Electric powertrain systems include the main components that generate and deliver power to the road surface for fully electric, hybrid electric, and plug-in hybrid electric vehicle applications.
The GlobalElectric Powertrain Marketis expected to witness a significant CAGR of around 15% during the forecast periodowing to the increasing demand for electric vehicles and rising incentives and subsidies by governments across the world for mass adoption and domestic production of electric vehicles. For instance, the National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid Electric Vehicles in India (FAME I and II) helped create the initial interest and exposure for electric mobility. For instance, in phase two of FAME, the government announced an outlay of USD 1.4 billion through 2022. Moreover, reducing the prices of batteries to support demand for cost-effective EVs coupled with the development of private and semi-public EV charging stations is further expected to increase the adoption of EVs during the forecast period. Thus, driving the market for electric powertrain during 2022-2028.
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Based on vehicle type, the electric powertrain market is divided into BEV and HEV/PHEV. The BEV segment is expected to witness the highest growth during the forecast period owing to the rapid investments in RD activities by industry participants to develop advanced powertrain solutions for BEVs. For instance, in October 2021, Tesla announced the use of Lithium Iron Phosphate (LFP) based batteries in all its standard range of electric cars to increase its profit margin. Further, BEVs have become an integral part of the automotive industry and represent a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases. Thus, with increased government focus on promoting EV adoption to further drive the growth of the BEVs segment.
Based on component, the electric powertrain market is categorized into motor/generator, battery, power electronics controller, converter, transmission, and onboard charger. The battery segment is expected to hold a majority share throughout the forecast period owing to the ongoing development of Lithium-Ion Batteries coupled with a higher share of batteries in overall powertrain cost. In addition, major stakeholders in the market are engaging in strategic alliances to develop and innovate EV batteries. For instance, in July 2020, Chinas electric vehicle (EV) battery maker Contemporary Amperex Technology (CATL) announced that Japanese automaker Honda will buy shares in the company to hold a 1% stake and the firms will jointly develop EV batteries.
For a better understanding of the market adoption of the electric powertrain, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. APAC grabbed the leading market share of the global automotive chips market in 2020, and it is expected to grow with considerable CAGR during the forecast period owing to the growing working population and expanding middle-class population thus creating demand for new-age electric vehicles. Furthermore, the presence of a large pool of skilled semi-skilled workforce and cost-effective manufacturing in countries like India and China along with the presence of a vast number of automobile manufacturing businesses and OEMs in the region is further expected to drive the market.
Some of the major players operating in the market include Robert Bosch GmbH, Mitsubishi Electric Corp, Magna International Inc., Continental AG, Schaeffler AG, BorgWarner Inc., ZF Friedrichshafen AG, Valeo SE, Nidec Corporation, and Magneti Marelli Ck Holdings.
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Global Electric Powertrain MarketSegmentation
Market Insight, by Vehicle Type
Market Insight, by Component
Power Electronics Controller
Market Insight, by Region
o Rest of North America
Rest of Europe
o Rest of Asia-Pacific
Rest of the World
Top Company Profiles
Robert Bosch GmbH
Mitsubishi Electric Corp
Magna International Inc.
ZF Friedrichshafen AG
Magneti Marelli Ck Holdings