Electric Powertrain Market

Robert Bosch Gmbh (Germany), Mitsubishi Electric (Japan) and Magna International Inc. (Canada) are leading players in Electric Powertrain Market

The electric powertrain market size is projected to reach USD 230.5 billion by 2030, from an estimated USD 96.7 billion in 2023, at a CAGR of 13.2%. The market is driven by factors such as an increased focus on the adoption of electric vehicles worldwide owing to the environmental benefits they offer and the strict government regulations that focus on reducing emissions emitted by conventional engines.

To reduce dependency on non-renewable sources and comply with stringent emission norms, the implementation of electrified powertrains in vehicles has witnessed a rapid boost in recent years. Major factors that drive this market are attractive incentives by governments and tight emission regulations in every part of the world. For instance, Europe, which has one of the most stringent emission norms in the world, has set some appealing incentives, bonus payments, and tax exemptions for buyers. According to the ACEA, Germany, the automotive hub of Europe, offers a bonus of around USD 10,000 for BEVs and FCEVs and USD 7,500 for PHEVs (for cars ≤ 40,000 USD). According to the IEA, more than 10 million EVs will be sold worldwide in 2022, and the overall market is set to increase by 18% in 2023. The Republic of China leads the list, followed by the US. The increasing electric car fleet has also pushed automakers to introduce innovative technologies in electrified powertrains. Key innovations in battery chemistry to increase energy density and the expansion of production plants, along with cost optimization, have also been major enablers for the electric powertrain market. Bosch, Continental AG, Mitsubishi Electric, Hitachi, and Magna are the leading players in the electric powertrain market.

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The electric powertrain market is dominated by globally established players such as Robert Bosch Gmbh (Germany), Mitsubishi Electric (Japan), Magna International Inc. (Canada), Continental AG (Germany), and Hitachi Astemo, Ltd. (Japan).

Robert Bosch Gmbh is an independent automotive parts supplier to the automotive industry. The company operates through four divisions: mobility solutions, industrial technology, consumer goods, and energy and building technology. They also offer powertrain solutions and electric drivetrains for hybrid, fuel-cell, and electric vehicles. Offers a broad portfolio of electric powertrain components which allows the company to provide automakers with a complete solution for electric vehicles. The company is focusing on new product developments as well as partnerships/collaborations. Bosch has strong research and development capabilities in the field of electric vehicles. The company invests heavily in research and development, and it has a team of engineers who are dedicated to developing new and innovative electric powertrain technologies. For instance, Bosch and BYD Co., Ltd. (China) ventured together to develop a traction control system for EVs. The company also partnered with Dana Inc. to produce metallic bi-polar plates used in FCEVs.

Mitsubishi Electric Corporation (Japan) is another player offering products such as motors, battery management units,  inverters/converters, 48V ISG systems onboard chargers, EV control units, etc. Mitsubishi has focused mainly on expansions/new product developments. The company is also investing offensively to support the electrification trend of the automotive industry. The company has formed an alliance with Renault Group and Nissan Motor Co., Ltd. The three companies are working on a common project and actions to follow a common roadmap of 2030 on pure-EV and Intelligent & Connected mobility. The company also launched its business in the e-axle market and focused on technological innovation to differentiate itself from competitors. The company is also undergoing a structural reform and will withdraw its unprofitable automotive equipment business. The company has aligned itself with the shift toward the electrification trend in the automotive industry by choosing to develop electric and hybrid powertrain technology.

Magna International Inc. (Canada) is another leading player in the electric powertrain market and offers products such as mild hybrid solutions, hybrid transmissions such as power control modules, e-drivese-clutche, and chassis control modules. Magna’s geographical presence is in all regions while being a dominant player in North America. The company has a strong workforce and has focused on inorganic developments such as joint ventures/contracts. For instance, Magna got a new supply contract from General Motors for supplying battery enclosures for the new 2024 Chevrolet Silverado EV, also from Mercedes-Benz and other OEMs for the supply of hybrid dual-clutch transmissions. The company also entered a joint venture with LG Electronics to develop an all-electric connected powertrain along with investing in electric powertrain technologies.

Related Reports:

Electric Powertrain Market by Component (Motor/Generator, Battery, BMS, Controller, PDM, Inverter/Converter, On Board Charger), Type (BEV, MHEV, Series, Parallel & Series-Parallel Hybrid), Vehicle (BEV, FCEV, PHEV, MHEV), & Region - Global Forecast to 2030

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Electric Powertrain Market Size,  Share & Growth Report
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