Electric Powertrain Market: Projections and Growth Drivers
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
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o Electric Powertrain Market: Projections and Growth Drivers Market to be Worth $288.9 Billion by 2031
Global XXX Market 2024-2031 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 The Electric Powertrain Market is projected to reach $288.9 billion by 2031, growing at a CAGR of 14.7% from 2024 to 2031. The surge in demand for electric vehicles (EVs), stringent carbon emission norms, government initiatives on public transport electrification, and increasing demand for high-performance motors are primary drivers of this market's growth. However, the high purchase cost of electric vehicles remains a significant restraint. Opportunities arise from the growing EV demand in developing economies and advancements in battery technology, though challenges such as inadequate charging infrastructure and motor reliability persist. Growth Drivers of the Electric Powertrain Market Increasing Demand for Electric Vehicles The automotive industry is rapidly transitioning from fossil fuel-based vehicles to electric vehicles. Consumer preferences and lifestyle changes are significantly driving this demand. The rise in EV development, the adoption of electric buses in public transport, and the development of charging infrastructure are contributing to the surge in EV demand. For example, in January 2024, Volvo Group launched its first truck model with an electric drive. The electric powertrain, being a crucial component of EVs, sees a substantial boost from these advancements and investments in EV development and battery technology. Government Focus on Public Transport Electrification Government policies are pivotal in promoting the adoption of electric vehicles, including electric buses. Policies aimed at reducing air pollution and promoting the electrification of commercial vehicles are driving this trend. For instance, in February 2024, the Thailand Board of Investment announced tax incentives for introducing electric trucks and buses in company fleets. Similarly, the Maharashtra Electric Vehicle Policy of 2021 aims to achieve 25% electrification of public transport by 2025 in major urban areas. Such government initiatives are significantly driving the electric powertrain market. Trends in the Electric Powertrain Market Emergence of Fuel Cell Electric Vehicles Fuel cell electric vehicles (FCEVs) are gaining prominence as zero-emission vehicles. Unlike battery-electric vehicles that require hours to recharge, FCEVs can be refueled in about 10 minutes, offering convenience similar to traditional ICE vehicles without environmental harm. The scalability of hydrogen fueling infrastructures and the potential for green hydrogen Page 1 of 4 Meticulous Research| sales@meticulousresearch.com
Global XXX Market 2024-2031 production position FCEVs as a long-term sustainable solution. Several countries have begun adopting FCEVs, including buses, enhancing the demand for electric powertrain components specific to these vehicles. R&D in Rare Earth Material-free Motors Automotive manufacturers are focusing on developing green motors that do not rely on rare earth materials. Current EV motors, made with rare earth materials for their efficiency, face environmental and geopolitical challenges due to mining impacts and supply chain monopolies. Companies like Niron Magnetics and Advanced Electric Machines Ltd are pioneering rare earth material-free EV motors. This shift is driven by the need to reduce environmental impacts and reliance on geographically concentrated supply chains. Opportunities in the Electric Powertrain Market Innovations in Battery Technology Innovations in battery technology are critical for improving EV performance, reducing costs, and minimizing environmental impact. Companies are working on advancements such as solid-state batteries and sodium-ion batteries, aiming to enhance battery efficiency and reduce dependence on scarce materials. These innovations promise to decrease EV costs, deliver faster charging times, and alleviate range anxiety, thereby increasing EV adoption and creating growth opportunities for market players. Electric Powertrain Market Analysis: Key Findings By Propulsion Type In 2024, Battery Electric Vehicles (BEVs) are expected to dominate the electric powertrain market, accounting for over 72.0% of the market share. The demand for BEVs is driven by the need to reduce emissions, government policies promoting electric mobility, and a focus on developing zero-emission vehicles. Conversely, Fuel Cell Electric Vehicles (FCEVs) are projected to record the highest CAGR during the forecast period, driven by the increasing production of fuel cell electric commercial vehicles and buses. By Component The battery packs segment is anticipated to dominate the electric powertrain market in 2024, holding above 60.0% of the market share. This dominance is attributed to the focus on developing compact electric battery packs, government support for EV battery manufacturing, and advancements in battery technology. For example, in April 2024, Hyundai Motor Co. and Kia Corp. partnered with Exide Energy Solutions Ltd to localize EV battery production in India, focusing on lithium-iron-phosphate (LFP) cells. Page 2 of 4 Meticulous Research| sales@meticulousresearch.com
Global XXX Market 2024-2031 By Vehicle Type The passenger vehicles segment is expected to hold the largest share of above 63.0% of the electric powertrain market in 2024. Factors such as evolving consumer preferences, technological advancements, regulatory changes, and a focus on increasing driving range contribute to this segment's dominance. Additionally, the commercial vehicles segment is projected to record the highest CAGR of 16.5% during the forecast period, driven by the growing demand for electric buses and the electrification of commercial vehicles. Geographical Analysis In 2024, the Asia-Pacific region is expected to account for over 55.0% of the global electric powertrain market. China's dominance in the EV market, government subsidies for EV production, and the expansion of EV production in the region are key factors. For instance, in November 2023, Mahindra & Mahindra Limited partnered with Valeo to provide electric powertrains for their "Born Electric" passenger vehicle platform, focusing on localizing EV battery production. The Europe region is projected to register the highest CAGR of 16.0% during the forecast period, driven by investments in EV technology R&D, stringent emissions regulations, the presence of several EV manufacturers, and rising EV production due to increasing demand. Download @ https://www.meticulousresearch.com/download-sample-report/cp_id=5850 Sample Report Here 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.). 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? Page 3 of 4 Meticulous Research| sales@meticulousresearch.com
Global XXX Market 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 Meticulous Email- sales@meticulousresearch.com Contact Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Us: Research Sales- +1-646-781-8004 Page 4 of 4 Meticulous Research| sales@meticulousresearch.com
