Rise in sales of electric vehicles and strict vehicular emission norms drive the growth of the global electric powertrain market. Surge in infrastructural breakthroughs of EV infrastructure and technological innovations will open new avenues for the growth for the global market.
The global electric powertrain market size was valued at USD 83.66 billion in 2021, and is projected to reach USD 1,078.18 billion by 2031, growing at a CAGR of 29.1% from 2022 to 2031. The report offers detailed segmentation of the global electric powertrain market based on component, vehicle type, vehicle class, vehicle drive type, application, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights.
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Segment Review:
Based on the application, the BEV segment contributed the largest market share in 2021, accounting for more than three-fourths of the overall share of the global electric powertrain market. Moreover, this segment is predicted to retain its dominant status during the forecast timespan. In addition, the segment is projected to record the fastest CAGR of 29.5% during the forecast period. The report also provides an overall analysis of segments such as PHEV and FCEV.
Based on the component, the battery segment held the largest share in 2021, contributing nearly three-fifths of the overall share of the global electric powertrain market. Moreover, this segment is predicted to contribute the highest market share by 2031. However, the on-board charger segment is also anticipated to record the fastest growth with CAGR of nearly 34.2% during the forecast timespan. The report also provides an overall analysis of segments such as power electronic controller, motor/generator, converter, and transmission.
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Regional Insights:
Based on region, Asia-Pacific contributed toward the highest market share in 2021, accounting for nearly half of the global electric powertrain market. The region is predicted to contribute majorly toward the global market share in 2031. Moreover, the LAMEA electric power train market is slated to record the highest CAGR of 32.0% during the forecast timeline. The research also analyzes regions including Europe and North America.
Key Industry Players:
Leading players in the global electric powertrain market analyzed in the research are BorgWarner, Brusa Electronik, Robert Bosch GmbH, Continental AG, Dana Incorporated, Denso, Hitachi, Magna International Inc., Magneti Marelli Ck Holdings, Mitsubishi Electric Corp., Schaeffler AG, ZF Friedrichshafen AG, Nidec Corporation, Panasonic, Toyota Industries Corporation, Valeo, and Kelly Controls, Inc.
The report evaluates these major participants in the global electric powertrain industry. These participants have executed a spectrum of key business strategies such as the expansion of regional and customer base, product development, strategic collaborations, and joint ventures for expanding product lines in the global markets and extending the global market growth. The market research report aids the performance monitoring of each segment, positioning of each product in respective segments, and impact of new technology land product launches on the overall market size.
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The factors such as growth in trend of downsized engines, increase in sales of electric vehicles, and stringent vehicular emission norms & regulations propel the demand for electric powertrain market. However, high manufacturing costs and range anxiety & serviceability are the factors expected to hamper the market growth. In addition, rocketing infrastructural developments of EV infrastructure and advancement in technology are some of the factors that create lucrative opportunities for the electric powertrain market during the forecast period.
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