What is the Historical Analysis of the Electric Powertrain Market Size?
The electric powertrain market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant rise in the size of the electric powertrain market. The market is projected to expand from $135.91 billion in 2024 to $181.68 billion in 2025, recording a compound annual growth rate (CAGR) of 33.7%. Factors contributing to the historic growth include technological advancements and research, a shift in the automotive industry, infrastructure progress, and consumer preference for environmentally-friendly mobility.
What Does Future Hold for The Electric Powertrain Market Size?
The Electric Powertrain market is expected to maintain its strong growth trajectory in upcoming years.
• It is anticipated that the electric powertrain market will experience significant expansion in the coming years, with projections showing growth to $544.56 billion by 2029, reflecting a compound annual growth rate (CAGR) of 31.6%.
This surge in the future years is credited to factors such as swift urbanization, smart city projects, environmental consciousness, sustainability targets, diminishing costs due to economies of scale, and increased customer acceptance and demand, along with the growth of charging facilities. The forecast period is looking towards major shifts like product innovation, automakers' dedication to electrification, growth in infrastructure, and advances in battery technology.
What Are The Primary Growth Drivers In The Electric Powertrain Market?
The electric powertrain market is poised for growth due to the escalating demand for electric vehicles. Electric vehicles, which rely on an electric motor fed by stored electricity in batteries, have seen a rapid surge in adoption thanks to COVID-19 precautionary measures and the goal of achieving net-zero emissions. This sudden upswing in the preference for EVs and hybrid vehicles has inflated the need for electric powertrains, which replace combustion engines to power EVs. The International Energy Agency, a France-based intergovernmental organization, stated that while electric vehicle sales reached 10 million in 2022, they're projected to climb to 14 million in 2023 as reported in July 2023. Consequently, the electric vehicle boom is set to directly fuel demand in the electric powertrain market.
What Is The Segmentation Of The Global Electric Powertrain Market?
The electric powertrain market covered in this report is segmented –
1) By Vehicle: Hybrid And Plug-In Hybrid Vehicle (HEV Or PHEV), Battery Electric Vehicle (BEV), 48V Mild Hybrid Vehicle (MHEV)
2) By HEV/PHEV Powertrain Component: Motor Or Generator, HV Battery, 12V Battery, Battery Management System, Controller, DC Or AC Inverter, DC Or DC Converter, Power Distribution Module, Idle Start-Stop, On-Board Charger
3) By Component: Motor, Battery, Power Electronics Component
4) By Vehicle Types: Passenger Cars, Commercial Vehicles
Subsegments:
1) By Hybrid And Plug-In Hybrid Vehicle (HEV Or PHEV): Full Hybrid Vehicles (HEV), Plug-In Hybrid Vehicles (PHEV)
2) By Battery Electric Vehicle (BEV): Compact BEVs, Mid-Size BEVs, Luxury BEVs, Commercial BEVs
3) By 48V Mild Hybrid Vehicle (MHEV): Mild Hybrid Cars, Mild Hybrid Commercial Vehicles
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What Emerging Trends Are Shaping The Electric Powertrain Market Landscape?
Major electric powertrain market players are emphasizing on innovating new plant initiations to boost their production capacities and cater to the surging demand for electric automobiles. In a notable example, TEXA S.p.A, an Italian firm specializing in electronic diagnostic tools for vehicles, launched its e-Powertrain plant in Monastier di Treviso in September 2023. This move marked their significant entry into the electric mobility sector. An investment exceeding $ 28.3 million (20 million Euros) has been done for this facility, which spans 24,000 square meters. It aims to enhance TEXA's production potential for advanced components essential for electric vehicles, such as inverters and vehicle control units. The plant will be a hub for the development of axial-flux electric powertrains and direct-to-alternating current conversion systems.
Who Are the Key Players In The Electric Powertrain Market?
Major companies operating in the electric powertrain market include:
• Bosch Ltd.
• Mitsubishi Electric Corp.
• Magna International Inc.
• Hitachi Astemo Americas Inc.
• Schaeffler AG
• Valeo
• Nidec Corporation
• Marelli Holdings Co Ltd.
• Panasonic Corporation
• Brusa Elektronik AG
• Cummins Inc.
• ZeroAvia Inc.
• Damon Motors Inc.
• eLeapPower Co. Ltd.
• Tesla Inc.
• General Motors
• BYD Auto Co. Ltd.
• Volkswagen AG
• SAIC-GM-Wuling Automobile
• Stellantis N.V.
• Hyundai Motor Company
• BMW AG
• Zhejiang Geely Holding Group Co. Ltd.
• Renault–Nissan–Mitsubishi Alliance
• GAC Motor
• Chery Automobile Co. Ltd.
• Polestar
• Changan Automobile Co. Ltd.
• Dongfeng Motor Corporation
• Denso Corporation
What Are The Regional Insights Into The Electric Powertrain Market?
Europe was the largest region in the electric powertrain market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
