Global Electric Powertrain Market - 2022-2029
Market Overview
The global electric powertrain market size was worth US$ XX Million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
A powertrain system of integrated components generates power to propel the vehicle and deliver it to the wheels. It is the most important part of the vehicle. An electric powertrain consists of a battery pack as the power source, an AC/DC converter that converts the DC supplied of the battery into AC for the electric motor, which supplies the power to the wheels for propelling the vehicle forward and the on-board charger, which is used for recharging the battery pack. The battery management system monitors the battery condition and ensures its operation within safe parameters.
Market Dynamics
The demand for the electric powertrain is driven by the more comprehensive and ever-growing adoption of electric vehicles as consumers become ever more climate-conscious and the drive to decarbonize transportation gathers pace. The high cost of electric powertrains prevents the wider adoption of EVs and represents a key challenge for the growth of this market.
Growing adoption of electric vehicles
Consumers and governments globally are becoming more climate-conscious. A major push is underway to decarbonize transportation to avoid the most severe effects of global warming and man-made climate change. Recently, at the COP26 climate conference in Glasgow in November 2021, many governments have pledged net-zero carbon emission targets for the middle of the century. It is bound to accelerate the adoption of carbon-free mobility solutions such as Electric Vehicles (EV).
The increasing adoption of EVs will significantly boost, particularly in laggard markets such as South America, the Middle East and Africa. The growing adoption of EVs will accentuate the need for electric powertrain infrastructure and accessories such as charging cables. Many leading EV developers, such as Tesla and Ford Motor Company, Mercedes-Benz AG, BMW AG, General Motors, invest significantly in researching and developing new electric powertrain infrastructure and technologies.
High cost of electric powertrains
Electric powertrains are expensive, primarily due to the high cost of the lithium-ion battery pack, which is an integral part of the powertrain. Lithium extraction and refinement utilize advanced processes to obtain the metal's purest form. Lithium-ion batteries also require the use of rare-earth elements such as Neodymium and Praseodymium, which further drives up the cost of the battery pack.
The high costs drive up the price of Electric Vehicles (EV). A mid-size EV sedan is at least 3 to 4 times more expensive than a similar-sized conventional sedan. The high price limits EVs to the premium segment of the market and prevents the wider adoption by low and middle-income consumers. The high cost of electric powertrains presents a major challenge for the growth of this market.
COVID-19 impact analysis
The EV industry experienced sharp declines in production and sales in 2020 due to the COVID-19 pandemic. Various governments-imposed lockdowns globally to curb the pandemic's spread and many manufacturers had to suspend operations temporarily. Industrial manufacturing is a highly capital-intensive business and thus, many component manufacturers were facing bankruptcy. Vehicle production resumed in a limited capacity after lifting the lockdowns.
The COVID-19 pandemics' knock-on effects on the global supply chains have caused shortages of essential components for the EV industry. It has led to long lead times and reduced production rates, even after the complete lifting of pandemic-related restrictions. The pandemic will have a negligible impact on the long-term growth of the electric powertrain market since the demand for EVs remains strong and will continue to grow significantly in the coming years.
Segment Analysis
The electric powertrain market is segmented on component, powertrain type, vehicle type, end-user and region. The global electric powertrain market is segmented into passenger vehicles, light commercial vehicles and heavy commercial vehicles based on the end-user. Passenger vehicles are leading in this segment since they make up most of the all-electric vehicle sales, far outpacing commercial vehicle sales.
Geographical Analysis
Asia-Pacific is leading in the global electric powertrain market. The region accounts for the largest market share, primarily due to the presence of China, as it is the biggest EV producer globally. China produced about 4.6 million vehicles from 2010 to 2020 and accounted for 44% of the EVs sold during the same period. Many new domestic and global companies are setting up new factories or expanding their presence in the Chinese market. The most notable instance is Tesla setting up an integrated full-cycle production factory in Shanghai in 2020.
Competitive Landscape
The global electric powertrain market is highly competitive due to various manufacturers' availability of different types of proprietary powertrains. Some of the major players contributing to the growth in the segment are Cummins Inc., Robert Bosch GmBH, Nidec Corporation, Magna Global Inc., Mitsubishi Electric Corporation, Continental AG, ZF Friedrichshafen AG, Hitachi Astemo Ltd., Denso Corporation and Panasonic Corporation. The major players adopt several growth strategies such as new product launches, joint ventures and collaborations, contributing to global growth in the industry.
Cummins Inc.
Overview: Cummins Inc. is a multinational company that designs, manufactures and distributes various automotive components such as diesel engines, transmissions, filtration systems and power generation products. The company was founded in 1919 by Clessie Lyle Cummins and is headquartered in Columbus, Indiana, U.S.
Product Portfolio
Cummins Battery Electric System (BES) is an all-electric powertrain for commercial vehicles such as trucks and buses. The powertrain has a capacity of 444 kWh and a range of 150 miles. It is compatible with AC and DC charging with a service life of 15 years.
Key Developments: On 16th December 2021, Cummins Inc. released PowerDrive 8000, a new all-electric powertrain for tractors and farming machinery.
Why Purchase the Report?
Visualize the composition of the electric powertrain market segmentation by component, powertrain type, charging cable level, end-user and region, highlighting the critical commercial assets and players.
Identify commercial opportunities in the electric powertrain market by analyzing trends and co-development deals.
Excel data sheet with thousands of electric powertrain market-level 4/5 segmentation data points.
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Product mapping in excel for the critical product of all major market players
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Target Audience
EV and EV component manufacturers
Industry Investors/Investment Bankers
Education & Research Institutes
Research Professionals
Utility Companies
- 1. Global Electric Powertrain Market Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Global Electric Powertrain Market – Market Definition and Overview
- 3. Global Electric Powertrain Market – Executive Summary
- 3.1. Market Snippet by Component
- 3.2. Market Snippet by Powertrain Type
- 3.3. Market Snippet by Vehicle Type
- 3.4. Market Snippet by End-User
- 3.5. Market Snippet by Region
- 4. Global Electric Powertrain Market-Market Dynamics
- 4.1. Market Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. The growing demand and adaption of electric vehicles globally.
- 4.1.1.2. XX
- 4.1.2. Restraints
- 4.1.2.1. The high cost of electric powertrains.
- 4.1.2.2. XX
- 4.1.3. Opportunity
- 4.1.3.1. XX
- 4.1.4. Impact Analysis
- 5. Global Electric Powertrain Market – Industry Analysis
- 5.1. Porter's Five Forces Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. Global Electric Powertrain Market – COVID-19 Analysis
- 6.1. Analysis of COVID-19 on the Market
- 6.1.1. Before COVID-19 Market Scenario
- 6.1.2. Present COVID-19 Market Scenario
- 6.1.3. After COVID-19 or Future Scenario
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. Global Electric Powertrain Market – By Component
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 7.1.2. Market Attractiveness Index, By Component
- 7.2. Electric Motor
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Battery Pack
- 7.4. AC/DC Converter
- 7.5. Battery Management System
- 7.6. Power Distribution Module
- 7.7. On-board Charger
- 8. Global Electric Powertrain Market – By Powertrain Type
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Powertrain Type Segment
- 8.1.2. Market Attractiveness Index, By Powertrain Type Segment
- 8.2. BEV Powertrain
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Series Hybrid Powertrain
- 8.4. Parallel Hybrid Powertrain
- 8.5. Series-Parallel Powertrain
- 9. Global Electric Powertrain Market – By Vehicle Type
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type Segment
- 9.1.2. Market Attractiveness Index, By Vehicle Type Segment
- 9.2. Battery Electric Vehicle (BEV)
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Plug-In Hybrid Vehicle (PHEV)
- 10. Global Electric Powertrain Market – By End-User
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User Segment
- 10.1.2. Market Attractiveness Index, By End-User Segment
- 10.2. Passenger Vehicle
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Light Commercial Vehicle
- 10.4. Heavy Commercial Vehicle
- 11. Global Electric Powertrain Market – By Region
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2. Market Attractiveness Index, By Region
- 11.2. North America
- 11.2.1. Introduction
- 11.2.2. Key Region-Specific Dynamics
- 11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Powertrain Type
- 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.2.7.1. U.S.
- 11.2.7.2. Canada
- 11.2.7.3. Mexico
- 11.3. Europe
- 11.3.1. Introduction
- 11.3.2. Key Region-Specific Dynamics
- 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Powertrain Type
- 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.3.7.1. Germany
- 11.3.7.2. UK
- 11.3.7.3. France
- 11.3.7.4. Italy
- 11.3.7.5. Spain
- 11.3.7.6. Rest of Europe
- 11.4. South America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Powertrain Type
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.7.1. Brazil
- 11.4.7.2. Argentina
- 11.4.7.3. Rest of South America
- 11.5. Asia-Pacific
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Powertrain Type
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.7.1. China
- 11.5.7.2. India
- 11.5.7.3. Japan
- 11.5.7.4. South Korea
- 11.5.7.5. Rest of Asia-Pacific
- 11.6. Middle East and Africa
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Powertrain Type
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 12. Global Electric Powertrain Market – Competitive Landscape
- 12.1. Competitive Scenario
- 12.2. Market Positioning/Share Analysis
- 12.3. Mergers and Acquisitions Analysis
- 13. Global Electric Powertrain Market- Company Profiles
- 13.1. Cummins Inc.
- 13.1.1. Company Overview
- 13.1.2. Product Portfolio and Description
- 13.1.3. Key Highlights
- 13.1.4. Financial Overview
- 13.2. Robert Bosch GmBH
- 13.3. Nidec Corporation
- 13.4. Magna Global Inc.
- 13.5. Mitsubishi Electric Corporation
- 13.6. Continental AG
- 13.7. ZF Friedrichshafen AG
- 13.8. Hitachi Astemo Ltd.
- 13.9. Denso Corporation
- 13.10. Panasonic Corporation
- LIST NOT EXHAUSTIVE
- 14. Global Electric Powertrain Market – Premium Insights
- 15. Global Electric Powertrain Market – DataM
- 15.1. Appendix
- 15.2. About Us and Services
- 15.3. Contact Us
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