Electric Powertrain Market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity.
Gobal Electric Powertrain market size was estimated at USD 96.7 billion in 2023 and is projected to reach USD 233.2 billion in 2030 at a CAGR of 13.2% during the Forecast to 2030.
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The prominent players in the Electric Powertrain market are:
· BorgWarner
· Bosch Limited
· Mitsubishi Electric Corp
· Magna International Inc.
· Schaeffler AG
· ZF Friedrichshafen AG
· Valeo
· Nidec Corporation
· Continental AG
· Magneti Marelli Ck Holdings
· Tesla, Inc.
· Nissan Motor Co., Ltd.
· General Motors Company
· BMW AG
· Ford Motor Company
· Volkswagen Group and More
On the basis of vehicle, the rationale behind the notable proportion alluded to herein is primarily because of the decline in sales of Internal Combustion Engine (ICE) automobiles and the tightening of Carbon Dioxide (CO2) targets. In order to curtail pollution and ultimately lower the overall cost of ownership, it is imperative that a greater number of people purchase Battery Electric Vehicles (BEVs).
Furthermore, foreseeable advancements in battery technology coupled with declining prices of Lithium-ion batteries are expected to foster an increase in demand for BEVs in the foreseeable future. The overarching objective of these vehicles aims to enhance the efficiency of the internal combustion engine by integrating a high-voltage, low-range electric powertrain.
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These vehicles are equipped with an electric motor that is considerably more potent, as well as a battery that is significantly larger and can be externally charged. This grants consumers a flexible and user-friendly alternative.
On the basis of component, the escalating quantity of Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs) across the globe has propelled the exigency for electric motors. The electric motors installed in these vehicles can be configured in a similar fashion.
Moreover, it is likely that suppliers and Original Equipment Manufacturers (OEMs) will come together in collaborative partnerships to advance electric motors in order to capitalize on the growing impetus for electric powertrains. Among the various types of component segmentation, the battery reigns supreme. The rationale behind this is the proliferation of battery-powered cars that exhibit performance on par with their gasoline-fueled counterparts.
The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia Pacific region, which is known for its substantial contribution to the global automotive production and sales, is currently experiencing an escalating demand for electric vehicles.
Recent Developments
In August 2021, Borgwarner Inc., a leading global supplier of advanced propulsion systems, announced with great pleasure and enthusiasm a momentous and highly significant series C equity investment in Cellink Corporation, a cutting-edge and innovative bioprinting company that has been at the forefront of the rapidly evolving and dynamic field of 3D bioprinting, to facilitate and foster the company's strategic expansion and growth in the critical and pivotal area of electrification strategy, which has been identified as a top priority and key driver of the company's long-term success and prosperity.
In July 2021, the esteemed Continental AG, a multinational automotive manufacturing company renowned for its innovative and cutting-edge products, has recently introduced a novel and exceptional product into the market, which has been christened as the EMR4 (Electronics Motor Reducer) next-generation electric axle drive.
It is anticipated that the price of electric vehicles will continue to decline over the forecast period, thus paving the way for the mass-market penetration of electric vehicles and reaching a Total Cost Ownership (TCO) parity. The COVID-19 pandemic has had a profound impact on the global economy, resulting in an economic slowdown. The lockdown measures imposed in various parts of the world to curb the spread of the virus have led to disruptions in the supply chains, and several production facilities have temporarily ceased operations. The electric powertrain market is particularly vulnerable to the impact of the crisis due to its dependency on global sourcing for the core technology of its batteries.
Asia pacific to Dominate the Market:
The Asia Pacific region, which is known for its substantial contribution to the global automotive production and sales, is currently experiencing an escalating demand for electric vehicles.
As of 2021, the number of electric vehicles has remarkably increased to around 6.6 million units, which has doubled compared to the previous year. It is noteworthy that China is currently spearheading the electric vehicle market, and it has taken the lead as the largest electric powertrain market as well. It is projected by the Society of Automotive Engineering of China that the sales of electric vehicles in China may augment up to 15 million units.
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