HomePress-release

Redding, California - May 6, 2024

Electric Powertrain Market to be Worth $288.9 Billion by 2031

Electric Powertrain Market Size, Share, Forecast, & Trends Analysis by Propulsion Type (BEV, HEV, FCEV), Component (Motor/Generator, Battery Packs, Converters, On-board Chargers, Others), Vehicle Type (Passenger Vehicles, Commercial Vehicles, Others) & Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Electric Powertrain Market by Propulsion Type (BEV, HEV, FCEV), Component (Motor/Generator, Battery Packs, Converters, On-board Chargers, Others), Vehicle Type (Passenger Vehicles, Commercial Vehicles, Others) & Geography - Global Forecast to 2031’

According to this latest publication from Meticulous Research^®, the electric powertrain market is projected to reach $288.9 billion by 2031, at a CAGR of 14.7% from 2024 to 2031. The growth of the electric powertrain market is driven by increasing demand for electric vehicles, stringent carbon emission norms, increasing government focus on public transport electrification, and increasing demand for high-performance motors. However, the high purchase cost of electric vehicles is a factor restraining the growth of this market.

Furthermore, the rising demand for electric vehicles in developing economies and new innovations in battery technology are expected to generate growth opportunities for the stakeholders in this market. However, a lack of charging infrastructure and motor failure due to overheating, leading to reliability concerns, are major challenges impacting market growth. Additionally, the emergence of fuel cell electric vehicles and R&D in rare earth material-free motors are prominent trends in the electric powertrain market.

Based on propulsion type, the global electric powertrain market is segmented into battery electric vehicles, hybrid electric vehicles, and fuel cell electric vehicles. In 2024, the battery electric vehicles segment is expected to account for the largest share of above 72.0% of the global electric powertrain market. The segment’s large market share is mainly attributed to growing awareness regarding the role of electric vehicles in reducing emissions, increasing government policies aimed at promoting electric mobility, the growing focus of manufacturers on the development of zero-emission vehicles, and stringent government rules and regulations towards vehicle emissions. The electric powertrain is a vital component of battery electric vehicles which powers the vehicles. An increase in demand for electric vehicles is expected to drive the growth of the electric powertrain market.

However, the fuel cell electric vehicles segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the increasing focus of electric vehicle manufacturers on manufacturing fuel cell electric commercial vehicles and the rising deployment of fuel cell electric buses for public transportation. For instance, in June 2021, Tata Motors won a tender from IOCL to provide 15 FCEV buses to evaluate the potential of hydrogen-based PEM fuel-cell technology in India. The delivery of these buses heralded a new era in inter-city mass public transport and marked a step forward toward fulfilling the aspiration for sustainable mobility.

Based on component, the global electric powertrain market is segmented into motor/generator, battery packs, power electronics controllers (PCUs), converters, battery management systems, on-board chargers, fuel cell stack, fuel processor, and other components. In 2024, the battery packs segment is expected to account for the largest share of above 60.0% of the global electric powertrain market. The segment’s large share is mainly attributed to the growing focus of companies on the development of compact-sized electric battery packs, growing government support for manufacturing electric vehicle batteries, improvement in battery technology for powering electric vehicles, and the growing focus of companies on recycling electric vehicle batteries.

In addition, the increasing focus of EV players on the production of electric vehicle batteries is also contributing to the segment's large market share. For instance , in April 2024, Hyundai Motor Co (South Korea) and Kia Corp (South Korea) signed a memorandum of understanding with India's Exide Energy Solutions Ltd to supply batteries for their electric vehicles in a bid to boost competitiveness in the auto market. Under this partnership with Exide Energy, a unit of Exide Industries Ltd aims to localize their EV battery production in India, specifically focusing on lithium-iron-phosphate (LFP) cells.

However, the power electronics controllers (PCUs) segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the need for cost-effective and efficient power electronics solutions, the role of PCUs in enabling the transition to electric mobility, and the ability of power electronics controllers to efficiently control and convert electricity. In addition, advancements in semiconductor materials, like Silicon Carbide (SiC) and Gallium Nitride (GaN), led to the development of power electronics components with higher efficiencies, smaller sizes, and better thermal properties.

