“The electric powertrain market value was US$ 127.53 billion in 2024 and is likely to grow at a CAGR of 14.4% in the long run to reach US$ 285.87 billion in 2030.”
Market Dynamics
Introduction
An electric powertrain is an important element of battery electrical vehicles (BEVs) and hybrid electrical vehicles (HEVs), as it performs the function of an internal combustion engine. It includes a battery system, drive motors, conversion systems including inverters and controllers, and a transmission system. This arrangement makes electrical energy turn into mechanical motion which moves the car. They have high efficiency, are emission-free at the tailpipe, and generate little to no noise while in operation. The main benefits are decreased emissions, decreased demand for maintenance as a result of its simplicity, and applicability to renewables. They are essential in the process of delivering change in the mobility realm and the overall decarbonization of the world.
Recent Market JVs and Acquisitions:
A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:
- In October 2024, Schaeffler AG made a bid to merge with Vitesco Technologies. The merger aims to strengthen its position in the electrification sector and compete with companies like Bosch and ZF in the electric vehicle (EV) domain.
- In December 2023, BorgWarner completed the acquisition of Eldor Corporation's Electric Hybrid Systems business segment. This move expands its propulsion portfolio, particularly in high-voltage power electronics beyond inverters.
- In February 2023, ZF Friedrichshafen AG partnered with Wolfspeed to develop silicon carbide-based inverters for EV powertrains. The collaboration seeks to advance power efficiency and performance for electric mobility.
- In February 2022, Valeo acquired Siemens’ stake in the Valeo Siemens automotive joint venture. The full ownership enables Valeo to consolidate its position in EV powertrain systems?.
Recent Product Development:
- In January 2024, BorgWarner showcased its latest innovations at the SIAT 2024 expo in Pune, India. Highlights included a high-voltage hairpin motor (HVH320), a modular integrated drive module (iDM220), and an 800V silicon carbide-based inverter. The company also presented solutions for thermal management, such as high-voltage air and coolant heaters, alongside DC fast chargers and advanced battery systems.
- In January 2024, Magna International Inc. launched its next-generation eDrive systems, focusing on scalable solutions for both electric and hybrid vehicles. These systems allow modular configurations of motors, inverters, and transmissions, aimed at enhancing vehicle performance and efficiency.
- In September 2023, Valeo unveiled its latest power electronics innovations, including highly efficient inverters and heat pump systems optimized for managing thermal conditions in electric vehicles.
- In April 2023, Schaeffler AG continued to refine its electric axle systems with new eMotor technologies designed to improve energy efficiency and support sustainability goals. The company also worked on enhancing its bearing solutions to meet the unique demands of electric mobility.
- In February 2023, Magneti Marelli CK Holdings concentrated on advancing power electronics, introducing compact inverters and sophisticated battery management systems tailored to the needs of electric vehicle manufacturers.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Component Analysis
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Motor/Generator, Battery, Power Electronic Controller, Converter, Transmission and On-Board Charger.
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The battery is said to be dominated by the component type of the market for the electric powertrain market.
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Vehicle Analysis
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BEV and HEV/PHEV.
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BEV is said to be dominating the market for electric powertrains market.
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Region Analysis
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Asia-Pacific, Europe, North America, and The Rest of the World.
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Asia-Pacific is the largest and Europe is the fastest-growing region for the electric powertrain market.
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By Component Type
“Battery is said to be dominating by component type of the market during the forecast period”.
- The market is segmented into Motor/Generator, Battery, Power Electronic Controller, Converter, Transmission, and On-Board Charger.
- In the electric powertrain usage by component type, the battery takes the largest market share since it is the main power supply of electric vehicles and contributes greatly to the overall cost and performance of the vehicle. The continuing innovations in battery chemistry like lithium-ion and solid-state batteries enhance energy density, charging capability, and total system efficiency are essential prerequisites for the market. Moreover, the rise in the number of battery production plants and growth in the demand for EVs has also strengthened its position in the driver’s seat of the electric powertrain network.
- In addition, some governments enhance the development of electric mobility through grants and subsidies where the main objective is to bring down the costs of batteries. Among the primary players in the electric powertrain market, including the battery-electric vehicle and hybrid electric vehicle, the battery contributes significantly to resolving essential industry concerns like range anxiety and charging availability, which assure the battery’s market dominance.
By Vehicle Type
“BEV is said to be dominating the market during the forecast period.”
- The market is segmented into BEV and HEV/PHEV.
- BEVs are dominating due to utter dependency on electric powertrains meeting the global trends for non-emission mobility systems. BEVs do not require internal combustion engines, which leads to reduced design complexity, particularly regarding maintenance, and better energy use. Along with this, the increase in government support and subsidies along with increased stringency of emissions norms has led to BEVs becoming the largest vehicle type in the electric powertrain market.
- Used and useful yet relatively small market and experiencing competitive pressure as BEV rises in importance. I expect increased customer acceptance due to improved charging infrastructure and energy density of the battery in BEVs through the years, especially in areas with strict EV policies. The decrease in battery costs over time bowed out in combination with the inclination towards environmentally friendly systems established the BEV model above the HEV/PHEV system.
Regional Analysis
“Asia-Pacific is the largest and Europe is the fastest growing region of the market for electric powertrains during the forecast period.”
- The Asia-Pacific region dominates the electric powertrain market since the automobile giants are most active here alongside a brutal focus on EV manufacture; the government highly supports electric mobility. China tops the list followed by Japan and South Korea and China is the biggest market for EVs in the world. The region is well positioned with a battery manufacturing supply chain, adequate capital investment for EV technology research and development, and related infrastructure.
- However, Europe is the fastest growing market mainly due to higher emission norms, planned climate targets, and EV subsidies regime. Currently, most European countries are using grants and incentives for manufacturers and separately for consumers like German, Norwegian, and Dutch markets. This goal of the region to shift from the use of fossil fuels has boosted demand for electric powertrains and sustainable modes of transport in the European region.
Key Players
The market is partially fragmented across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the electric powertrain market:
Here is the list of the Top Players (Based on Dominance)
- BorgWarner
- Bosch Limited
- Mitsubishi Electric Corp
- Magna International Inc.
- Schaeffler AG
- ZF Friedrichshafen AG
- Valeo
- Nidec Corporation
- Continental AG
- Magneti Marelli Ck Holdings
Note: The above list does not necessarily include all the top players of the market.
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Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global electric powertrain market is segmented into the following categories.
Electric Powertrain Market, by Component Type
- Motor/Generator (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Battery (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Power Electronic Controller (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Converter (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Transmission (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- On-Board Charger (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Electric Powertrain Market, by Vehicle Type
- BEV (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- HEV/PHEV (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Electric Powertrain Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s electric powertrain market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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