The global Electric Powertrain Market is estimated to be valued at US$ 81.7 Bn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
An electric powertrain consists of electric motor, power electronics, transmission and energy storage systems (batteries). Electric powertrains are replacing traditional internal combustion engine powertrains in various vehicles including passenger cars, commercial vehicles and industry equipment to provide emission free transportation solutions.
Market key trends:
Electric vehicle manufacturers are focusing on developing compact and lightweight electric motors with higher power output compared to conventional electric motors. High power density electric motors helps in improving the performance of electric vehicles by providing faster acceleration and torque generation. It also helps in reducing the overall weight of electric vehicles, thereby extending the driving range on a single charge. Development of such innovative electric motor technologies is expected to significantly drive the growth of electric powertrain market during the forecast period.
Segment Analysis
The electric powertrain market is segmented by component, vehicle type, and region. Based on component, the electric motor segment dominated the market in 2022 and is estimated to maintain its dominance during the forecast period. Electric motors allow high torque generation at low speeds and have less maintenance requirements compared to internal combustion engines, thereby witnessing high demand from electric vehicle manufacturers.
Key Takeaways
The global electric powertrain market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing environmental policies & regulations mandating reduced vehicular emissions.
Regional analysis
Asia Pacific region is expected to dominate the electric powertrain market during the forecast period. This is primarily attributed to the increased adoption of electric vehicles in China and increasing investments by major automakers in developing affordable electric vehicles in countries such as India.
Key players
Key players operating in the electric powertrain market are Borgwarner Inc., Continental Ag, Magna International Inc., Marelli Holdings Co Ltd., Mitsubishi Electric Corporation, Nidec Corporation, Robert Bosch Gmbh, Schaeffler Group Usa Inc., and Valeo Sa. The market leaders are focusing on new product development and partnerships with automakers to gain a competitive advantage in the market.
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