Electric Powertrain Global Market Report 2024

The global electric powertrain market has grown exponentially in recent years. It will grow from $102.35 billion in 2023 to $137.45 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to technological support and research, the shift in the automotive industry, infrastructure development, and consumer demand for sustainable mobility.

The global electric powertrain market is expected to see exponential growth in the next few years. It will grow to $419.52 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%. The projected growth in the forecast period can be attributed to rapid urbanization and the implementation of smart city initiatives, increasing environmental awareness, and sustainability goals. Additionally, cost reductions and economies of scale, along with growing consumer acceptance and demand, contribute to this growth. The expansion of charging infrastructure further supports the trend. Major trends expected in this period include continuous product innovations, a strong commitment from automakers to electrification, ongoing development of charging infrastructure, and advancements in battery technology to enhance electric vehicle performance.

The electric powertrain market is on a trajectory of substantial growth, propelled by the increasing demand for electric vehicles (EVs) globally. Electric vehicles, which rely on motors powered by electricity stored in batteries, have experienced a surge in adoption. This surge is attributed to various factors, including efforts to combat the COVID-19 pandemic and the ambitious goal of achieving net-zero emissions. As a result, there has been a significant uptick in the adoption of EVs and hybrid vehicles. The heightened demand for electric vehicles has led to increased production and, consequently, a rising demand for electric powertrains. Notably, data from the Global EV Outlook 2022 report reveals a doubling of EV sales in 2021, reaching an impressive 6.6 million units. The global sales of electric cars in 2021 surged to 6,600,000 units from 2,980,000 units in the preceding year. Therefore, the escalating demand for electric vehicles stands as a primary driver for the electric powertrain market.

The electric powertrain market is poised for growth, driven by the growing investment in research and development (R&D) within the automobile sector. R&D investment signifies that companies operating in the automobile industry are dedicating resources and funds to advance technologies and products. In the context of electric powertrains, R&D investments are aimed at enhancing the efficiency, range, and overall performance of electric vehicles. This strategic investment is instrumental in making electric vehicles more affordable, extending their ranges, and optimizing their performance. Notably, recent reports from the European Automobile Manufacturers Association highlight a positive trend in R&D investment in the automotive sector. In 2021, the European Union's investment in automotive R&D experienced a 0.5% increase, reaching an annual total of $66.783 billion (€59.1 billion). The growing R&D investment in the automobile sector emerges as a key driver fostering the growth of the electric powertrain market.

Major players in the electric powertrain market are placing a significant emphasis on innovative technological solutions to enhance the range, efficiency, and performance of electric vehicles. One notable example is EtelligentReach, a connected powertrain that represents a remarkable advancement in electric vehicle technology. Engineered to maximize vehicle range and driving dynamics, EtelligentReach is gaining prominence as a compelling choice for automakers striving to develop high-performance EVs. In December 2021, Magna International Inc., a Canada-based manufacturing company, unveiled this all-electric connected powertrain. EtelligentReach stands out for its enhanced range, optimized performance, modular design, and advanced connectivity. With the potential to reshape the future of electric vehicles, this innovative system underscores the industry's commitment to technological advancements and delivering high-performance electric powertrains.

Major companies in the electric powertrain market are actively engaged in developing new technologies to fortify their market positions. A notable example is the focus on parallel hybrid powertrain technology, exemplified by the efforts of US Hybrid, a US-based designer and manufacturer of power conversion systems. In May 2022, US Hybrid introduced near-zero-emission, natural gas-powered parallel hybrid powertrain technology designed for drayage and long-haul trucks. This innovative technology boasts features such as increased power, extended range, and an efficient powertrain compared to conventional diesel-powered engines or alternative compressed natural gas (CNG) and renewable natural gas (RNG) solutions. The introduction of parallel hybrid powertrain technology underscores the commitment to providing near-zero-emission solutions for long-haul fleet operators, offering enhanced flexibility and convenience through innovative technological advancements.

In May 2021, Cosworth, a renowned UK-based company specializing in high-performance internal combustion engines and powertrains, successfully acquired Delta for an undisclosed amount. This strategic acquisition empowers Cosworth to meet the evolving needs of its clients, particularly as the automotive industry transitions towards hybrid, electric vehicle (EV), and fuel cell configurations. Delta, a UK-based company with expertise in electric powertrains, brings valuable capabilities to complement Cosworth's portfolio in the dynamic automotive landscape.

Major companies operating in the electric powertrain market report are Bosch Ltd., Mitsubishi Electric Corp., Magna International Inc., Hitachi Astemo Americas Inc., Schaeffler AG, Valeo, Nidec Corporation, Marelli Holdings Co Ltd., Panasonic Corporation, Brusa Elektronik AG, Cummins Inc., ZeroAvia Inc., Damon Motors Inc., eLeapPower Co. Ltd., Tesla Inc., General Motors, BYD Auto Co. Ltd., Volkswagen AG, SAIC-GM-Wuling Automobile, Stellantis N.V., Hyundai Motor Company, BMW AG, Zhejiang Geely Holding Group Co. Ltd., Renault-Nissan-Mitsubishi Alliance, GAC Motor, Chery Automobile Co. Ltd., Polestar, Changan Automobile Co. Ltd., Dongfeng Motor Corporation, and Denso Corporation.

Europe was the largest region in the electric powertrain market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric powertrain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key categories within the electric powertrain for vehicles include hybrid and plug-in hybrid vehicles (HEV/PHEV), battery electric vehicles (BEV), and 48V mild hybrid vehicles (MHEV). Plug-in hybrid electric vehicles (PHEVs) utilize cells to drive the motor and an additional fuel source, such as gasoline, to operate an internal combustion engine (ICE). These hybrid and plug-in hybrid vehicles are integral to transportation and commuting needs. Components of HEV/PHEV systems encompass the 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, featuring motor and battery elements. These systems find application in both passenger cars and commercial vehicles.

This report 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.

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 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.


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