Electric Powertrain Market

Electric Powertrain Market Size & Share - Future Growth Expectations

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.

The Electric Powertrain Market is poised for substantial growth in the coming years, driven by several key factors:

  • Government Regulations and Emission Reduction Targets
  • Technological Advancements in Battery Technology
  • Rising Consumer Demand for Electric Vehicles
  • Expansion of Charging Infrastructure
  • Automaker Investments in Electrification
  • Cost Reduction and Economies of Scale
  • Advancements in Electric Vehicle Design and Performance
  • Global Trends towards Sustainability and Energy Security

These key factors collectively create a favorable market environment for the Electric Powertrain Market, with substantial growth opportunities anticipated in the coming years as the automotive industry undergoes a fundamental transformation towards electrification and sustainable mobility.

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  • Government Regulations and Emission Reduction Targets: Stringent government regulations aimed at reducing vehicle emissions and achieving environmental sustainability are driving the adoption of electric powertrains. Emission reduction targets, fuel economy standards, and zero-emission vehicle mandates incentivize automakers to invest in electrified propulsion systems and transition away from traditional internal combustion engines.
     
  • Technological Advancements in Battery Technology: Ongoing advancements in battery technology, such as improvements in energy density, charging speed, and cost-effectiveness, are making electric powertrains more viable for mainstream automotive applications. Innovations in lithium-ion batteries, solid-state batteries, and other energy storage technologies are extending the driving range, reducing charging times, and enhancing the performance of electric vehicles, driving market growth.
     
  • Rising Consumer Demand for Electric Vehicles: Growing consumer awareness of environmental issues, concerns about air pollution, and the availability of government incentives are driving demand for electric vehicles equipped with electric powertrains. Consumers are increasingly embracing electric vehicles as viable alternatives to traditional gasoline-powered vehicles, seeking lower operating costs, reduced environmental impact, and advanced technology features offered by electric powertrains.
     
  • Expansion of Charging Infrastructure: The expansion of charging infrastructure is essential for the widespread adoption of electric vehicles equipped with electric powertrains. Governments, utilities, and private companies are investing in the deployment of public charging stations, fast-charging networks, and home charging solutions to address range anxiety and promote electric vehicle adoption. The availability of convenient and reliable charging infrastructure is critical for supporting the growth of the electric powertrain market.
     
  • Automaker Investments in Electrification: Major automakers are making significant investments in electrification and the development of electric powertrain technologies. Many automakers have announced plans to electrify their vehicle portfolios, introducing new electric models and phasing out internal combustion engines. Investment in research and development of electric powertrains, partnerships with technology suppliers, and strategic alliances with battery manufacturers are driving innovation and market growth in the electric powertrain segment.
     
  • Cost Reduction and Economies of Scale: Continuous cost reduction efforts and economies of scale are making electric powertrains more affordable and accessible to consumers. Advances in manufacturing processes, materials science, and supply chain management are driving down the cost of key components such as batteries, electric motors, and power electronics. As production volumes increase and technology matures, the cost parity between electric powertrains and conventional powertrains is expected to improve, further accelerating market growth.
     
  • Advancements in Electric Vehicle Design and Performance: Automakers are leveraging electric powertrains to design and develop next-generation electric vehicles with improved design, performance, and functionality. Electric powertrains enable innovative vehicle architectures, such as skateboard platforms, flexible interiors, and enhanced aerodynamics, resulting in vehicles with superior driving dynamics, interior space, and overall efficiency. Advancements in electric vehicle design and performance contribute to consumer adoption and market expansion.
     
  • Global Trends towards Sustainability and Energy Security: Global trends towards sustainability, energy security, and decarbonization are driving the transition to electric powertrains as part of broader efforts to reduce greenhouse gas emissions and dependence on fossil fuels. Governments, businesses, and consumers are increasingly recognizing the environmental and economic benefits of electrified transportation, accelerating the shift towards electric powertrains and the electrification of the automotive industry.

Electric Powertrain Market Share - Global Industry Landscape

  • Robert Bosch GmbH (Germany)
  • Mitsubishi Electric (Japan)
  • Magna International Inc. (Canada)
  • Continental AG (Germany)
  • Hitachi Astemo Ltd. (Japan)

These companies compete based on factors such as product innovation, technology differentiation, reliability, cost-effectiveness, and customer relationships to maintain and grow their market share in the Electric Powertrain Market.

  • Robert Bosch GmbH (Germany): Bosch is a global leader in automotive technology and a major supplier of electric powertrain components and systems. The company offers a wide range of electric powertrain solutions, including electric motors, power electronics, battery management systems, and charging infrastructure. Bosch's expertise in automotive engineering, innovation, and manufacturing makes it a key player in the global Electric Powertrain Market.
     
  • Mitsubishi Electric (Japan): Mitsubishi Electric is a leading provider of electric powertrain components, including electric motors, inverters, and power electronics for electric vehicles. The company's electric powertrain solutions are known for their reliability, performance, and energy efficiency. Mitsubishi Electric's advanced technologies and extensive experience in electric vehicle systems contribute to its market share in the Electric Powertrain Market.
     
  • Magna International Inc. (Canada): Magna International is a global automotive supplier that offers electric powertrain components, systems, and complete vehicle electrification solutions. The company provides electric drive systems, electric motors, power electronics, and battery packs for electric and hybrid vehicles. Magna's focus on innovation, manufacturing excellence, and collaboration with automotive OEMs position it as a significant player in the global Electric Powertrain Market.
     
  • Continental AG (Germany): Continental is a leading automotive supplier that specializes in electric powertrain technology and electrification solutions. The company offers electric motors, power electronics, battery management systems, and integrated electric drive units for electric and hybrid vehicles. Continental's expertise in automotive engineering, safety systems, and vehicle electrification contributes to its market share in the Electric Powertrain Market.
     
  • Hitachi Astemo Ltd. (Japan): Hitachi Astemo, formerly known as Hitachi Automotive Systems, is a prominent supplier of electric powertrain components and systems for the automotive industry. The company provides electric motors, inverters, and integrated electric drive units for electric and hybrid vehicles. Hitachi Astemo's advanced technologies, reliability, and global manufacturing footprint make it a key player in the Electric Powertrain Market.

Related Report

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

Electric Powertrain Market Size,  Share & Growth Report
Report Code
AT 7498
RI Published ON
5/6/2024
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