The electric vehicle drivetrain market is expected to grow from US$54.941 billion in 2024 to US$120.330 billion in 2029 at 16.98% (CAGR).
An electric vehicle (EV) drivetrain comprises components including electric motors, controllers, and batteries that transmit power to the driving wheels. The system varies depending on the type of electric vehicle and plays an integral role in establishing a link between the primary power source of the vehicle and the wheels. The ongoing transition towards electric mobility, followed by strategic investment to bolster it, is majorly driving the demand for drivetrain systems.
Furthermore, the ongoing technological innovations in electric vehicle driving backed by government support and subsidies to bolster EV adoption have furthered the market growth prospects. Major economies with high potential for EV adoption are expected to witness significant growth in such technology. However, the architecture of the drivetrain used in electric vehicles differs from the ones in traditional vehicles as it requires precise structuring to manage speed and torque. Hence, such customized build-up can act as a major obstacle to the market growth.
According to the International Energy Agency, in 2023, nearly 14 million electric vehicles were registered globally, bringing the total on-road volume to 40 million. Moreover, EV sales in the same year were 3.5 million higher than the preceding year, thereby showing 35% year-over-year growth. Additionally, the same source specified that the percentage share of electric cars in overall vehicle sales globally increased from 14% in 2022 to 18%, showcasing significant growth in EV adoption.
The same source also stated the booming automotive sector in the economy is mainly attributed to the growing electric vehicle sales in the country. Hence, favorable investment to bolster EV production & adoption, followed by the well-established presence of major EV companies, namely BYD INC. and Xpeng Inc., are acting as additional driving factors for the regional market growth.
North America and Europe are anticipated to show remarkable growth fueled by the favorable efforts of the EV manufacturers to bolster their EV fleets and improve their driving technology. These major players are namely Tesla, Volvo, BMW, and Stellantis N.V. The South American and MEA regions will account for a minimal market share during the period.
An electric vehicle (EV) drivetrain comprises components including electric motors, controllers, and batteries that transmit power to the driving wheels. The system varies depending on the type of electric vehicle and plays an integral role in establishing a link between the primary power source of the vehicle and the wheels. The ongoing transition towards electric mobility, followed by strategic investment to bolster it, is majorly driving the demand for drivetrain systems.
Furthermore, the ongoing technological innovations in electric vehicle driving backed by government support and subsidies to bolster EV adoption have furthered the market growth prospects. Major economies with high potential for EV adoption are expected to witness significant growth in such technology. However, the architecture of the drivetrain used in electric vehicles differs from the ones in traditional vehicles as it requires precise structuring to manage speed and torque. Hence, such customized build-up can act as a major obstacle to the market growth.
Electric Vehicle Drivetrain Market Drivers:
- The growing electric vehicle transition has accelerated the market expansion.
According to the International Energy Agency, in 2023, nearly 14 million electric vehicles were registered globally, bringing the total on-road volume to 40 million. Moreover, EV sales in the same year were 3.5 million higher than the preceding year, thereby showing 35% year-over-year growth. Additionally, the same source specified that the percentage share of electric cars in overall vehicle sales globally increased from 14% in 2022 to 18%, showcasing significant growth in EV adoption.
Electric Vehicle Drivetrain Market Geographical Outlook:
- Asia Pacific is expected to account for a significant market share during the given time frame.
The same source also stated the booming automotive sector in the economy is mainly attributed to the growing electric vehicle sales in the country. Hence, favorable investment to bolster EV production & adoption, followed by the well-established presence of major EV companies, namely BYD INC. and Xpeng Inc., are acting as additional driving factors for the regional market growth.
North America and Europe are anticipated to show remarkable growth fueled by the favorable efforts of the EV manufacturers to bolster their EV fleets and improve their driving technology. These major players are namely Tesla, Volvo, BMW, and Stellantis N.V. The South American and MEA regions will account for a minimal market share during the period.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
The Electric Vehicle Drivetrain market is segmented and analyzed as given below:
- By Component
- Battery
- Controller
- Transmission
- Electric Motor
- By Type
- Fron-Wheel Drive (FWD)
- Rear-Wheel Drive (RWD)
- All-Wheel Drive (AWD)
- Four-Wheel Drive (4WD)
- By Vehicle
- PHEV
- BEV
- FCEV
- HEV
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
- North America
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. ELECTRIC VEHICLE DRIVETRAIN MARKET BY COMPONENT
6. ELECTRIC VEHICLE DRIVETRAIN MARKET BY TYPE
7. ELECTRIC VEHICLE DRIVETRAIN MARKET BY VEHICLE
8. ELECTRIC VEHICLE DRIVETRAIN MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
Some of the key companies profiled in this Electric Vehicle Drivetrain Market report include:- AISIN CORPORATION
- DENSO CORPORATION
- Hexagon AB
- ZF Friedrichshafen AG
- Magna International Inc.
- Valeo
- BorgWarner Inc.
- MITSUBISHI MOTORS CORPORATION
- Hitachi Astemo, Ltd.
- Schaeffler AG
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 140 |
Published | September 2024 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 54.94 billion |
Forecasted Market Value ( USD | $ 120.33 billion |
Compound Annual Growth Rate | 16.9% |
Regions Covered | Global |
No. of Companies Mentioned | 11 |