Electric Powertrain Market Size, Growth, Trends | Report 2023-2032
The global electric powertrain market was surpassed at USD 83.37 billion in 2022 and is expected to hit around USD 353.15 billion by 2032, growing at a CAGR of 15.35% from 2023 to 2032.
Key Pointers
Report Scope of the Electric Powertrain Market
| Report Coverage | Details |
| Market Size in 2022 | USD 83.37 billion |
| Revenue Forecast by 2032 | USD 353.15 billion |
| Growth rate from 2023 to 2032 | CAGR of 15.35% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | BorgWarner Inc.; Continental AG; Cummins Inc.; Hitachi Ltd; Magna International Inc.; Marelli Holdings Co., Ltd. |
The COVID-19 pandemic has affected the overall automotive industry, leading to a subsequent decline in the growth of the electric powertrain industry due to low automotive sales and new requirements. However, stringent emission norms by government agencies, such as emission standards for Greenhouse Gas (GHG) emissions by the U.S. Environmental Protection Agency (EPA), BS-VI norms in India, and China VI, are driving the market growth. The post-COVID-19 recovery in the sales of pure and hybrid electric vehicles is a prominent driving factor for the growth of the electric powertrain industry. Moreover, the mass adoption of electric cars and attractive incentives by governments for the domestic production of electric vehicles is also anticipated to boost the demand for electric powertrains globally.
Electric vehicles are the future of the automotive market as traditional fuel vehicles are expected to phase out over the coming years. These vehicles are gaining traction as they provide improved environmental benefits and lower total cost of ownership compared to their internal combustion engine vehicle counterpart. Numerous countries have come up with stringent policies to encourage the adoption of alternative fuel vehicles, including electric vehicles.
In the past decade, the automotive industry comprised of the same internal combustion engine powertrain. However, the industry now is a broad powertrain mix as it has been shifting toward more efficient and environmentally friendly transportation. The automotive powertrain portfolio is diversified and includes many pure electric and hybrid powertrains. Additionally, the overall powertrain landscape is becoming more dynamic and complex with the emergence of electric powertrains.
The growing adoption of electric powertrains can be determined by four factors: infrastructure, regulations, consumer preference, and technology. The penetration of PHEVs and BEVs would strongly determine the future adoption of electric powertrains globally. Regulations for monitoring CO2 emissions are becoming more demanding in the U.S. and Europe.
Europe has set its emission limit to 95 g/km by 2020 and an additional reduction of 37.5% by 2030, resulting in a limit of 59 g/km. Meanwhile, North America has set the emission limit to 99 g/km following Corporate Average Fuel Economy (CAFE) standards for passenger-vehicle till 2025. To efficiently meet emission targets and avoid penalties, OEMs would have to increase the sales of electrified vehicles over the coming years.
Innovations in battery technologies have made electric vehicles more competitive than conventional ICE vehicles by providing an increased range on a single charge. Batteries are an integral part of the electric powertrain system. They constitute a significant portion of the total cost of electric cars, and their cost has reduced significantly due to technological advancements, production process optimization, and economies of scale. With the price expected to decline over the forecast period, EVs are expected to reach a Total Cost Ownership (TCO) parity, paving the way for the mass-market penetration of electric vehicles.
Electric Powertrain Market Segmentations:
| By Electric Vehicle | By BEV Electric Powertrain Component | By HEV/PHEV Electric Powertrain Component |
|
BEV HEV/PHEV |
Motor/Generator Battery Power Electronics Controller Converter Transmission On-Board Charger |
Motor/Generator Battery Power Electronics Controller Converter Transmission On-Board Charger |
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Electric Vehicle Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Electric Powertrain Market
5.1. COVID-19 Landscape: Electric Powertrain Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Electric Powertrain Market, By Electric Vehicle
8.1. Electric Powertrain Market, by Electric Vehicle, 2023-2032
8.1.1 BEV
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. HEV/PHEV
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Electric Powertrain Market, By BEV Electric Powertrain Component
9.1. Electric Powertrain Market, by BEV Electric Powertrain Component, 2023-2032
9.1.1. Motor/Generator
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Battery
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Power Electronics Controller
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Converter
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Transmission
9.1.5.1. Market Revenue and Forecast (2020-2032)
9.1.6. On-Board Charger
9.1.6.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Electric Powertrain Market, By HEV/PHEV Electric Powertrain Component
10.1. Electric Powertrain Market, by HEV/PHEV Electric Powertrain Component, 2023-2032
10.1.1. Motor/Generator
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Battery
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Power Electronics Controller
10.1.3.1. Market Revenue and Forecast (2020-2032)
10.1.4. Converter
10.1.4.1. Market Revenue and Forecast (2020-2032)
10.1.5. Transmission
10.1.5.1. Market Revenue and Forecast (2020-2032)
10.1.6. On-Board Charger
10.1.6.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Electric Powertrain Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.1.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.1.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.1.4.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.1.4.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.1.5.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.1.5.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.2.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.2.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.2.4.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.2.4.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.2.5.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.2.5.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.2.6.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.2.6.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.2.7.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.2.7.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.3.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.3.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.3.4.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.3.4.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.3.5.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.3.5.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.3.6.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.3.6.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.3.7.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.3.7.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.4.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.4.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.4.4.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.4.4.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.4.5.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.4.5.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.4.6.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.4.6.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.4.7.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.4.7.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.5.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.5.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.5.4.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.5.4.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Electric Vehicle (2020-2032)
11.5.5.2. Market Revenue and Forecast, by BEV Electric Powertrain Component (2020-2032)
11.5.5.3. Market Revenue and Forecast, by HEV/PHEV Electric Powertrain Component (2020-2032)
Chapter 12. Company Profiles
12.1. BorgWarner Inc.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Continental AG
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Cummins Inc.
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Hitachi Ltd
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Magna International Inc.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Marelli Holdings Co., Ltd.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers