The global electric powertrain market size is expected to reach USD 260.91 billion by 2030, registering a CAGR of 15.3% over the forecast period, according to a new report by Grand View Research, Inc. The market for pure electric and plug-in hybrid vehicles has been growing significantly, in turn creating an increasing demand for automotive electric powertrains. Governments in various countries are taking initiatives to promote the development of Electric Vehicles (EVs). For instance, in 2020, the U.S. Department of Energy announced a public investment of USD 400 billion in clean energy. The investment would help develop 500,000 charging outlets for electric vehicles by the end of 2030.
The rising sales of electric vehicles have propelled prominent automotive component manufacturers to aggressively focus on developing essential EV components to gain a competitive edge. Prominent manufacturers in the market are primarily focusing on enhancing their facilities in countries such as Europe, China, and the U.S. For instance, in February 2020, Nidec Corporation invested around USD 1.8 billion to expand its electric vehicle powertrain business. The company’s three new facilities located in Poland, China, and Mexico would deliver up to 8.4 million electric motors every year.
Asia Pacific is projected to grow at a substantial pace over the forecast period owing to the increase in demand for electric vehicles and the rise in the per capita income of people. Countries such as China, South Korea, and India are among the prominent manufacturers of automobiles. Stringent government regulations and emission norms, including BS-VI in India and China VI, are also expected to contribute to the growth of the Asia Pacific market.
Stringent rules for monitoring CO2 emissions are becoming more demanding in the United States and Europe. North America has set the emission limit to 99g/km following corporate average fuel economy standards; similarly, Europe has set the emission limit to 9s5g/km by 2020 and a further reduction of 37.5% by 2030. To efficiently meet the emission target, OEMs are promoting and increasing sales of electric vehicles, which in turn will lead to an increase in demand for the electric vehicle powertrain market.
Electric Powertrain Market Report Highlights
- The motor/generator component segment is anticipated to witness a high CAGR of over 16.7% from 2022 to 2030 owing to the increasing penetration of BEVs and PHEVs globally
- The HEV/PHEV electric vehicle segment is anticipated to witness the highest CAGR of 15.9% over the forecast period. This can be attributed to the charging flexibility benefit that these vehicles offer
- The passenger segment dominated the market in 2022. The increasing demand for vehicles for daily transportation, along with the adoption of electric vehicles, particularly in developing countries, is fueling the electric vehicle powertrain market growth in this segment
- Asia Pacific is expected to expand at a high CAGR of more than 14.2% over the forecast period owing to the increasing adoption of electric vehicles in countries such as China and India
Electric Powertrain Market Segmentation
Grand View Research has segmented the global electric powertrain market based on electric vehicles, components, and regions:
Electric Powertrain Electric Vehicle Outlook (Volume, Units; Revenue, USD Billion, 2018 - 2030)
BEV Electric Powertrain Component Outlook (Revenue, USD Billion, 2018 - 2030)
- Motor/Generator
- Battery
- Power Electronics Controller
- Converter
- Transmission
- On-Board Charger
HEV/PHEV Electric Powertrain Component Outlook (Revenue, USD Billion, 2018-
2030)
- Motor/Generator
- Battery
- Power Electronics Controller
- Converter
- Transmission
- On-Board Charger
Electric Powertrain Regional Outlook (Volume, Units; Revenue, USD Billion, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Middle East & Africa
List of Key Players
- BorgWarner
- Bosch Limited
- Mitsubishi Electric Corp
- Magna International Inc.
- Schaeffler AG
- ZF Friedrichshafen AG
- Valeo
- Nidec Corporation
- Continental AG
- Magneti Marelli Ck Holdings
Order a free sample PDF of the Electric Powertrain Market Intelligence Study, published by Grand View Research.
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