Electric Powertrain Market Size - By Component (Electric Vehicle Drive Module, EV DC/DC Converter, EV Battery Packs, EV Thermal System, EV DC/AC Inverter, EV Power Distribution Module), By Vehicle (BEV, FCEV), By Sales Channel (OEM, Aftermarket) & Forecast, 2022 - 2030

Industry Statistics

Electric Powertrain Market size exceeded USD 20 billion in 2021 and is estimated to grow at 27% CAGR during 2022 to 2030. Rising awareness about the high efficiency of electric cars will bolster the industry growth.
 

As compared to internal combustion engines, electric powertrains demonstrate several benefits, including less susceptibility to wear and tear, lower maintenance costs, and higher efficiency. E-powertrain also involves its own sets of auxiliary systems to meet the power and cooling requirements of the equipment, while using fewer components. These attributes have led to a surge in the usage of electric drivetrains and engines, due to their smaller carbon footprint.
 

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The introduction of stringent emission norms and the strong focus on accelerating electric vehicle sales will proliferate the development of e-powertrains, especially in developed nations. A notable example is a new executive order signed by the U.S. in December 2021, outlining plans for the federal government to achieve a net-zero carbon footprint by 2030. Under this plan, the government is expected to make significant investments to stimulate EV penetration, stimulating the demand for e-powertrains.
 

Despite the rapid penetration of electric vehicles, the lack of charging stations is posing concerns among consumers. Low access to lithium and other rare earth metals, which are critical to the development of EVs, is also being observed owing to major supply bottlenecks. Apart from resource and supply chain constraints, there has also been a spike in battery costs worldwide. The limited access to critical minerals and the high battery prices may hinder EV powertrain industry advancement to a certain extent.
 

Increasing complexities of electric powertrains to drive need for EV thermal systems

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In terms of component, the EV thermal system segment is anticipated to reach USD 4 billion by 2030, credited to high surrounding temperatures, EV batteries require thermal systems, refrigerant circuits, and chillers to extend their service life. The increased requirement for maintaining the efficiency of complex electric powertrains will therefore foster the demand for EV thermal systems.
 

Benefits of hydrogen as renewable fuel will augment the development of FCEV powertrains

In terms of the vehicle, the electric powertrain market value from the FCEV segment is poised to exhibit more than 33.5% gains through 2030. Hydrogen has emerged as an efficient and clean source of electricity for vehicles. As a fuel, it emits only heat and water as by-products. This characteristic allows it to have zero carbon dioxide emissions when used as a fuel source. These factors, alongside easier storage and transport of hydrogen will also promote the development of FCEV powertrains.
 

Robust EV demand worldwide expands OEM sales channel

The OEM sales channel segment from electric powertrain market is predicted to witness 27% growth rate through 2030. The escalating production of electric cars and the high emphasis on curbing carbon emissions are some of the major factors driving this growth. A considerable rise in battery-electric vehicle registrations has been witnessed worldwide. Moreover, despite restrictions to EV production during the COVID-19 crisis, the development of new energy vehicles (NEVs) is increasing steadily, which may impact electric powertrain sales through OEM channels. OEMs offer benefits such as faster response to demand, reliable quality & warranty, and timely support to customers.
 

Adoption of electric buses to make APAC a prominent market for manufacturers

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Asia Pacific electric powertrain market revenue is slated to cross USD 120 billion by 2030. The mounting EV production is a key reason behind the development of e-powertrains across the region. In 2021, EV production was registered at more than 1.36 million units in China. Many APAC countries are also focusing on electrification in the transport sector. For example, the Indian government is planning to increase the number of on-road EVs in major cities to reduce carbon emissions and decrease reliance on oil imports. Governments in the region are investing a substantial amount on the deployment of electric buses to cut down carbon emissions from the public transportation sector.
 

Product development strategies to define the industry competitive landscape

Top companies operating in the electric powertrain market are Delphi Automotive, Aisin Seiki Co., Ltd, Denso, VALEO, BorgWarner, ZF, Schaeffler AGs, UNIVANCE CORPORATION, GKN Automotive, Continental AG, Hofer Powertrain, Magna International, Robert Bosch GmbH, and JATCO Ltd.
 

These leaders are focusing on various product range expansion strategies to strengthen their foothold in the industry. For instance, in February 2021, BorgWarner launched an 800-volt electric motor for the commercial vehicle segment, enabling the company to establish a strong presence across the global market.
 

Impact of COVID-19 pandemic on electric powertrain market outlook

The COVID-19 outbreak has posed unprecedented challenges to the global automobile industry, given the supply chain crisis and raw material shortages. During the pandemic, several customers deferred plans to purchase vehicles. However, in developing countries like India, electric vehicles are gaining traction, with more customers willing to purchase an EV in 2021 as compared to a year earlier. This rising EV popularity, despite the COVID-19 disruptions, is expected to contribute to the recovery of the EV sector and boost the demand for critical components such as electric powertrain.
 

The electric powertrain market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Units and revenue in USD million from 2018 to 2030, for the following segments:

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Market Insights, By Component

• Electric Vehicle Drive Module
• EV DC/DC Converter
• EV Battery Packs
• EV Thermal System
• EV DC/AC Inverter
• EV Power Distribution Module (PDM) 
• Others

Market Insights, By Vehicle

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)

Market Insights, By Sale Channel

• OEM
• Aftermarket

Market Insights, By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Sweden
  • Norway
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa