Electric Powertrain Market Sales to Expand at CAGR of 27%; Rise in MHEV and BEV Powertrain Type Segment

The growth of the market is primarily driven by government regulations that demand stringent vehicular emissions standards.

New York, April 19, 2023 (GLOBE NEWSWIRE) -- The electric powertrain market size is projected to surpass around USD 1,015 billion by 2032 from US$ 103 billion in 2022 and it is poised to reach a CAGR of 27% from 2023 to 2032. The electric powertrain systems include the chief components that provide and generate power to the road surface for fully electric, plug-in electric, and hybrid electric vehicle applications. Instead of an internal combustion engine, all-electric cars use electric motors which possess massive traction batteries.

Electric Powertrain Market

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Key Takeaway:

  • By Electric Vehicle Type, the BEV segment generated a revenue share of 72% in 2022.
  • By Powertrain Type, the MHEV segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
  • In 2022, Asia Pacific dominated the market with the highest revenue share of 57%.
  • Europe will grow at a significant CAGR from 2023-2032.

The prices of oil increase substantially due to the growing CO2 emissions, which result in global warming and lead to the gradual depletion of global oil deposits. Therefore, the green energy trend is rising for energy saving and environmental protection. The e-powertrain concentrates on low energy consumption and reducing carbon emissions. Hence, increasing awareness about global warming will likely boost the growth of the market. The factors such as the technological advancements in battery production technology, the adoption of light-weighted driving shafts, and a rise in demand for enhanced driving experiences will increase the growth of the global electric powertrain market.

Factors affecting the growth of the electric powertrain market

There are several factors that can affect the development of the electric powertrain market. Some of these factors include:

  • Rising Prices of Fuel: The rising prices of fuel will likely facilitate the growth of the global biopsy devices market.
  • Stringent Regulations: The main factor driving the growth of the market is stringent regulation for vehicular emissions by the government.
  • Increasing Demand for Electric Vehicles: Increasing demand for electric vehicles leads to a boost the market growth.
  • Design-to-Cost Approach: The design-to-cost approach is expected to further boost the growth of the market.
  • Increasing Awareness About Global Warming: Increasing awareness about global warming results in the growth of the market.

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Top Trends in Global Electric Powertrain Market

Original equipment manufacturers are widely developing an electric vehicle design-to-cost approach for the electric vehicle powertrain simulation, and this trend was generally produced in second-generation electronic vehicles. The DTC approach concentrates on major factors like component integration in the e-powertrain and smarter use of light weighted materials in the structural parts. The manufacturers are concentrating on developing native platforms for electric vehicles. Non-native electric vehicles limit in energy capacity, while native electric vehicles have optimized battery packaging and larger interior space. Hence, manufacturers are undertaking huge investments in these areas. This will have a good impact on the growth of the market.

Market Growth

Particularly in emerging countries, the continuous surges in fuel prices and environmental concerns result in a huge shift of customers towards electric mobility solutions. Therefore, auto manufacturers have concentrated on the development of compact and lightweight e-powertrain solutions, which are helpful for daily transportation. Furthermore, several government policies, the mass adoption of electric vehicles, and incentives for government support are estimated to increase market growth.

Regional Analysis

Asia Pacific held the largest revenue share of 57% of the market. The automobile manufacturers in these regions are the countries such as South Korea, China, India, and Japan. Emissions norms, as well as stringent government regulations, are the key factors that will likely solve the global warming problem. This is projected to cause an upsurge in the growth of the market in Asia-Pacific.
Europe is projected to grow its market at a significant CAGR during the forecast period owing to the presence of original equipment manufacturers in the market. Numerous countries like Sweden, Norway, Netherlands, and France have observed the huge implementation of electronic vehicles. This will likely enhance the growth of the market in Europe.

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Competitive Landscape

Many international electric vehicle manufacturers are investing and increasing their production units in numerous regions. Magna International Inc. declared its expansion in Slovakia, Europe, in August 2020. The company introduced the construction of a manufacturing facility in Slovakia to develop powertrain metal-forming solutions.

