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Automotive Electric Drivetrain Components Market Size, Insights, Industry Analysis And Forecast, 2033
Automotive Electric Drivetrain Components Market
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According to The Business Research Company's, The automotive electric drivetrain components market size has grown exponentially in recent years. It will grow from $51.11 billion in 2023 to $64.43 billion in 2024 at a compound annual growth rate (CAGR) of 26.1%. The growth in the historic period can be attributed to government regulations on emissions, consumer demand for sustainable vehicles, reduction in battery costs, improvements in power electronics, investments in charging infrastructure.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Automotive Electric Drivetrain Components Market 2024 Key Insights:
• 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%.
• Rising Adoption Of Electric Vehicles Boosts Automotive Electric Drivetrain Components Market
• Innovative Products Drive Growth In The Automotive Electric Drivetrain Components Market
• Asia-Pacific is expected to be the fastest-growing region in the forecast period
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