Electric Powertrain Market Forecasts to 2030 – Global Analysis By Vehicle Type (Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs) and Plug-In Hybrid Electric Vehicles (PHEVs)), Component, Vehicle Class, Application, End User and By Geog

Electric Powertrain Market Forecasts to 2030 – Global Analysis By Vehicle Type (Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs) and Plug-In Hybrid Electric Vehicles (PHEVs)), Component, Vehicle Class, Application, End User and By Geography

According to Stratistics MRC, the Global Electric Powertrain Market is accounted for $97.7 billion in 2023 and is expected to reach $298.5 billion by 2030 growing at a CAGR of 17.3% during the forecast period. An electric powertrain consists of components that propel electric vehicles (EVs). It typically includes a battery pack, which stores electrical energy, an electric motor, which converts the stored energy into mechanical energy to drive the vehicle, and a power electronics unit, which manages the flow of electricity between the battery and the motor. In some cases, a single-speed transmission may also be included to optimize performance. Electric powertrains offer numerous benefits, including zero tailpipe emissions, lower operating costs, and reduced dependence on fossil fuels, making them a key solution for sustainable transportation.

According to the action plan, Beijing will popularise low-carbon energy modes of transportation, accelerating the transition from gasoline to electricity on vehicles such as buses, taxis, and other EVs.

Market Dynamics:

Driver:

Soaring demand for electric vehicles (EVs)

The growing demand for electric powertrains prompts investments in the expansion of supply chains. Manufacturers seek to establish efficient and resilient supply chains to ensure a steady flow of components required for electric powertrains, such as batteries, electric motors, and power electronics. Thus these advancements may include improvements in battery technology (such as energy density and charging speed), motor efficiency, regenerative braking systems, and overall powertrain integration.

Restraint:

Lack of widespread charging infrastructure

Commercial fleets and long-haul transportation sectors may be hesitant to adopt electric vehicles due to the lack of charging infrastructure. These segments require reliable and widespread charging networks to support their operations effectively. Without adequate infrastructure, the transition to electric powertrains in these sectors may be sluggish and companies may hesitate to invest in the production and development of electric powertrain components if they are unsure about the widespread adoption of electric vehicles due to infrastructure challenges.

Opportunity:

Growing awareness of environmental issues

Environmental awareness influences consumer preferences, leading to an increasing demand for electric vehicles equipped with electric powertrains. As people become more aware of environmental issues such as climate change and air pollution, there is a growing preference for clean transportation options and consumers are more inclined to choose vehicles that align with their values of environmental sustainability and reducing carbon footprints, thereby driving up sales of electric powertrains.

Threat:

Slower charging times

Businesses with vehicle fleets may hesitate to transition to electric vehicles if slower charging times disrupt their operations. Longer charging times can result in increased downtime for fleet vehicles, impacting productivity and operational efficiency. This hesitation can delay fleet electrification efforts and limit the adoption of electric powertrains in commercial and industrial sectors.

Covid-19 Impact

Supply chain disruptions and reduced consumer demand due to economic uncertainties. However, as the focus on sustainability increased post-pandemic, coupled with government stimulus packages supporting green initiatives, the market rebounded. The pandemic accelerated trends towards remote work and increased e-commerce, driving demand for electric delivery vehicles. Moreover, concerns about air quality and a shift towards cleaner transportation solutions bolstered the adoption of electric vehicles, consequently boosting the electric powertrain market's growth trajectory.

The battery electric vehicles (BEVs) segment is expected to be the largest during the forecast period

The battery electric vehicles (BEVs) segment is estimated to have a lucrative growth, as electric vehicles directly create a surge in demand for electric powertrains. As more BEVs are manufactured and sold, the market for these powertrain systems grows proportionally. This high demand incentivizes companies to invest in research, development, and production of electric powertrains driving the market.

The charging infrastructure segment is expected to have the highest CAGR during the forecast period

The charging infrastructure segment is anticipated to witness the highest CAGR growth during the forecast period, a well-developed charging network with convenient access to charging stations alleviates ""range anxiety,"" a significant concern for potential EV buyers. This concern stems from the worry about finding places to recharge, limiting travel options. By ensuring readily available charging, more consumers are likely to consider EVs, leading to a rise in EV sales and consequently, a higher demand for electric powertrains.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period as this region is home to some of the world's largest EV manufacturers, including China's BYD and SAIC Motor, Japan's Nissan and Toyota, and South Korea's Hyundai and LG. Many governments in the Asia Pacific region are actively promoting EV adoption through subsidies, tax breaks, and investments in charging infrastructure. This creates a favourable environment for electric powertrain manufacturers and incentivizes local production. These giants are heavily invested in electric powertrain research, development, and production, further solidifying the region's leadership in the market.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to governments in North America, particularly the United States and Canada, are implementing stricter emission regulations to combat climate change. Electric powertrains offer a zero-emission solution, making them increasingly attractive to automakers striving to comply with these regulations. This signifies a strong belief in the future of electric mobility and fuels the growth of the electric powertrain market.

Key players in the market

Some of the key players in the Electric Powertrain Market include Applus+, BorgWarner, Bosch Limited, Brusa Electronik, Cc Power Electronics, Continental AG, FEV Europe GmbH, Hitachi, HORIBA, Ltd., Intertek Group plc, Magna International Inc., Magneti Marelli Ck Holdings, Mitsubishi Electric Corp, Nidec Corporation, NXP Semiconductors, Panasonic, Schaeffler AG, Toyota Industries Corporation, Valeo and ZF Friedrichshafen AG

Key Developments:

In April 2024, Continental tires extend e-mobility strategy to secondary brands. All of the company's new tires meet the high requirements of electric vehicles and at the same time support conventionally

In April 2024, Continental Technologies Ensure Greater Comfort and Safety in the Upper Mid-size Class. From long-range radar to surround view cameras: numerous components supply driver assistance systems with precise data

In April 2024, NXP Semiconductors announced that it will release its first quarter 2024 financial results after the close of normal trading on the NASDAQ Global Select Market on April 29, 2024. The company will also host a conference call with the financial community on April 30, 2024 at 8:00 a.m. U.S. Eastern Daylight Time (EDT).

Vehicle Types Covered:
• Battery Electric Vehicles (BEVs)
• Hybrid Electric Vehicles (HEVs) and Plug-In Hybrid Electric Vehicles (PHEVs)

Components Covered:
• Battery
• Electric Motor
• Power Electronics
• Transmission
• Charging Infrastructure
• On-Board Charger
• Converter
• Power Electronics Controller
• Other Components

Vehicle Classes Covered:
• Luxury
• Mid-Priced

Applications Covered:
• Passenger Cars
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)
• Two-Wheelers (Motorcycles & Scooters)
• Three-Wheelers (Auto Rickshaws & E-Rickshaws)

End Users Covered:
• Original Equipment Manufacturers (OEMs)
• Aftermarket
• Fleet Operators
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements