The global Electric Powertrain Market size was estimated at USD 96.7 billion in 2023 and is projected to reach USD 233.2 billion in 2030 at a CAGR of 13.2% during the forecast period 2023-2030.
The burgeoning automotive market is moving towards electric vehicles as the primary mode of transportation, with traditional fuel vehicles expected to be phased out over the coming years. This shift can be attributed to the myriad advantages that electric vehicles offer, including improved environmental benefits and a lower total cost of ownership as compared to their internal combustion engine vehicle counterparts. As a result, numerous countries have implemented strict policies to encourage the adoption of alternative fuel vehicles, particularly electric vehicles.
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Historically, the automotive industry has relied on the same internal combustion engine powertrain over the past decade. However, the industry has undergone a significant transformation in recent years, with a broad powertrain mix that is focused on providing more efficient and environmentally friendly transportation. This portfolio now includes a wide range of pure electric and hybrid powertrains. Furthermore, the overall powertrain landscape is becoming increasingly dynamic and complex with the emergence of electric powertrains.
Recent Developments
· In August 2021, BorgWarner Inc., a leading global supplier of advanced propulsion systems, announced with great pleasure and enthusiasm a momentous and highly significant series C equity investment in Cellink Corporation, a cutting-edge and innovative bioprinting company that has been at the forefront of the rapidly evolving and dynamic field of 3D bioprinting.
· In July 2021, the esteemed Continental AG, a multinational automotive manufacturing company renowned for its innovative and cutting-edge products, has recently introduced a novel and exceptional product into the market, which has been christened as the EMR4 (Electronics Motor Reducer) next-generation electric axle drive.
Prominent Players
· BorgWarner
· Bosch Limited
· Mitsubishi Electric Corp
· Magna International Inc.
· Schaeffler AG
· ZF Friedrichshafen AG
· Valeo
· Nidec Corporation
· Continental AG
· Magneti Marelli Ck Holdings
· Tesla, Inc.
· Nissan Motor Co., Ltd.
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Asia Pacific to Dominate the Market
· The Asia Pacific region, which is known for its substantial contribution to the global automotive production and sales, is currently experiencing an escalating demand for electric vehicles.
· As of 2021, the number of electric vehicles has remarkably increased to around 6.6 million units, which has doubled compared to the previous year. It is noteworthy that China is currently spearheading the electric vehicle market, and it has taken the lead as the largest electric powertrain market as well.
The Electric Powertrain Market Segmentation:
Based on Vehicle
· BEV
· HEV/PHEV
Based on the Component
· Motor/Generator
· Battery
· Power Electronics Controller
· Converter
· Transmission
· On-Board Charger
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Frequently Asked Questions
· What are the years considered to study Electric Powertrain Market?
· What is the compound annual growth rate (CAGR) of the Electric Powertrain Market?
· Which region holds the largest market share in Electric Powertrain Market?
· Which region is the fastest growing in Electric Powertrain Market?
· Who are the major players in Electric Powertrain Market?
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