Press release
Electric Powertrain Global Market Demand Status, Competitive Landscape, Top Growing Regions, Segmentations, and Leading Key Opportunity Forecast To 2033
Electric Powertrain Global Market
The electric powertrain market size 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 growth in the forecast period can be attributed to rapid urbanization and smart city initiatives, environmental awareness and sustainability goals, cost reductions and economies of scale, consumer acceptance and demand, expanding charging infrastructure. Major trends in the forecast period include product innovations, automaker commitment to electrification, infrastructure development, battery technology advancements.
Market Overview -
The electric powertrain is the collection of components that produce the necessary power to propel the vehicle and distribute it to the wheels. The primary purpose of electric powertrain is to convert direct current electricity to alternative current while driving.
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Surging Demand For Electric Vehicles Ignites Growth In The Electric Powertrain Market
The increasing demand for electric vehicles is expected to propel the electric powertrain market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. These adoptions had surged the electric vehicle demand and has led to increased production and demand for the electric powertrain that help to power EV by removing combustion engine. For instance, according to Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, an increase in demand for electric vehicles will drive the demand for electric powertrains.
Competitive 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, Denso Corporation
Magna International Unveils Etelligentreach
Major companies operating in the electric powertrain market are focusing on innovative technological solutions, such as EtelligentReach, to improve the range, efficiency, and performance of their EVs. EtelligentReach, a connected powertrain, represents a significant advancement in EV technology. This innovative system is designed to maximize vehicle range and driving dynamics, making it a compelling choice for automakers seeking to develop high-performance EVs. For instance, in December 2021, Magna International Inc., a Canada-based manufacturing company, unveiled its all-electric connected powertrain, dubbed EtelligentReach, which is expected to have a positive impact on the EV industry. By providing automakers with a high-performance, efficient, and range-enhancing powertrain solution, with its enhanced range, optimized performance, modular design, and advanced connectivity, this innovative system is poised to play a key role in shaping the future of electric vehicles.
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Key Segments -
The electric powertrain market covered in this report is segmented -
1) By Vehicle: Hybrid And Plug-In Hybrid Vehicle (HEV/PHEV), Battery Electric Vehicle (BEV), 48V Mild Hybrid Vehicle (MHEV)
2) By HEV/PHEV Powertrain Component: Motor/Generator, HV Battery, 12V Battery, Battery Management System, Controller, DC/AC Inverter, DC/DC Converter, Power Distribution Module, Idle Start-Stop, On-board Charger
3) By Component: Motor, Battery, Power Electronics Component
4) By Vehicle Types: Passenger Cars, Commercial Vehicles
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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