Summary
Major players in the electric powertrain market are Bosch Limited, Mitsubishi Electric, Magna Internationls, Hitachi Astemo Americas Inc., Schaeffler AG, Valeo, Nidec Corporation, Marelli Holdings Co Ltd., Panasonic, Brusa Electronik, Cummins Inc., ZeroAvia, Damon Motors, and eLeapPower.
The global electric powertrain market is expected to grow from $77.16 billion in 2022 to $104.24 billion in 2023 at a compound annual growth rate (CAGR) of 35.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electric powertrain market is expected to reach $321.6 billion in 2027 at a CAGR of 32.5%.
The electric powertrain market consists of sales of engine, transmission, driveshaft, differentials, axles, emissions control, exhaust, and engine cooling systems that are included in electric powertrain.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The electric powertrain is the collection of components that produce the necessary power to propel the vehicle and distribute it to the wheels. The primary purpose of electric powertrain is to convert direct current electricity to alternative current while driving.
Europe was the largest region in the electric powertrain market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the electric powertrain report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main electric powertrain vehicle are hybrid and plug-in hybrid vehicle (HEV/PHEV), battery electric vehicle (BEV), and 48v mild hybrid vehicle (MHEV).PHEVs are plug-in hybrid electric vehicles that use cells to run the motor and another fuel, such as gasoline, to power an internal combustion engine (ICE).
The hybrid and plug-in hybrid vehicle are used for transportation and commuting.The HEV/PHEV components are motor/generator, HV battery, 12v battery, battery management system, controller, DC/AC inverter, DC/DC converter, power distribution module, idle start-stop, and on-board charger, that have motor, and battery.
It is used in passenger cars and commercial vehicles.
The increasing demand for electric vehicles is expected to propel the electric powertrain market going forward.Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries.
Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted.These adoptions had surged the electric vehicle demand and has led to increased production and demand for the electric powertrain that help to power EV by removing combustion engine.
For instance, according to Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, an increase in demand for electric vehicles will drive the demand for electric powertrains.
Innovations in battery technologies are a key trend gaining popularity in the electric powertrain market.Major players operating in the market are focused on developing innovative battery technologies to strengthen their market position.
For instance, in May 2020, General Motors Co., a US-based automotive manufacturing company, launched new ultium batteries. It comprises pouch-style cells that can be stacked vertically or horizontally inside the battery pack. The ultium energy options vary from 50 to 200 kWh, which might allow for a GM-estimated range of up to 400 miles or more on a full charge, with 0 to 60 mph acceleration as fast as 3 seconds.
In May 2021, Cosworth, a UK-based specializing in high-performance internal combustion engines and powertrains, acquired Delta for an undisclosed amount.With this acquisition and Delta’s expertise, Cosworth can fulfill its clients’ evolving needs as they move to hybrid, EV, and fuel cell configurations.
Delta is a UK-based company specializing in the manufacturing of electric powertrains.
The countries covered in the electric powertrain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The electric powertrain market research report is one of a series of new reports that provides electric powertrain market statistics, including electric powertrain industry global market size, regional shares, competitors with a electric powertrain market share, detailed electric powertrain market segments, market trends and opportunities, and any further data you may need to thrive in the electric powertrain industry. This electric powertrain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
