According to the latest report by Reports and Data, the global electric powertrain market size was USD 71.51 billion in 2023 and is projected to grow at a revenue CAGR of 13% over the forecast period.
The increasing demand for electric powertrains is attributed to a variety of factors. Growing concerns about air pollution caused by the automotive industry have led to an increase in demand for greener automobiles. Electric cars are environmentally friendly and sustainable as they emit no harmful gases or pollutants, making them an ideal choice for consumers who prioritize the environment.
The automobile sector's profitability has been impacted by rising fuel prices and the volatility of the global oil market, and automakers are experimenting with new ways to power their vehicles. Electric powertrains have emerged as a viable option as they are more efficient and cost-effective than traditional internal combustion engines, which has attracted automakers' interest.
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Some of the prominent players profiled in the global electric powertrain market include Continental AG, BorgWarner Inc., Magna International Inc., ABB Ltd., Valeo SA, Allison Transmission Inc., DENSO Corporation, Robert Bosch GmbH, General Electric Company, and GKN PLC
Technical advancements and increased RD spending have resulted in more powerful and effective electric powertrains. To meet the performance expectations of modern customers, advanced electric powertrains capable of powering high-performance electric vehicles and reducing charging times have been developed.
The demand for electric powertrains is expected to continue to rise due to the trend towards more environmentally friendly transportation. The market is predicted to grow substantially in the coming years, with increasing popularity of electric cars and technical advancements contributing to global revenue growth. The development of increasingly advanced electric powertrains capable of meeting modern customers' performance expectations is expected to be critical to market revenue growth.
The report highlights some key findings, including that the passenger vehicle segment is expected to contribute the most to revenue during the forecast period. Increased demand for electric vehicles due to their environmental friendliness, lower running costs, and government incentives and restrictions is driving the market for passenger automobiles. The popularity of electric cars among consumers, their awareness of carbon emissions and the need to reduce them, and the growing popularity of ride- and car-sharing services are also driving demand for electric powertrains in passenger cars.
The battery segment is expected to generate the most revenue during the forecast period due to the increasing need for high-performance batteries in electric cars. Improvements in battery technology, such as the development of lithium-ion batteries, have accelerated electric vehicle adoption by improving their efficiency, reliability, and cost.
The Asia Pacific market is expected to account for the greatest revenue share over the forecast period due to increased demand for Electric Vehicles (EVs) in countries such as China, India, and Japan. China is likely to dominate the region's industry due to government programs promoting EV use and investments by key automotive firms. India is also expected to experience significant revenue growth in the electric powertrain market due to government initiatives encouraging the adoption of EVs and a growing consumer base.
To enhance its product offerings in the electric powertrain market, ABB Ltd. acquired the French software company CORYS SAS in 2021. BorgWarner Inc. also announced the acquisition of Delphi Technologies in 2020, valued at around USD 3.3 billion, to increase its services in the electric powertrain market.
For the purpose of this report, Reports and Data has segmented the global electric powertrain market on the basis of Vehicle Type Outlook, Component Outlook, and Regional Outlook:
Vehicle Type Outlook (Revenue, USD Billion; 2023 - 2032)
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Component Outlook (Revenue, USD Billion; 2023 - 2032)
- Battery
- Electric Motor
- Power Electronics
- Other
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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