The global electric powertrain market size is projected to surpass around US$ 390.31 billion by 2032 and grow at a CAGR of 15.2% during the forecast period 2023 to 2032.
An electric vehicle (EV) is powered by an alternate source of energy, not like fossil fuels such as petrol and diesel, it is powered by electricity. The electric vehicle powertrain includes electric motor, battery, and transmission that help to generate power which is used to move or drive the vehicle. Electric vehicles powertrains integrated in the battery electric vehicles (BEV) that is an all-electric vehicle are 100% powered by the electric energy. Powertrains used in the plug-in-hybrid electric vehicles (PHEVs) can be charged from electricity power supply board mounted on the wall whereas, powertrains integrated in hybrid-electric vehicles (HEVs) employ two or more types of fuels to supply power to these vehicles.
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Report Highlights | Details |
Market Size | USD 390.31 Billion by 2032 |
Growth Rate | CAGR of 15.2% from 2023 to 2032 |
Largest Market | Asia Pacific |
Fastest Growing Market | Europe |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | Product, Application, Region |
Increasing sales of electric vehicles owing to stringent government norms in various regions to curb the carbon footprint along with various environmental protection laws for automotive sector expected to drive the overall market growth of electric powertrain. In the wake of same, governments of different regions also offer attractive incentives and policies to spur the adoption of electric and battery-powered vehicles in the region.
With technological development, the industry is approaching an extensive powertrain mix as the automotive industry is shifting its trend towards more efficient and environmentally friendly transportation. The overall powertrain landscape is slowly becoming dynamic and complex with the emergence of the electric powertrain. The rate of adoption of electric powertrain would be dependent on four major factors, namely technology, infrastructure, regulations, and consumer preference.
The penetration of PHEVs and BEVs would strongly determine the current as well as future adoption of electric powertrain globally. Europe and U.S. seeks rigorous regulations related to the carbon emission. Leading its way, Europe has fixed its emission limits of 95 g/km by the year 2020 and aimed at further reduction of 37.5 percent by 2030 that would result in a limit of 59 g/km. Similarly, North America has set its emission limit at over 99 g/km following passenger-vehicle Corporate Average Fuel Economy (CAFE) standards for the year 2025. To meet the targets for emission and avoid penalties, numerous OEMs have increased their focus towards electric vehicle production.
Read Also: Automotive Electronics Market Size to Hit US$ 609.61 Bn by 2032
Report Highlights
Regional Snapshots
In 2019, the Asia Pacific dominated the global electric powertrain market accounting for a revenue share of nearly 60%. Increasing purchasing power of consumer along with favorable government policies in support for the adoption of battery-powered vehicles in the region are the key factors responsible for the significant growth of the region. Furthermore, the Asian countries are focusing more on building favorable infrastructure for electric vehicles. For instance, Didi Chuxing (DiDi), based in China and the British energy, gas, and Oil Company signed a collaboration deal, aiming for the development of electric vehicles charging infrastructure in China. Such joint ventures and collaborations between various organizations in consent to develop charging infrastructure across the globe expected to boost the adoption of electric vehicles.
However, North America considered to be the prominent revenue contributor towards the growth of electric powertrain market owing to high adoption rate of electric vehicles in the region.
Key Players & Strategies
The global electric powertrain market players are prominently focusing towards new product development, merger & acquisition, and collaboration strategies to uphold their position in the global market. This in turn, has resulted in intense competition and market consolidation. For instance, in 2018, Cummins Inc. acquired Efficient Drivetrains, Inc. (EDI), a Silicon Valley-based manufacturer of hybrid and fully- electric power solutions supplying to commercial markets.
Segments Covered in the Report
By Electric Vehicle
By Component
By Regional Outlook
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