Global Electric Powertrain market share 2024, Forecast To 2033
4 Mar, 2024
The electric powertrain market has witnessed exponential growth, surging from$102.35 billion in 2023 to$137.45 billion in 2024, with a compound annual growth rate (CAGR) of 34.3%. Historical growth factors include technological support, automotive industry shifts, infrastructure development, and consumer demand for sustainable mobility. Foreseen exponential growth in the next few years will drive the market to$419.52 billion by 2028, fueled by rapid urbanization, environmental awareness, cost reductions, consumer demand, and expanding charging infrastructure. Major trends in the forecast period include product innovations, automaker commitments, infrastructure development, and battery technology advancements.
Global Electric Powertrain Market Key Driver
The increasing demand for electric vehicles is expected to propel the electric powertrain market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. These adoptions had surged the electric vehicle demand and has led to increased production and demand for the electric powertrain that help to power EV by removing combustion engine. For instance, according to Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, an increase in demand for electric vehicles will drive the demand for electric powertrains. In 2023, the market size for electric powertrains is valued at X, and it is projected to reach Y by 2028.
Get A Free Sample Of The Global Electric Powertrain Market ReportGlobal Electric Powertrain Market Segments
The global electric powertrain market covered in this report is segmented –
1) By Vehicle: Hybrid And Plug-In Hybrid Vehicle (HEV/PHEV), Battery Electric Vehicle (BEV), 48V Mild Hybrid Vehicle (MHEV)
2) By HEV/PHEV Powertrain Component: Motor/Generator, HV Battery, 12V Battery, Battery Management System, Controller, DC/AC Inverter, DC/DC Converter, Power Distribution Module, Idle Start-Stop, On-board Charger
3) By Component: Motor, Battery, Power Electronics Component
4) By Vehicle Types: Passenger Cars, Commercial Vehicles
By Geography: The regions covered in the electric powertrain market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Europe was the largest region in the electric powertrain market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Electric Powertrain Industry Players
Bosch Ltd., Mitsubishi Electric Corp., Magna International Inc., Hitachi Astemo Americas Inc., Schaeffler AG, Valeo, Nidec Corporation, Marelli Holdings Co Ltd., Panasonic Corporation, Brusa Elektronik AG, Cummins Inc., ZeroAvia Inc., Damon Motors Inc., eLeapPower Co. Ltd., Tesla Inc., General Motors, BYD Auto Co. Ltd., Volkswagen AG, SAIC-GM-Wuling Automobile, Stellantis N.V., Hyundai Motor Company, BMW AG, Zhejiang Geely Holding Group Co. Ltd., Renault–Nissan–Mitsubishi Alliance, GAC Motor, Chery Automobile Co. Ltd., Polestar, Changan Automobile Co. Ltd., Dongfeng Motor Corporation, Denso Corporation
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Electric Powertrain Market Overview
The electric powertrain is the collection of components that produce the necessary power to propel the vehicle and distribute it to the wheels. The primary purpose of electric powertrain is to convert direct current electricity to alternative current while driving.
Electric Powertrain Global Market Report 2023 provides data on the global electric powertrain market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electric powertrain market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.