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Segmentation, Major Trends, and Competitive Overview of the Electric Powertrain Market
Electric Powertrain Market
Projected Market Size and Growth Outlook for the Electric Powertrain Market
The electric powertrain market is anticipated to undergo significant growth over the coming years, reaching a valuation of $691.53 billion by 2030. This expansion corresponds to an impressive compound annual growth rate (CAGR) of 30.8%. Important factors driving this surge include stringent global electric vehicle mandates, growth in charging infrastructure, decreasing battery costs, advancements in software-defined powertrains, and a rising demand for efficient inverters. Prominent trends expected to influence the market during this period include the swift adoption of battery electric vehicles, the integration of cutting-edge power electronics, the increased use of 48-volt mild hybrid systems, a push for more compact powertrain designs, and broader development of electric vehicle platforms.
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Top Players Leading the Electric Powertrain Industry
Several key companies dominate the electric powertrain market landscape. These include 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, and Denso Corporation.
Partnerships Advancing Electric Powertrain Technologies
In February 2023, innolectric AG, a German company specializing in electrical engineering and electrified powertrain components, formed a partnership with Bel Fuse Inc., a US-based electronic connector manufacturer. This collaboration aims to propel the development of onboard power electronics for electric vehicles, focusing especially on next-generation fast charging technologies. This partnership highlights ongoing efforts to enhance EV charging capabilities and overall powertrain efficiency.
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Innovative Developments Fueling Market Growth
Industry leaders are actively investing in new production facilities to boost their capacity and meet the rising demand for electric vehicles. For example, in September 2023, TEXA S.p.A., an Italian firm known for vehicle electronic diagnostics, inaugurated its e-Powertrain plant in Monastier di Treviso. This facility, representing an investment exceeding $28.3 million (20 million Euros) and covering 24,000 square meters, marks a significant step into electric mobility. The plant will focus on manufacturing advanced components such as inverters and vehicle control units, with a specialization in axial-flux electric powertrains and systems that convert direct current (DC) to alternating current (AC).
Breaking Down the Electric Powertrain Market Segmentation
This market report categorizes the electric powertrain market across several dimensions:
1) By Vehicle Type: Hybrid and Plug-In Hybrid Vehicles (HEV or PHEV) and Battery Electric Vehicles (BEV)
2) By HEV/PHEV Powertrain Components: Motors or Generators, High-Voltage (HV) Batteries, Battery Management Systems, Controllers, DC/AC Inverters, DC/DC Converters, Power Distribution Modules, and On-Board Chargers
3) By Component: Motors, Batteries, and Power Electronics
4) By Vehicle Use: Passenger Cars and Commercial Vehicles
Detailed subsegments include:
- For HEV/PHEV: Full Hybrid Vehicles and Plug-In Hybrid Vehicles
- For BEV: Compact, Mid-Size, Luxury, and Commercial Battery Electric Vehicles
This thorough segmentation provides a clear framework to understand the diverse range of technologies and applications within the electric powertrain ecosystem.
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