Electric Powertrain Market Growth Trends
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.
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.
Access the Electric Powertrain Market Size, Share Trends Analysis Report By Electric Vehicle (BEV, HEV/PHEV), By Component (Motor/Generator, Battery, Power Electronics Controller), By Region, And Segment Forecasts, 2023 - 2030
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.
Electric Powertrain Market Report 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
Order your free sample copy of “Electric Powertrain Market Report 2023 - 2030, published by Grand View Research
Key Companies Market Share Insights
Key players that dominated the global electric powertrain industry in 2022, include BorgWarner, ZF Friedrichshafen AG, Schaeffler AG, Mitsubishi Electric Corp., and Magna International Inc. These players are pursuing various organic and inorganic growth strategies, such as mergers acquisitions, strategic partnerships, and new product launches, to strengthen their foothold in the market. For instance, In October 2020, Continental AG’s Powertrain segment Vitesco Technologies announced the launch of a new transmission control system. It is the world’s first transmission control system equipped with over molding control electronics technology.
Several international electric vehicle manufacturers are investing and expanding their production units in the country. For instance, in August 2020, Magna International Inc. announced the expansion of its powertrain business in Slovakia, Europe. The company initiated the construction of the manufacturing facility in Slovakia to develop powertrain metal forming solutions. Some prominent players in the global electric powertrain market include:
- BorgWarner
- Bosch Limited
- Mitsubishi Electric Corp
- Magna International Inc.
- Schaeffler AG
- ZF Friedrichshafen AG
- Valeo
- Nidec Corporation
- Continental AG
- Magneti Marelli Ck Holdings
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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