The Electric Powertrain Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Powertrain Global Market Report 2024, The electric powertrain market size has grown exponentially in recent years. It will grow from $102.35 billion in 2023 to $137.45 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to technological support and research, automotive industry shift, infrastructure development, consumer demand for sustainable mobility..
The electric powertrain market size is expected to see exponential growth in the next few years. It will grow to $419.52 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%. The growth in the forecast period can be attributed to rapid urbanization and smart city initiatives, environmental awareness and sustainability goals, cost reductions and economies of scale, consumer acceptance and demand, expanding charging infrastructure.. Major trends in the forecast period include product innovations, automaker commitment to electrification, infrastructure development, battery technology advancements..
The increasing demand for electric vehicles is expected to propel the electric powertrain market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. These adoptions had surged the electric vehicle demand and has led to increased production and demand for the electric powertrain that help to power EV by removing combustion engine. For instance, according to Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, an increase in demand for electric vehicles will drive the demand for electric powertrains.
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The electric powertrain market covered in this report is segmented –
1) By Vehicle: Hybrid And Plug-In Hybrid Vehicle (HEV/PHEV), Battery Electric Vehicle (BEV), 48V Mild Hybrid Vehicle (MHEV)
2) By HEV/PHEV Powertrain Component: Motor/Generator, HV Battery, 12V Battery, Battery Management System, Controller, DC/AC Inverter, DC/DC Converter, Power Distribution Module, Idle Start-Stop, On-board Charger
3) By Component: Motor, Battery, Power Electronics Component
4) By Vehicle Types: Passenger Cars, Commercial Vehicles
Major companies operating in the electric powertrain market are focusing on innovative technological solutions, such as EtelligentReach, to improve the range, efficiency, and performance of their EVs. EtelligentReach, a connected powertrain, represents a significant advancement in EV technology. This innovative system is designed to maximize vehicle range and driving dynamics, making it a compelling choice for automakers seeking to develop high-performance EVs. For instance, in December 2021, Magna International Inc., a Canada-based manufacturing company, unveiled its all-electric connected powertrain, dubbed EtelligentReach, which is expected to have a positive impact on the EV industry. By providing automakers with a high-performance, efficient, and range-enhancing powertrain solution, with its enhanced range, optimized performance, modular design, and advanced connectivity, this innovative system is poised to play a key role in shaping the future of electric vehicles.
The electric powertrain market report table of contents includes:
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