Electric Powertrain Market Size By Component (Electric Vehicle Drive Module, EV DC/DC Converter, EV Battery Packs, EV Thermal System, EV DC/AC Inverter, EV Power Distribution Module), By Vehicle (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle

Electric Powertrain Market Size By Component (Electric Vehicle Drive Module, EV DC/DC Converter, EV Battery Packs, EV Thermal System, EV DC/AC Inverter, EV Power Distribution Module), By Vehicle (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV)), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 - 2030

The global electric powertrain market size is slated to depict commendable growth over 2022-2030, owing to the introduction of favorable schemes to augment electric vehicle manufacturing.

A notable example is the three-year subsidy program, dubbed the FAME (Faster Adoption and Manufacturing of Electric Vehicles) scheme. The second phase of the initiative (FAME II), was intended to support the electrification of public transportation, including the development of over 7,000 hybrid and electric buses. These EV projects may encourage automobile vendors to deploy electric powertrains.

Transportation contributes a major share to economic growth, with factors such as accessibility and sustainability redefining mobility solutions. Due to the growing concerns about vehicle emissions, the UN (United Nations) and GEF (Global Environment Facility) unveiled plans to assist 27 developing countries in accelerating their shift toward zero-emission electric mobility. The strong focus on clean mobility is also expected to drive EV production and in consequence, proliferate the use of e-powertrains.

The electric powertrain industry is segmented based on component, vehicle, sales channel, and region.

With regards to component, the electric vehicle drive module segment is anticipated to be worth over USD 17 billion by 2030, due to the ever-growing trend of electric propulsion. The demand for flexible electrification components to address the requirement for advanced vehicle architectures has also increased.

Over recent years, automotive suppliers have been targeting to accelerate growth through the electrification of their drivetrain solutions. This electrification trend may contribute to the popularity of EV drive modules and other components including EV thermal systems for electric powertrain applications.

In terms of the vehicle, the BEV (battery electric vehicle) segment is set to register substantial growth through 2030, driven by the expansion of battery pack manufacturing facilities.

For example, in May 2022, Nexcharge initiated a second shift at one of its production lines to address the growing need for EV and their batteries. Additionally, the introduction of incentives for advanced chemistry cell development is projected to stimulate the adoption of BEV powertrains.

The electric powertrain market from the aftermarket sales channel segment is projected to register a commendable valuation by 2030. Strong demand for electric vehicles over hybrid cars and the escalating EV sales, especially in Europe and China are the key drivers for aftermarket electric powertrain demand. The rising emphasis on reaching a net-zero carbon footprint is also expected to add impetus to the electric powertrain aftermarket expansion.

From a regional frame of reference, the Latin American electric powertrain industry is set to depict over 25% CAGR through 2030. The regional industry is at its nascent stage and will witness steady development over the forecast period, as a result of the growing preference for sustainable public transportation. Prominent EV vendors have also been targeting to expand their production facilities across Latin America, thus supporting regional industry progress.