New York, NY, March 29, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Electric Powertrain Market Share, Size, Trends, Industry Analysis Report, By Powertrain Product Type (BEV, Mild Hybrid, Series Hybrid, Parallel Hybrid, and Series-Parallel Hybrid); By Vehicle Type; By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research analysis, the global electric powertrain market size/share is anticipated to be valued at approximately USD 83.35 Billion in 2022 and is projected to hit a revenue of around USD 346.84 Billion By 2032, at a CAGR of around 15.4% between 2023 and 2032.”
What is Electric Powertrain? How Big is Electric Powertrain Market Size & Share?
- Overview
A powertrain is a set of the component inside a vehicle that generates the power required to move the vehicle forward. The electric vehicle powertrain is a key part of an Electric Vehicle. Compared to a vehicle powered by an international combustion engine (ICE), EV’s powertrain has a simple system with fewer components. The electric powertrain comprises a battery pack, DC-AC converter, electric motor, battery management system (BMS), onboard charger, and body control module (BCM).
E-powertrains produce responsive, high-quality, and comfortable drives. Automotive technologies are moving away from traditional gasoline engines and towards solutions for the powertrains of electric vehicles, which is majorly driving the electric powertrain market growth. The electric powertrain is applicable in plug-in-hybrid electric vehicles (PHEVs) and hybrid-electric vehicles (HEVs). Increasing demand for electric vehicles is one of the prominent factors propelling the electric powertrain market size.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- BorgWarner
- Bosch Limited
- Continental AG
- Dana Tm4 Inc.
- Hitachi
- Magneti Marelli Ck Holdings
- Valeo
- Nidec Corporation
- ZF Friedrichshafen AG
- Schaeffler AG
- Mitsubishi Electric Corp.
- Magna International Inc
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Market Dynamics: Key Growth Driving Factors
- Rising demand for electric vehicles is major flourishes the market growth
Strong emission norms introduced by government organizations, such as guidelines for Greenhouse Gas (GHG) emissions by the U.S. Environmental Protection Agency (EPA), China VI, and BS-VI standards in India, are fueling the growth of the market. A rise in the trend of the downsized engine and increased sales of electric vehicles are supporting the electric powertrain market sales. These vehicles are in high demand because they provide enhanced environmental advantages. Further, an increasing shift from conventional internal combustion engines in conventional automobiles to electric vehicles is expected to boost the demand for e-powertrain over the forecast period.
Recent Trends Influencing the Market
Expansion of production facilities from various companies to push electric powertrain industry growth
- Companies have been expanding their production facilities in China, Japan, as well as the US, and Europe. China is expected to become the largest market for EVs. The country is known as a global leader in the commercial vehicle segment. Thus, the electric powertrain market growth is gaining expansion in the country.
- The majority of technological obstacles have been overcome by major technological developments, particularly lithium-ion battery technology. Powertrains, including diesel-electric, full-electric, and hybrid powertrains, perform similarly to conventional types.
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Segmental Analysis
- BEV market category dominated the market in 2022
Based on powertrain product type, the BEV segment witnessed the largest electric powertrain market share. A battery electric vehicle (BEV) is a vehicle that uses only electric power. An electric powertrain charged by rechargeable batteries is the only power source of BEV. Also, A BEV needs to be linked to an electrical outlet in order to charge. Developments in battery technology and reducing costs of Lithium-ion batteries are anticipated to fuel the segment growth throughout the foreseen period.
- Car segment accounted for a significant market revenue share in 2022
By vehicle type electric powertrain market segmentation, the car category is anticipated to hold the greatest revenue share in the market due to the presence of a number of companies emphasizing electric cars. Electric motorcycles and other lightweight vehicles are predicted to gain popularity during the predicted period due to their increased demand in countries such as Asia Pacific, Europe, and the Americas. For instance, leading companies such as Volvo have introduced their electric trucks as well as firms like GM and Daimler are concentrating on electric trucks over the forecast period.
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Electric Powertrain Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 346.84 Billion |
| Market size value in 2023 | USD 95.86 Billion |
| Expected CAGR Growth | 15.4% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | BorgWarner, Bosch Limited, Continental AG, Dana Tm4 Inc., Hitachi, Magneti Marelli Ck Holdings, Valeo, Nidec Corporation, ZF Friedrichshafen AG, Schaeffler AG, Mitsubishi Electric Corp., and Magna International Inc. |
| Segments Covered | By Product Type, By Vehicle Type, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- Asia Pacific captured the largest market share in 2022
In terms of geography, for the expansion of electric vehicles, the electric powertrain market in Asia Pacific is the biggest market. China dominates the market and is a major player due to the rising demand for e-powertrains in the region. Though, there are also disadvantages to the global economy. For example, product prices are fairly high, which is a major barrier in nations with slow economic growth.
Furthermore, Europe is anticipated to become a major market for electric powertrains throughout the foreseen period owing to the presence of multiple OEMs in the area. In addition, the growing adoption of EVs in countries such as the Netherlands, Norway, France, and Sweden is expected to accelerate the market growth in the region.
Browse the Detail Report “Electric Powertrain Market Share, Size, Trends, Industry Analysis Report, By Powertrain Product Type (BEV, Mild Hybrid, Series Hybrid, Parallel Hybrid, and Series-Parallel Hybrid); By Vehicle Type; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/electric-powertrain-market
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Recent Developments
- In July 2021, Mercedes-Benz announced the acquisition of Yasa, a supplier of cutting-edge electric propulsion technologies. The company provides electric and hybrid powertrain solutions to the automotive industry. Yasa will continue to operate as a fully-owned subsidiary of Mercedes-Benz.
Important Questions Are Answered in The Report
- What will the market size and growth rate be in the forecast period?
- Which are the driving factors responsible for the growth of the market?
- What are the new opportunities by which the market will grow in the coming years?
- What are the key market trends?
- What is your overall market picture for the upcoming?
- Who are the major players in the industry?
- What are the main development strategies of market players?
Polaris Market Research has segmented the Electric Powertrain market report based on powertrain product type, vehicle type, and region:
By Powertrain Product Type Outlook
- BEV
- Mild Hybrid
- Series Hybrid
- Parallel Hybrid
- Series-Parallel Hybrid
By Vehicle Type Outlook
- Light Vehicles
- Cars
- Light Trucks
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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