The global electric powertrain market size is expected to reach USD 654.95 billion by 2028, registering a CAGR of 33.5% over the forecast period, according to a new report by Grand View Research, Inc. The market for pure electric and plug-in hybrid vehicles has been growing significantly, in turn, creating an increasing demand for automotive electric powertrains. Governments in various countries are taking initiatives to promote the development of Electric Vehicles (EVs). For instance, in 2020, the U.S. Department of Energy announced a public investment of USD 400 billion in clean energy. The investment would help develop 500,000 charging outlets for electric vehicles by the end of 2030.
The rising sales of EVs have propelled prominent automotive component manufacturers to aggressively focus on developing essential EV components to gain a competitive edge. Prominent manufacturers in the market are primarily focusing on enhancing their facilities in countries, such as China and the U.S. For instance, in February 2020, Nidec Corporation invested around USD 1.8 billion to expand its EV powertrain business. The company’s three new facilities located in Poland, China, and Mexico would deliver up to 8.4 million electric motors every year.
Asia Pacific is projected to grow at a substantial CAGR over the forecast period owing to the increase in demand for EVs and the rise in the per capita income of people. Countries, such as China, South Korea, and India, are among the prominent manufacturers of automobiles. Stringent government regulations and emission norms, including BS-VI in India, are also expected to contribute to the growth of the Asia Pacific market. However, the COVID-19 pandemic has interrupted the ten consecutive years of robust growth of EVs, mainly impacting sales in countries, such as China. With factory shutdowns, declining vehicle sales, and decreasing use of public transit, the automotive supply chains have been heavily disrupted by the pandemic. Europe is a crucial market for electric powertrains and holds a substantial share of automotive production. Countries, such as Finland, Norway, Sweden, and the Netherlands, have the highest adoption rate of EVs in the world. This, along with the presence of several automotive OEMs, is estimated to drive market growth in Europe.
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The motor/generator component segment is anticipated to witness the fastest CAGR from 2021 to 2028
The growth is credited to the increasing penetration of BEVs and PHEVs across the globe
The HEV/PHEV segment is anticipated to witness the highest CAGR exceeding 36% over the forecast period
This growth can be attributed to the charging flexibility benefits offered by these vehicles
Asia Pacific is expected to expand at a high CAGR of more than 34% over the forecast period
The regional market is driven by the increasing adoption of EVs in countries, such as China and India
Grand View Research has segmented the global electric powertrain market on the basis of electric vehicle, component, and region:
Electric Powertrain EV Outlook (Volume, Units; Revenue, USD Billion, 2016 - 2028)
BEV Electric Powertrain, By Component (Volume, Units; Revenue, USD Billion, 2016 - 2028)
Power Electronics Controller
HEV/PHEV Electric Powertrain, By Component (Volume, Units; Revenue, USD Billion, 2016 - 2028)
Power Electronics Controller
Electric Powertrain Regional Outlook (Volume, Units; Revenue, USD Billion, 2016 - 2028)
Rest of the World
List of Key Players of Electric Powertrain Market
Mitsubishi Electric Corp.
Magna International Inc.
ZF Friedrichshafen AG
Magneti Marelli CK Holdings
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