DUBLIN, Sept. 5, 2023 /PRNewswire/ — The “Electric Powertrain Market Size, Share & Trends Analysis Report By Electric Vehicle (BEV, HEV/PHEV), By Component (Motor/Generator, Battery, Power Electronics Controller), By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global electric powertrain market is projected to achieve a size of USD 260.91 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 15.3% over the forecast period.
The significant growth in the market for pure electric and plug-in hybrid vehicles has led to an increasing demand for automotive electric powertrains. Governments around the world are taking initiatives to promote Electric Vehicles (EVs), such as the U.S. Department of Energy’s USD 400 billion investment to develop 500,000 charging outlets for electric vehicles by 2030.
Rising Sales of Electric Vehicles and Component Development
The rising sales of electric vehicles have prompted major automotive component manufacturers to focus on developing essential EV components for a competitive edge. Manufacturers are expanding their facilities in regions like Europe, China, and the U.S. For example, Nidec Corporation invested around USD 1.8 billion in 2020 to expand its electric vehicle powertrain business, establishing new facilities in Poland, China, and Mexico to produce up to 8.4 million electric motors annually.
Asia Pacific and Stringent Emission Regulations
Asia Pacific is expected to grow substantially due to increasing demand for electric vehicles and rising per capita income. Countries like China, South Korea, and India are significant automobile manufacturers. Stringent government regulations and emission norms, including BS-VI in India and China VI, are also contributing to market growth in the region.
Stringent CO2 emission regulations are becoming more demanding in the United States and Europe. To meet emission targets, Original Equipment Manufacturers (OEMs) are promoting and increasing electric vehicle sales, leading to a surge in demand for the electric vehicle powertrain market.
Electric Powertrain Market Highlights
- The motor/generator component segment is projected to witness a high CAGR of over 16.7% from 2022 to 2030 due to increasing adoption of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) globally.
- The Hybrid Electric Vehicle (HEV) and PHEV electric vehicle segment are expected to witness the highest CAGR of 15.9% over the forecast period. This can be attributed to the charging flexibility benefit these vehicles offer.
- The passenger vehicle segment dominated the market in 2022. Increasing demand for daily transportation vehicles, coupled with the adoption of electric vehicles, is driving growth in this segment.
- Asia Pacific is projected to expand at a high CAGR of more than 14.2% over the forecast period, driven by the increasing adoption of electric vehicles in countries like China and India.
Companies Mentioned
- BorgWarner Inc.
- Gentex Corporation
- Continental AG
- Cummins Inc.
- Dana Incorporated
- Hitachi Ltd
- Magna International Inc.
- Marelli Holdings Co., Ltd.
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Valeo SA
- ZF Friedrichshafen AG
The electric powertrain market is witnessing strong growth due to increasing EV adoption, government initiatives, and stringent emission regulations. Major manufacturers are focusing on component development to cater to the growing demand for electric vehicles worldwide.
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https://www.researchandmarkets.com/r/w0dr44
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