Press release
Exponential Growth Projected for Automotive Electric Drivetrain Components Market, Reaching $150.81 Billion by 2028
Automotive Electric Drivetrain Components Market Report
The automotive electric drivetrain components market size is expected to see exponential growth in the next few years. It will grow to $150.81 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to rapid technological advancements, regulatory push for zero-emission vehicles, evolution in battery chemistries, automotive industry focus on electrification, shift towards e-mobility solutions. Major trends in the forecast period include enhanced energy density in batteries, integrated vehicle-to-grid (v2g) technology, adaptive thermal management solutions, personalized user experience and connectivity, enhanced vehicle-to-vehicle (v2v) communication.
Market Overview -
Automotive electric drivetrain components refer to the element that allows electrical power to be converted and delivered to drive a vehicle's wheels. It controls the electric motor and is a critical component in electric cars as it determines driving behavior.
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Rising Adoption Of Electric Vehicles Boosts Automotive Electric Drivetrain Components Market
The increasing adoption of electric vehicles is expected to propel the growth of the automotive electric drivetrain components market going forward. An electric vehicle is any completely electric, zero-emission vehicle with an onboard electrical energy storage system that can be recharged using an external energy source. The electric drivetrain components in an electric car transform electrical energy into mechanical energy to drive the vehicle's wheels. For instance, in May 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, sales of electric vehicles doubled in 2021 to set a record of 6.6 million, and the number of electric cars on the world's roads by the end of 2021 was about 16.5 million. Therefore, the increasing adoption of battery electric vehicles is driving the growth of the automotive electric drivetrain components market.
Competitive Landscape -
Major companies operating in the automotive electric drivetrain components market report are Volkswagen AG, Robert Bosch GmbH, Siemens AG, Panasonic Corporation, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Hyundai Mobis, Magna International Inc., Aisin Seiki Co. Ltd, Valeo SA, Eaton Corporation PLC, Hitachi Astemo Ltd., Parker Hannifin Corporation, Schaeffler AG, Schaeffler Technologies AG & Co. KG, Nidec Corporation, BorgWarner Inc., MAHLE GmbH, Infineon Technologies AG, Marelli Holdings Co. Ltd., Dana Incorporated, Hexagon AB, GKN Automotive Limited, JATCO Ltd., Delphi Technologies, The Johnson Electric Group, AVL List Gmbh, Univance Corporation, Hofer Powertrain GmbH.
Innovative Products Drive Growth In The Automotive Electric Drivetrain Components Market
Product innovation is a key trend gaining popularity in the automotive electric drivetrain components market. Major companies operating in the automotive electric drivetrain components market are developing innovative products to sustain their position in the market. For instance, in April 2023, Volkswagen, a Germany-based vehicle manufacturing company, launched the improved electric vehicle drivetrain APP550. The new APP550 rear-wheel drive units offer high performance and improved vehicle efficiency. The heat management system has been improved to increase efficiency even further. The device may control its temperature by using the transmission's gear wheels.
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Key Segments -
The automotive electric drivetrain components market covered in this report is segmented -
1) By Components: Electric Drive Module, DC or DC Converter, Battery Packs, Thermal System, DC or AC Inverter, Power Distribution Module (PDM), Other Components
2) By Vehicle: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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