Press release
Global Electric Powertrain Market Size To Grow At A CAGR Of 14.40% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter's Five Forces Models.
Electric Powertrain Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2022): USD 99.21 billion
Forecast CAGR (2023-2028):40%
Forecast Market Size (2028): USD 230.35 billion
Technological advancements and rising spending in research and innovations in the automotive sector are leading to a development of more efficient and powerful electric powertrains, thereby propelling the growth of electric powertrain market. In addition, upgraded versions of electric powertrains, which are likely to satisfy the performance requirements of contemporary customers, are getting developed in response to the rising demand for high-performance electric vehicles and faster charging times.
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Globally, multiple governments have begun putting favourable policies into place to encourage the usage of electric and other alternative fuel vehicles. Additionally, they are providing alluring incentives to increase domestic manufacture of electric vehicles, which is anticipated to favour the expansion of the electric powertrain market in the forecast period.
A gradual shift towards green energy in the automobile sector is being witnessed, infused by rising costs of oil and petrol, exhaustion of oil reserves across the globe, and growing concerns about negative impact of fossil fuels on the environment. Thus, the development of electric powertrains with low energy consumption and greenhouse gas emissions is becoming a top priority for car manufacturers.
It is also projected that the passenger cars segment in the market for electric powertrain will experience a rise in demand as ride- and car-sharing services gain popularity among the urban working population. Since they require less upkeep and have a longer lifespan than their fossil fuel-powered counterparts, electric cars are a more economical and ecologically friendly solution for these services.
Electric Powertrain Industry Definition and Major Segments
An electric powertrain is a compact, light-weight device that generates immediate torque with very little vibration, creating a high-end, smooth, and incredibly responsive drive that powers an electric vehicle. It includes multiple components that work together to generate power and deliver it to the vehicle.
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By component, the market is categorised into:
Battery
Power Electric Controller
Motor/Generator
Converter
Transmission
On-board Charger
On the basis of vehicle type, the market is segmented into:
Passenger Car
Commercial Vehicle
The market on the basis of vehicle drive type is divided into:
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
Based on application, the market is categorised into:
BEV
PHEV
FCEV
On the basis of region, the market is divided into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Electric Powertrain Market Trends
The key trends driving the global electric powertrain market growth include the increasing demand for greener automobiles, owing to the growing concerns about air pollution being escalated by extensive use of conventional vehicles. Since electric vehicles don't release any harmful gases or pollutants, they are a sustainable and ecologically beneficial form of transportation.
Furthermore, it has become increasingly challenging for the automotive sector to sustain profitability due to growing fuel prices and the instability of the global oil market. As a result, automakers are experimenting with more innovative ways to power their vehicles, and electric powertrains are becoming a viable choice. Automakers are interested in electric powertrains because they are more affordable and effective than conventional fuel-based vehicles, thereby aiding the electric powertrain market growth.
In the coming years, the market is expected to expand significantly, supported by rising electric car popularity and aesthetic upgradations of existing EV models. It is further projected that a key factor in the expansion of the electric powertrain market is anticipated to be the development of more advanced electric powertrains that can satisfy the performance requirements of modern clients.
Key Market Players
The major players in the global electric powertrain market report are ZF Friedrichshafen AG, Robert Bosch GmbH, Dana Incorporated, Denso Corporation, Hitachi Automotive, Magna International Inc., Marelli Holdings Co., Ltd., Panasonic Holdings Corporation, Valeo Group, and Schaeffler AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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