The global electric powertrain market size is expected to reach USD 260.91 billion by 2030, registering a CAGR of 15.3% over the forecast period, according to a new report by Grand View Research, Inc. The market for pure electric and plug-in hybrid vehicles has been growing significantly, in turn creating an increasing demand for automotive electric powertrains. Governments in various countries are taking initiatives to promote the development of Electric Vehicles (EVs). For instance, in 2020, the U.S. Department of Energy announced a public investment of USD 400 billion in clean energy. The investment would help develop 500,000 charging outlets for electric vehicles by the end of 2030.
Electric Powertrain Market Highlights
- The motor/generator component segment is anticipated to witness a high CAGR of over 16.7% from 2022 to 2030 owing to the increasing penetration of BEVs and PHEVs globally
- The HEV/PHEV electric vehicle segment is anticipated to witness the highest CAGR of 15.9% over the forecast period. This can be attributed to the charging flexibility benefit that these vehicles offer
- The passenger segment dominated the market in 2022. The increasing demand for vehicles for daily transportation, along with the adoption of electric vehicles, particularly in developing countries, is fueling the electric vehicle powertrain market growth in this segment
- Asia Pacific is expected to expand at a high CAGR of more than 14.2% over the forecast period owing to the increasing adoption of electric vehicles in countries such as China and India
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The rising sales of electric vehicles have propelled prominent automotive component manufacturers to aggressively focus on developing essential EV components to gain a competitive edge. Prominent manufacturers in the market are primarily focusing on enhancing their facilities in countries such as Europe, China, and the U.S. For instance, in February 2020, Nidec Corporation invested around USD 1.8 billion to expand its electric vehicle powertrain business. The company’s three new facilities located in Poland, China, and Mexico would deliver up to 8.4 million electric motors every year.
Component Segment Analysis
The battery is the most prominent component when it comes to the electrification of vehicles. It is either used as the sole power source in BEVs or is combined with other power sources in green vehicles. Increasing demand for electric vehicles, improvement in battery technology, and supporting government policies are major factors responsible for market growth. The demand for e-motors is driven by the increased penetration of BEVs and PHEVs globally. These vehicles can be equipped with similar e-motor configurations.
Electric Vehicle Segment Analysis
A battery electric vehicle (BEV) is a vehicle that is powered entirely by electric energy. BEV has no internal combustion engine or fuel tank and runs on an electric drivetrain powered via rechargeable batteries. The high share can be attributed to a decline in the sales of ICE vehicles and the restriction on CO2 targets. Moreover, advancements in battery technology and reduction in Lithium-ion battery prices are also expected to boost the demand for BEVs. Customers are aggressively adopting PHEVs to exploit various benefits, such as a more powerful electric motor and a larger battery that are quickly recharged with the help of an external source of power associated with PHEV. These vehicles are designed to enhance the use of the internal combustion engine in interaction with a low-range, High Voltage (HV) electric powertrain.
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Regional Analysis
Asia Pacific is projected to grow at a substantial pace over the forecast period owing to the increase in demand for electric vehicles and the rise in the per capita income of people. Countries such as China, South Korea, and India are among the prominent manufacturers of automobiles. Stringent government regulations and emission norms, including BS-VI in India and China VI, are also expected to contribute to the growth of the Asia Pacific market.
Stringent rules for monitoring CO2 emissions are becoming more demanding in the United States and Europe. North America has set the emission limit to 99g/km following corporate average fuel economy standards; similarly, Europe has set the emission limit to 9s5g/km by 2020 and a further reduction of 37.5% by 2030. To efficiently meet the emission target, OEMs are promoting and increasing sales of electric vehicles, which in turn will lead to an increase in demand for the electric vehicle powertrain market.
Major Companies in Electric Powertrain Market
- BorgWarner
- Bosch Limited
- Mitsubishi Electric Corp
- Magna International Inc.
- Schaeffler AG
- ZF Friedrichshafen AG
- Valeo
- Nidec Corporation
- Continental AG
- Magneti Marelli Ck Holdings
Segmented the global electric powertrain market report based on electric vehicles, components, and regions:
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List of Tables
Table 1 List of abbreviations
Table 2 Motor/generator market, 2018 - 2030 (USD Billion)
Table 3 Battery market, 2018 - 2030 (USD Billion)
Table 4 Power electronics controller market, 2018 - 2030 (USD Billion)
Table 5 Converter market, 2018 - 2030 (USD Billion)
Table 6 Transmission market, 2018 - 2030 (USD Billion)
Table 7 On-board charger market, 2018 - 2030 (USD Billion)
Table 8 BEV market, 2018 - 2030 (USD Billion, Units)
Table 9 HEV/PHEV market, 2018 - 2030 (USD Billion, Units)
Table 10 North America electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 11 North America electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 12 The U.S. electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 13 The U.S. electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 14 Canada electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 15 Canada electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 16 Europe electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 17 Europe electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 18 The U.K. electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 19 The U.K. electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 20 Germany electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 21 Germany electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 22 Asia Pacific electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 23 Asia Pacific electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 24 China electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 25 China electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 26 India electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 27 India electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 28 South Korea electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 29 South Korea electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 30 Japan electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 31 Japan electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 32 Latin America electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 33 Latin America electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
Table 34 Middle East and Africa electric powertrain market, by component, 2018 - 2030 (USD Billion)
Table 35 Middle East and Africa electric powertrain market, by electric vehicle, 2018 - 2030 (USD Billion, Units)
