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Global Electric Powertrain Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmented By Based on Vehicle Type, Powertrain Component, Powertrain Type, and Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Analysis from 2023 to 2028

Published: March, 2023
ID: 10750
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Electric Powertrain Market Size (2023 to 2028)

The global electric powertrain market size is expected to be worth USD 95.50 Billion in 2023. It is expected to grow at a CAGR of 16% during the forecast period and reach a value of USD 200.58 Billion by 2028.

An electric vehicle (EV) runs on an alternate power/energy source, unlike fossil fuels such as diesel and gasoline, it runs on electricity using a battery. The electric vehicle's powertrain includes the battery, electric motor, and transmission, which help generate energy that is used to drive or move the vehicle. Electric vehicle powertrains integrated with battery electric vehicles (BEVs), which are fully electric vehicles, run 100% on electric power. Plug-in Hybrid Electric Vehicle (PHEV) powertrains can be charged from the wall-mounted power supply panel, while Hybrid Electric Vehicle (HEV) powertrains use at least two types of fuels to boost these vehicles.

The electric vehicle market has grown at a rapid rate, creating a strong demand for electric powertrains for automobiles. There has been tremendous growth in electric vehicles around the world. Major automotive component manufacturers have invested in electric axle transmissions to capitalize on growing sales of electric and hybrid vehicles to increase their market share. Companies have increased their production capacity, especially in large EV markets such as China, the United States, and the European region. The electric powertrain market is expected to face challenges in the way of supplying rare earth metals used in permanent magnets of synchronous motors, as the metals used in these motors are subject to export restrictions and tariff supply risks. In addition to the increasing development activities of electric vehicles in the global market, the depletion of oil and gas reserves is also one of the main factors driving automakers to switch from IC powertrains to electric powertrains.

Electric vehicles are the future of the automotive industry, as fossil fuels are expected to disappear in the coming decades. Therefore, alternative energy, such as electricity, is needed to power the vehicles. Several countries have formulated strict policies for alternative fuel electric vehicles. Many emission laws have been passed to reduce CO2 emissions from vehicles. An electric vehicle can reduce CO2 emissions and also decrease the consumption of fossil fuels. The global market for powertrains for electric vehicles has grown in recent years. It is expected to continue developing during the outlook period due to the increasing need for electric vehicles in the global market.

Lack of infrastructure is a major limitation in the electric powertrain market, which is acting negatively on this industrial growth.

Impact of COVID-19 on the electric powertrain market:

The electric vehicle market in the world could see a change as consumers search for affordable products amid the coronavirus, and this could lead manufacturers to resume production of conventional vehicles, resulting in the growth of the electric powertrain market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

CAGR

16%

Segments Covered

By Vehicle Type, Powertrain Component, Powertrain Type, and Region

Various Analyses Covered

Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global electric powertrain market has been segmented and sub-segmented into the following categories.

Electric Powertrain Market – By Vehicle Type:

  • Hybrid and Plug-In Hybrid Vehicle (HEV/PHEV)
  • Battery Electric Vehicle (BEV)
  • 48V Mild Hybrid Vehicle (MHEV)

48V MHEV is estimated to be the fastest-growing market for 2022 - 2027. The slowdown in diesel vehicles and restrictions on CO2 targets have boosted the market for 48-volt MHEV powertrains. According to Emission Analytics, the mass adoption of mild hybrids over BEV is an effective solution to reduce emissions. Additionally, developments and falling prices for lithium-ion batteries have boosted the market for MHEV powertrain components. The easy integration of the 48V MHEV powertrain into the architecture of an existing ICE vehicle is also boosting the respective segment in the global electric powertrain market.

Electric Powertrain Market – By Powertrain Component:

  • Motor/Generator
  • HV Battery
  • 12V Battery
  • Battery Management System
  • DC/AC Inverter
  • DC/DC Converter
  • Power Distribution Module
  • Idle Start-Stop
  • On-board Charger
  • Regenerative Braking

The motor/generator is the fastest-growing segment in the electric powertrain market by component. The main reason for this growth is the increasing number of electric vehicles every year. According to the IEA, in 2018, China deployed 1.7 million BEVs, Europe deployed 0.6 million BEVs, the United States deployed 0.6 million BEVs, and RoW deployed 0.3 million BEVs. Another reason is the product development of several major players. Cascadia Motion, a BorgWarner-owned company, developed a rear-wheel-drive system comprising two independent BorgWarner High-Voltage Hairpin (HVH) 250 electric motors and eGearDrive gear sets, each independently controlling a rear wheel. In high-performance vehicles, the use of two or more engines to improve performance also boosts the motor/generator segment.

Electric Powertrain Market – By Powertrain Type:

  • BEV Powertrain
  • MHEV Powertrain
  • Series Hybrid Powertrain
  • Parallel Hybrid Powertrain
  • Series-Parallel Hybrid Powertrain

Electric Powertrain Market – By Region:

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Europe is expected to be an important market for electric powertrains, as several OEMs are present in this region. Also, the region represents a significant part of world automotive production. This, in turn, is likely to boost the global electric powertrain market in the region during the conjecture period. The market for electric powertrains depends on the sales of electric and hybrid vehicles. Global plug-in vehicle deliveries reached 11.34,000 units in the first half of 2019, or 46% more than in 2018. In terms of volumes, the increase was 3.58,000 units, or the total plug-in vehicle market of the USA in 2018. With the increase in sales of electric vehicles, automakers are introducing more of these vehicles with advanced features. Although the growth of the Chinese market in 2018 was slow due to changes in regulatory policy, production is estimated to rebound as automakers absorb these changes with price adjustments. In the commercial vehicle segment, China remained the world leader, with more than 90% of electric buses sold in China.

KEY MARKET PLAYERS:

The global electric powertrain market is dominated by major players such as Bosch (Germany), Mitsubishi Electric (Japan), Magna (Canada), Continental AG (Germany), and Hitachi (Japan).

RECENT HAPPENINGS IN THE MARKET:

  • For connected cars, we should find solutions that are not only aimed at the single market but must be standardized for the world, said Jan-Oliver Rohrl, technical director at Bosch India.
  • Automotive component manufacturer Continental AG will begin serial production of its first fully integrated powertrain in China.
  • South Korea-based LG Electronics and auto supplier Magna International are launching a joint venture that will make key components for electric cars.
  • Mitsubishi Electric will acquire the Sharp plant to increase the production capacity of electric chips.

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FAQ's

1. What are the challenges facing the electric powertrain market?

Challenges include the cost of batteries, charging infrastructure development, concerns about range anxiety, and the need for further advancements in battery technology to improve energy density and reduce charging times.

2. What role does the battery play in the electric powertrain?

The battery is a crucial component of the electric powertrain as it stores and supplies electrical energy to power the vehicle's electric motor. Advances in battery technology, such as increased energy density, affect the range and performance of electric vehicles.

3. What types of electric powertrains are available?

Electric powertrains come in various configurations, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). Each configuration has a different level of reliance on electric power and internal combustion.

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