The electric powertrain is the key component for generating and transmitting power to facilitate transportation on various mediums such as roads, water, or air. With the rising demand for reduced reliance on fossil fuels and lower carbon emissions, the development of advanced technologies across all types of vehicles is gaining momentum. This surge in technological demand directly influences the growth of powertrain systems, particularly in the electric powertrain market, as the industry strives to meet the evolving needs for sustainable transportation solutions.
According to Data Bridge Market Research, the Electric Powertrain Market accounted for USD 83.30 billion in 2022 and is expected to reach USD 131.67 billion by 2030. The market is expected to grow with a CAGR of 5.89% in the forecast period of 2023 to 2030.
“Government promoting electric vehicle create market demand”
Government initiatives promoting clean energy and tax incentives for electric vehicle purchases have spurred increased demand for electric vehicles, particularly in urban areas grappling with air pollution concerns. The introduction of fast-charging infrastructure has alleviated range anxiety, enhancing the viability of electric vehicles for everyday use. These factors collectively contribute to driving the growth of the electric powertrain market.
What restraints the growth of the electric powertrain market?
“Lack of standard availability of charging”
Unlike traditional vehicles with standardized fuelling systems such as petrol pumps, electric powertrain systems lack a universal charging infrastructure and face challenges regarding battery life. This absence of a consistent power network and concerns about limited range create a sense of range anxiety among drivers, particularly during long-distance travel. As a result, the growth of the electric powertrain market is constrained by these factors, as customers may hesitate to fully embrace electric vehicles due to uncertainties regarding their range and charging capabilities. Therefore, the lack of standard availability of charging is hindering the market’s growth.
Segmentation: Electric Powertrain Market
The electric powertrain market is segmented on the basis of vehicle type, vehicle drive type, vehicle class, component, powertrain type, and sales channels.
- On the basis of vehicle type, the electric powertrain market has been segmented into hybrid and plug-in hybrid vehicle, battery electric vehicle, 48v mild hybrid vehicle, full cell electric vehicle, passenger and commercial vehicles.
- On the basis of vehicle drive type, the electric powertrain market has been segmented into front wheel drive, rear wheel drive, and all-wheel drive.
- On the basis of vehicle class, the electric powertrain market has been segmented into mid-priced, luxury.
- On the basis of component, the electric powertrain market has been segmented into battery, power electronic controller, motor/generator, converter, transmission, on-board charger, electric vehicle drive module, EV power distribution model, EV thermal systems.
- On the basis of powertrain type, the electric powertrain market has been segmented into BEV powertrain, MHEV powertrain, series hybrid powertrain, parallel hybrid powertrain, and series-parallel hybrid powertrain.
- On the basis of sales channels, the electric powertrain market has been segmented into OEM, aftermarket.
Regional Insights: Asia-Pacific Dominates the Electric Powertrain Market
Asia-Pacific dominates the global electric powertrain market owing to the robust foundation of industrialization, the significant presence of major players in the market, favourable foreign policies, and the high demand for electric vehicles contribute to the growth of the electric powertrain market.
Europe is expected to witness significant growth owing to the growing demand for electric vehicles, the presence of a robust electronic market exemplified by companies like Tesla, and the availability of expanding markets are driving factors for the electric powertrain system market growth.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-electric-powertrain-market
Recent Development
- An Indian motor vehicle parts manufacturing company, has become the first Indian firm to achieve approval for deliveries of Differential Pinion Shafts to BMW AG Munich for the electric powertrain. The order plans to deliver more than 2.5 million units by 2034.
- In July 2021 ,GKN PLC announced that the company will provide faster charging times, increased driving range, and better car performance with the development of modular 800V e-drivetrains
The Prominent Key Players Operating in the Electric Powertrain Market Include:
- Hitachi Astemo, Ltd.(U.S)
- Magna International Inc (Canada)
- Robert Bosch GmbH (Germany),
- Continental AG (Germany)
- Cummins Inc (U.S)
- BorgWarner Inc. (U.S)
- ZF Friedrichshafen AG (Germany)
- DENSO CORPORATION (Japan)
- DANA TM4 INC., (Canada)
- VALEO (France)
- Mitsubishi Electric Corporation (Japan)
- AKKA (Belgium)
- Ricardo (U.K),
- FEV Europe GmbH (Germany)
- ATESTEO GmbH & Co. KG(Germany)
- HORIBA, Ltd. (Japan)
- Applus+ (Spain)
- Intertek Group plc (U.K.)
- IAV (Germany),
Above are the key players covered in the report, to know about more and exhaustive list of electric powertrain market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Electric Powertrain Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
