on the production and marketing of electric vehicles, Germany is one of the world’s leading automotive centers, which has increased demand for the market for electric vehicle powertrains.

Additionally, electric car adoption is very high in North America. Significant companies like Tesla, Chevrolet, and Ford are present in the area, which gives it its own identity. In addition, the US and other nations have created an infrastructure for electric vehicles, including charging stations referred to as Electric Vehicle Supply Equipment. These factors are anticipated to increase market demand.

Competitive Landscape

Leading producers in the market are mainly concentrating on improving their facilities in nations like Europe, China, and the United States. For instance, Nidec Corporation spent over USD 1.8 billion in February 2020 to grow its electric vehicle powertrain business. As a result, up to 8.4 million electric motors might be produced annually at the company’s three new plants in Poland, China, and Mexico. 

The report offers a company analysis to give a 360-degree overview of the major players operating in the market. Moreover, the information also comprises key strategic developments related to the market, including new service launches, acquisitions & mergers, agreements, collaborations & joint ventures, partnerships, research & development, and regional expansion of key player participants involved in the global Electric Powertrain market.

Prominent Players:

• BorgWarner
• Mitsubishi Electric Corp
• Bosch Limited
• Magna International Inc.
• Schaeffler AG
• Valeo
• ZF Friedrichshafen AG
• Nidec Corporation
• Magneti Marelli Ck Holdings
• Continental AG

The global Electric Powertrain market is segmented as follows:

By Applications

• BEV
• HEV/PHEV

By Components

• Motor
• Battery
• Power Electronics Controller

By Vehicle Types

• Passenger Cars
• Commercial Vehicles

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America