Electric Powertrain Industry to Achieve $531.49 Billion Growth by 2029

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How Will the Electric Powertrain Market Grow by 2025 in Terms of Size and Growth?
The size of the electric powertrain market has seen exponential growth in the past few years. It is forecasted to expand from a market worth of $135.91 billion in 2024 to a staggering $179.78 billion in 2025, with a compound annual growth rate (CAGR) of 32.3%. The significant growth witnessed in the historical period can be credited to factors like technological advancements and research, a shift in the automotive industry, development of infrastructure, and an increase in consumer preference for sustainable modes of transport.

What Are the Estimated Growth Rates for the Electric Powertrain Industry Through 2029?
The market size for electric powertrain is forecasted to witness a significant surge, reaching $531.49 billion in 2029, with a compound annual growth rate (CAGR) of 31.1%. This sizeable growth over the forecasted period is primarily due to factors such as swift urbanization and smart city projects, environmental consciousness and sustainability objectives, cost-cutting and economies of scale, consumer adoption and demand, as well as the growing charging establishment. The significant trends predicted for this period encompass product innovation, car manufacturer dedication to electrification, development of supporting infrastructure, and advancements in battery technology.

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What Are the Strategic Drivers Boosting Electric Powertrain Market Performance?
The anticipated surge in electric vehicles' popularity is set to boost the electric powertrain market. Electric vehicles incorporate motors that utilize battery-stored electricity. Furthermore, in light of COVID-19 protective measures and the goal to reach net-zero emissions, electric and hybrid vehicles' rapid adoption has occurred. This uptake has escalated the need for electric vehicles and consequently stimulated an elevated production volume and demand for the electric powertrain, which powers electric vehicles by replacing the combustion engine. For example, data from the International Energy Agency, based in France, shows electric vehicle sales reached 10 million in 2022, with a predicted rise to 14 million sales in 2023 by July. Thus, as demand for electric vehicles climbs, so will the need for electric powertrains.

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What Are the Segments in the Electric Powertrain Market?
The electric powertrain market covered in this report is segmented -

1) By Vehicle: Hybrid And Plug-In Hybrid Vehicle (HEV Or PHEV), Battery Electric Vehicle (BEV), 48V Mild Hybrid Vehicle (MHEV)
2) By HEV/PHEV Powertrain Component: Motor Or Generator, HV Battery, 12V Battery, Battery Management System, Controller, DC Or AC Inverter, DC Or 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

Subsegments:
1) By Hybrid And Plug-In Hybrid Vehicle (HEV Or PHEV): Full Hybrid Vehicles (HEV), Plug-In Hybrid Vehicles (PHEV)
2) By Battery Electric Vehicle (BEV): Compact BEVs, Mid-Size BEVs, Luxury BEVs, Commercial BEVs
3) By 48V Mild Hybrid Vehicle (MHEV): Mild Hybrid Cars, Mild Hybrid Commercial Vehicles

What Are the Key Adoption Trends in the Electric Powertrain Market?
Prominent businesses in the electric powertrain industry are centering their efforts on introducing innovative plants to augment their production abilities and fulfill the rising demand for electric vehicles. For example, TEXA S.p.A, a firm based in Italy that supplies electronic diagnostic tools for vehicles, unveiled its e-Powertrain plant in Monastier di Treviso in September 2023. This launch signifies an important advancement into the sector of electric mobility. The facility, which necessitated an investment exceeding $ 28.3 million (20 million Euros) and spread across 24,000 square meters, is aimed at boosting the firm's proficiency in manufacturing advanced parts for electric vehicles, including converters and vehicle control units. The plant is set to specialize in the creation of axial-flux electric powertrains and systems for the transition of direct current into alternating current.

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Which Companies Lead the Competitive Landscape of the Electric Powertrain Industry?
Major companies operating in the electric powertrain market are 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

Where Are the Key Electric Powertrain Market Opportunities by Region?
Europe was the largest region in the electric powertrain market in 2024. 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.

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This release was published on openPR.