Global Electric Powertrain Market Report and Forecast 2024-2032

Global Electric Powertrain Market Outlook

The global electric powertrain market size reached a value of about USD 113.50 billion in 2023. The market is expected to grow at a CAGR of 14.4% between 2024 and 2032, reaching a value of nearly USD 380.90 billion by 2032.

Global Electric Powertrain Market Trends

EVs are powered by an electric powertrain, which eliminates the need for an internal combustion engine. An electric powertrain is a small and lightweight mechanism that creates very little vibration and produces immediate torque. These factors work together to produce a high-quality, fluid, and highly responsive drive.

Electric powertrain systems are essential in producing and delivering power to the road surface in electric, hybrid, and plug-in hybrid electric vehicle applications.

• The growing efficiency and sustainability of the transportation sector are expected to surge the usage of a wide variety of electric powertrains in the electric vehicles sector.

• As traditional fuel cars are likely to become less common in the coming years, the popularity of electric vehicles is expected to grow owing to their environmental advantages and low ownership costs. This is anticipated to fuel the market for electric powertrains in the coming years.

• Governments globally have started implementing favourable regulations to promote the use of electric vehicles and other alternative fuel vehicles. In addition, they are offering attractive incentives to boost the domestic production of electric vehicles, which is expected to favour the electric powertrain market growth.

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Global Electric Powertrain Market Opportunities and Challenges

There is a substantial increase in oil and gas prices, the surging depletion of global oil deposits, and rising concerns regarding the environmental impact of fossil fuels. Hence, the automotive sector is witnessing a shift towards green energy. This is driving the focus of automotive manufacturers to develop e-powertrains that consume little energy and emit low amount of greenhouse gases.

Despite the rapid and large-scale penetration of electric vehicles, the market for electric powertrains is hindered by the lack of charging stations. In addition, the rise in battery costs can negatively impact the expansion of electric powertrains.

Global Electric Powertrain Market Analysis

Based on components, the market can be segmented into battery, power electric controller, motor/generator, converter, transmission, and onboard charger. By vehicle type, it can be bifurcated into passenger car and commercial vehicle.

Based on the vehicle drive type, the market can be categorised into front wheel drive, rear wheel drive, and all wheel drive. By application, the market divisions include BEV, PHEV, and FCEV. The major regional markets for electric powertrains can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global electric powertrain market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• ZF Friedrichshafen AG

• Robert Bosch GmbH

• Dana Incorporated

• Denso Corporation

• Hitachi Automotive

• Magna International Inc.

• Marelli Holdings Co., Ltd.

• Panasonic Holdings Corporation

• Valeo Group

• Schaeffler AG

• Others

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Electric Powertrain Market Share by Component

The battery segment is anticipated to hold a significant market share owing to the increasing advancements in battery technologies. Batteries in electric vehicles are either used as a single source of power or are utilised with other power sources.

The transmission segment is likely to cover a significant market share as electric vehicles are usually equipped with single-speed transmissions. Besides, major manufacturers are developing transmissions with load-shifting capabilities and multispeed transmission sailing operations for electric vehicles.

Passenger Cars are Expected to Hold a Considerable Position in the Market for Electric Powertrain

The passenger car segment is expected to hold a considerable position in the market owing to the increasing demand for personal vehicles. The increasing disposable incomes of consumers, coupled with the cost-effectiveness offered by electric vehicles, are increasing their adoption in both developing and developed countries. The sales of passenger vehicles are further supported by technological advancements, which is reducing their overall costs, thereby driving the development of the market in the forecast period.

Market Share by Region

Europe is expected to hold a considerable position in the market owing to the rising focus on green energy generation and utilisation. Stringent policies implemented by governments of various countries in the region to reduce greenhouse emissions from the automotive sector are prompting auto manufacturers to utilise electric powertrain. In addition, the increasing adoption of electric passenger vehicles and the significant reduction in acceptance of combustion engine-based vehicle in Europe are favouring the market demand.

The Asia Pacific region is likely to register a rapid growth owing to the rapidly rising fuel prices and increasing promotion of electric vehicles by governments. Countries like India and China are implementing favourable regulations aimed at aiding sales of EVs, which is anticipated to further propel the electric powertrain market development in the forecast period.

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Competitive Landscape

ZF Friedrichshafen AG is a technology company headquartered in Friedrichshafen, Germany, that is engaged in developing and offering innovative solutions and systems for the automotive and information technology (IT) sectors. The company is focused on advanced mobility for industrial and automotive applications.

Robert Bosch GmbH is a leading company that offers innovative solutions and technologies to help companies of all industries and sizes redefine their offerings. Based in Gerlingen, Germany, the company was founded in 1886. Through its innovative solutions and technologies, the company aims to enhance the safety and sustainability while redefining the future of mobility.

Dana Incorporated is a company that is engaged in the manufacturing, distribution, and engineering of energy management solutions and power conveyance for the automotive sector. It is one of the largest suppliers of electrified propulsion systems and drivetrains for passenger vehicles. Through its inveters, in-house gearbox, and thermal and battery management expertise, among others, the company aims to fully electrify the mobility sector.

Other market players include Denso Corporation, Hitachi Automotive, Magna International Inc., Marelli Holdings Co., Ltd., Panasonic Holdings Corporation, Valeo Group, and Schaeffler AG, among others.

Key Highlights of the Report