USD 88.25 billion
Report ID:
SQMIG25A2065 |
Region:
Global |
Published Date: February, 2024
Pages:
257
|Tables:
62
|Figures:
75
Electric Vehicle (EV) Powertrain Market size was valued at USD 88.25 billion in 2021 and is poised to grow from USD 118.87 billion in 2022 to USD 956.44 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
An electric vehicle (EV) is powered by electricity. The powertrain is used to generate the kinetic energy and also used to propel or move the vehicle. Electric powertrain offers the thrust through battery and an electric motor. Therefore, engine, transmission, and driveshaft are the three most important components of any vehicle's powertrain.
Commercially, some of the factors expected to boost sales of automotive powertrains globally include increased electrification of vehicles and stricter government emission standards.
During the forecast period, the market is expected to grow due to lithium-ion battery innovations as well as increased R&D to improve powertrain function by major manufacturers, which will boost powertrain sales. The growing demand for hybrid electric vehicles in many developed countries such as China, Germany, and the United States is also a factor driving the growth of powertrain components.
US Electric Vehicle (EV) Powertrain Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 88.25 billion
Largest Segment
transmission
Fastest Growth
transmission
Growth Rate
5% CAGR
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Global Electric Vehicle (EV) Powertrain Market is segmented by component, propulsion type, vehicle type, and region. Based on component, the market can be segmented into Electric Motor, Inverter & Converter, Power Distribution Module & Transmission, and Others. Based on propulsion type, the market is segmented into Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV). Based on vehicle type, the market is segmented into Passenger Car and Commercial Vehicle. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Electric Vehicle (EV) Powertrain Market Analysis by Component
Based on component, this market share is dominated by the transmission segment. Single-speed transmission is common in electric vehicles. However, R&D is carried to investigate the commercial viability of multi-speed transmissions, such as the Porsche Taycan. Leading EV transmission manufacturers are developing load shifting capability and multi-speed transmission operation for electric vehicles. These factors are expected to help this segment's market growth.
In the forecast period, the power distribution module (PDM) segment is expected to grow the fastest. The increased adoption of electrical functions in EVs, as well as the cost savings associated with PDM, are driving market growth in this segment. In this market, the electric motor segment is expected to grow steadily. Increasing thermal constraint demands necessitate improved motor design, which reduces the cost of additional materials for the electric motor even further. This factor, in turn, boosts the market for e-powertrain motors.
The market's converter segment is expected to grow steadily, with manufacturers developing new product offerings to accelerate integration in commercial vehicles. In this market, the inverter segment is expected to grow slowly, with manufacturers aiming to equip cars with an integrated unit that includes converter and inverter functionality.
Electric Vehicle (EV) Powertrain Market Analysis by Vehicle
Based on vehicle, the passenger car segment is expected to dominate the market Over the forecast period. Increasing demand for vehicles for everyday transportation, combined with the rapid adoption of electric vehicles, particularly in developing countries, is driving the growth of the electric vehicle powertrain market in this segment. The buses and coach segment are expected to grow steadily in this market.
Increased adoption of electric buses by transit agencies, particularly in China and India, as well as improved grid solutions and the development of vehicle-to-grid services, are expected to drive EV powertrain market growth in this segment.
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Asia Pacific is expected to grow significantly during the forecast period. The primary driver of the high market penetration includes regulatory programmes encouraging EV sales, such as EV sales quotas, fuel economy targets, and EV advantages in licence plate assignments in countries such as China. Strict emission regulations, such as BS-VI in India and China VI in China, are propelling the e-powertrain market in this region. Partnerships between leading players to build charging infrastructure are driving market growth in this region. For example, China's Didi Chuxing and British oil giant BP collaborated to build EV charging infrastructure in China. China has lithium reserves, which is driving up investment in battery production. Tesla also launched the Model 3 in South Korea at a significantly reduced price due to favourable government incentives. These factors are likely to lead to APAC's dominance in this market.
Europe is expected to hold a dominant share over the forecast period. The regulation of carbon emissions for newly registered vehicles, which every auto manufacturer must follow, is the key driver in this region. Furthermore, aversion to combustion engine-powered transportation and acceptance of e-mobility are growing. The rollout of EV portfolios and anticipated investment in charging infrastructure will most likely ease the transition.
This market is expected to grow steadily in North America. Customers in the United States typically drive longer distances and prefer larger vehicles. However, electric vehicle Powertrains are expected to have a larger market share in certain regions, particularly coastal areas.
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Electric Vehicle Powertrain Market Drivers
Stringent Gas Emission Regulations to Bolster Market Growth
Electric Vehicle Powertrain Market Restraints
Lack of Infrastructure to Hinder Market Growth
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Global electric vehicle powertrain market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Continental, Bosch, Magna, Mitsubishi, Hitachi dominate the electric vehicle powertrain market growth. Stable distribution and supply chain networks at a global level and portfolios gives an extensive product range are likely to lead to the dominant key players retaining their positions.
Electric Vehicle Powertrain Market Top Player's Company Profiles
Electric Vehicle Powertrain Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the electric vehicle powertrain market analysis, in terms of components, the transmission segment and in terms of vehicle, the passenger car segment held a larger market share. The increasing consumer shift towards electric mobility solutions coupled with stricter government emission standards is some of the factors expected to boost sales of automotive powertrains worldwide. Lack of standardized charging infrastructure and higher cost associated with electric vehicles is one of the restraints for market expansion.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 88.25 billion |
Market size value in 2030 | USD 956.44 billion |
Growth Rate | 5% |
Base year | 2023 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Electric Vehicle (EV) Powertrain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Vehicle (EV) Powertrain Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicle (EV) Powertrain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Report ID: SQMIG25A2065