Scope of the Report

Report AttributeDetails
Market Value (2022)USD 103 Billion
Market Size (2032)USD 1,015 Billion
CAGR(2023 to 2033)27%
Asia Pacific Revenue Share57%
Historic Period2016 to 2022
Base Year2022
Forecast Year2023 to 2032

Market Drivers

Rising carbon emissions levels from various automobiles lead to severe depletion of the quality of air, which rigorously affects human health as well as the environment. Therefore, around the globe, several government bodies have applied several stringent regulations on automotive manufacturers. These factors have influenced manufacturers to deliver cost-effective substitutions for customers by increasing R&D for electric vehicles, and this has propelled the growth of the market.

Market Restraints

Procurement of battery elements is a major factor that reduces the implementation of electric vehicles worldwide. Cobalt and lithium are the major elements of the Battery and are available in a few regions. Lithium was obtained in Latin America, China, and Australia. However, cobalt is generally found in DRC. It is hard to procure these elements. Additionally, numerous government norms that control the supply chain and transportation costs made it hard to procure the elements. Furthermore, it is challenging to make a battery cost-effective and high performing, and this resulted in less attractive and costlier electric vehicle production.

Market Opportunities

The key players in the market are emerging electric care as it is gaining huge popularity. Many traditional car companies are investing in the production of electric cars due to the huge profit in the market, and this will result in the growth of the global electric powertrain market. Likewise, the strict emission rules, increasing prices of fuel, and increasing sales of electric cars awareness regarding the environment will increase market expansion. For instance, Renault group and Bosch car companies have taken the initiative to concentrate on adding electrified vehicles in their product lines and implement vehicle electrification. This is likely to enhance the demand for vehicle electrification.

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Report Segmentation of the Electric Powertrain Market

Electric Vehicle Type Insight

The BEV segment held the largest revenue share of over 72% due to the increased sales of ICE vehicles and the restriction on CO2 targets. BEV stands for battery electric vehicle. It needs to be plugged into a power source to charge because it is a vehicle that is charged completely by electric energy. Additionally, the reduction in prices of Lithium-ion batteries and innovations in battery technology was projected to drive the demand for BEVs during the forecast period 2023-2032.

Powertrain Type Insight

48V MHEV was likely to have the largest share of 39% of the market. MHEV stands for a mild hybrid electric vehicle during the forecast period. The growth of the segment was driven because of the restrictions on CO2 targets and the reduction in diesel-powered vehicles. The high adoption of mild hybrids in place of BEVs is an effective solution to decrease emissions, as per the emission analytics. Similarly, the easy addition of a 48V MHEV powertrain into a current ICE vehicle architecture has grown the market in mild hybrid vehicles. Moreover, the expansion of Lithium-ion batteries, along with cost reduction, has enhanced the MHEV powertrain segment market.

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Market Segmentation

Based on Electric Vehicle Type

  • BEV Component
    • Motor/Generator
    • Power Electronics Controller
    • Battery
    • Converter
    • Other BEV Component
  • HEV/PHEV Component
    • Motor/Generator
    • Power Electronics Controller
    • Battery
    • Converter
    • Other HEV/PHEV Components
  • 48V MHEV Component
    • 12V Battery
    • 48V Battery
    • Battery Management System
    • Other 48V MHEV components

Based on Powertrain Type

  • MHEV Powertrain
  • BEV Powertrain
  • Parallel Hybrid Powertrain
  • Series Hybrid Powertrain
  • Series-Parallel Hybrid Powertrain

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Market Key Players:

  • BorgWarner Inc.
  • Schaeffler AG
  • Magna International Inc.
  • Continental AG
  • Marelli Holdings Co., Ltd.
  • ZF Friedrichshafen AG
  • Robert Bosch
  • GNK Ltd.
  • Cummins, Inc.
  • Nidec Corporation
  • Mitsubishi Electric Corporation
  • Other Key players

Recent Development of the Electric Powertrain Market

In July 2021- Mercedes-Benz, which is a German automaker, declared its acquisition of Yasa, it is a next-generation electric drive technology. The company offers hybrid and electric powertrain solutions to the automotive industry. Yasa will continue to operate as a subsidiary of Mercedes-Benz.

In July 2021- A expert in powertrain as well as automotive development for hardware and software, FEV, entered into a long-term agreement with Hyliion, which is an electronic powertrain provider. This partnership is estimated to support the integration, development, design, and production validation of its Electric Range Extender for class-8 tractor-trailer applications.

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