Based on vehicle type, the global electric powertrain market is segmented into passenger vehicles, electric two-wheelers, e-scooters & e-bikes, and commercial vehicles. In 2024, the passenger vehicles segment is expected to account for the largest share of above 63.0% of the global electric powertrain market. The segment’s large share is mainly attributed to factors such as the increasing focus of automotive manufacturers on catering to the needs of consumer evolving preferences, leveraging technological advancements to create a sustainable and competitive automotive landscape, need to align production with regulatory changes and focus on increasing driving range. For instance, HYUNDAI TRANSYS Co., Ltd. (South Korea) produces a wide range of eco-friendly EV driving systems for high efficiency in accordance with rigorous environmental control.

Moreover, the commercial vehicles segment is expected to record the highest CAGR of 16.5% during the forecast period. The commercial vehicles segment is further segmented into light commercial vehicles, medium commercial vehicles, and heavy commercial vehicles. The growth of this segment is mainly driven by the growing demand for electric commercial vehicles, such as electric buses in public transport, and the growing focus of automotive players on the electrification of commercial vehicles.

Based on geography, the electric powertrain market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 55.0% of the global electric powertrain market. The large market share of this segment is attributed to the dominance of China in the electric vehicles market, growing subsidies for EV manufacturers for production, and the growing focus of companies on expanding EV production in the region. For instance, in November 2023, Mahindra & Mahindra Limited (India) selected Valeo (France) to provide electric powertrains for their “Born Electric” passenger vehicle platform. This strategic collaboration also includes on-board charger combos for Mahindra’s electric utility vehicles.

However, Europe is projected to register the highest CAGR of 16.0% during the forecast period. This region's growth is attributed to increasing investments by leading automotive OEMs in the research and development of electric vehicle technology, the development of stringent greenhouse gas emissions regulations and policy frameworks, the presence of several EV manufacturers, and rising EV production in the region due to the growing demand for electric vehicles.

Key Players:

Some of the key players operating in the electric powertrain market are Robert Bosch GmbH (Germany), Magna International Inc. (Canada), Mitsubishi Electric Mobility Corporation (Japan), Valeo (France), DENSO CORPORATION (Japan), Hitachi Astemo, Ltd. (Japan), ZF Friedrichshafen AG (Germany), Volkswagen AG (Germany), BorgWarner Inc. (U.S.), Schaeffler AG (Germany), NIDEC CORPORATION (Japan), Marelli Holdings Co., Ltd. (Japan), Continental AG (Germany), Cummins Inc. (U.S.), and Dana Incorporated (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5850

Key questions answered in the report-

Which are the high-growth market segments based on propulsion type, component, and vehicle type?
What was the historical market for electric powertrains?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the electric powertrain market?
Who are the major players, and what shares do they hold in the electric powertrain market?
What is the competitive landscape like in the electric powertrain market?
What are the recent developments in the electric powertrain market?
What are the different strategies adopted by the major players in the electric powertrain market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global electric powertrain market, and how do they compete with the other players?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

3D Printing

5G Technology

Advanced Chemical & Materials

Agrochemicals

Algae Products

Alternative Proteins

Animal Health

Artificial Intelligence

Automotive Technologies

Big Data Analytics

Climate Technologies

Edible Insects

Electric Vehicle

Food & Agriculture Technologies

Hydrogen Technologies

Internet Of Things

In Vitro Diagnostics

Laboratory Instrumentation

Language Learning Technologies

Medical Technologies

Next Generation Technologies

Processing & Packaging Technologies

Robotics & Automation

Smart Technologies

Water & Wastewater Technologies

Miscellaneous / Others

Redding, California - May 6, 2024

Electric Powertrain Market to be Worth $288.9 Billion by 2031

Electric Powertrain Market Size, Share, Forecast, & Trends Analysis by Propulsion Type (BEV, HEV, FCEV), Component (Motor/Generator, Battery Packs, Converters, On-board Chargers, Others), Vehicle Type (Passenger Vehicles, Commercial Vehicles, Others) & Geography - Global Forecast to 2031

Recommended Readings

Advanced Chemical &
Materials

Food & Agriculture
Technologies

Next Generation
Technologies

Processing & Packaging
Technologies

Water & Wastewater
Technologies