Electric Vehicle Powertrain Market Size, Share, Growth Analysis, By component(Electric Motor, Inverter, Converter, Power Distribution Module and Transmission), By vehicle(Passenger Cars and Buses & Coaches), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25A2065 | Region: Global | Published Date: February, 2024
Pages: 257 |Tables: 62 |Figures: 75

Electric Vehicle (EV) Powertrain Market Insights

Electric Vehicle (EV) Powertrain Market size was valued at USD 88.25 billion in 2021 and is poised to grow from USD 118.87 billion in 2022 to USD 956.44 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).

An electric vehicle (EV) is powered by electricity. The powertrain is used to generate the kinetic energy and also used to propel or move the vehicle. Electric powertrain offers the thrust through battery and an electric motor. Therefore, engine, transmission, and driveshaft are the three most important components of any vehicle's powertrain. 
Commercially, some of the factors expected to boost sales of automotive powertrains globally include increased electrification of vehicles and stricter government emission standards.

During the forecast period, the market is expected to grow due to lithium-ion battery innovations as well as increased R&D to improve powertrain function by major manufacturers, which will boost powertrain sales. The growing demand for hybrid electric vehicles in many developed countries such as China, Germany, and the United States is also a factor driving the growth of powertrain components.

US Electric Vehicle (EV) Powertrain Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2023-2030

Global Market Size

USD 88.25 billion

Largest Segment

transmission

Fastest Growth

transmission

Growth Rate

5% CAGR

Global Electric Vehicle Powertrain Market ($ Bn)
Country Share for Europe Region (%)

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Electric Vehicle (EV) Powertrain Market Segmental Analysis

Global electric vehicle (EV) powertrain market is segmented based on the component, vehicle and region. Based on component, the market is segmented into electric motor, inverter, converter, power distribution module and transmission. Based on vehicle, the market is segmented into passenger cars and buses & coaches. Based on Region, electric vehicle powertrain market  spans North America, Europe, Asia-Pacific, Latin America, and MEA.

Electric Vehicle (EV) Powertrain Market Analysis by Component

Based on component, this market share is dominated by the transmission segment. Single-speed transmission is common in electric vehicles. However, R&D is carried to investigate the commercial viability of multi-speed transmissions, such as the Porsche Taycan. Leading EV transmission manufacturers are developing load shifting capability and multi-speed transmission operation for electric vehicles. These factors are expected to help this segment's market growth.
In the forecast period, the power distribution module (PDM) segment is expected to grow the fastest. The increased adoption of electrical functions in EVs, as well as the cost savings associated with PDM, are driving market growth in this segment. In this market, the electric motor segment is expected to grow steadily. Increasing thermal constraint demands necessitate improved motor design, which reduces the cost of additional materials for the electric motor even further. This factor, in turn, boosts the market for e-powertrain motors.

The market's converter segment is expected to grow steadily, with manufacturers developing new product offerings to accelerate integration in commercial vehicles. In this market, the inverter segment is expected to grow slowly, with manufacturers aiming to equip cars with an integrated unit that includes converter and inverter functionality.

Electric Vehicle (EV) Powertrain Market Analysis by Vehicle

Based on vehicle, the passenger car segment is expected to dominate the market Over the forecast period. Increasing demand for vehicles for everyday transportation, combined with the rapid adoption of electric vehicles, particularly in developing countries, is driving the growth of the electric vehicle powertrain market in this segment. The buses and coach segment are expected to grow steadily in this market.

Increased adoption of electric buses by transit agencies, particularly in China and India, as well as improved grid solutions and the development of vehicle-to-grid services, are expected to drive EV powertrain market growth in this segment.

Global Electric Vehicle Powertrain Market By Type

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Electric Vehicle (EV) Powertrain Market Regional Insights

Asia Pacific is expected to grow significantly during the forecast period. The primary driver of the high market penetration includes regulatory programmes encouraging EV sales, such as EV sales quotas, fuel economy targets, and EV advantages in licence plate assignments in countries such as China. Strict emission regulations, such as BS-VI in India and China VI in China, are propelling the e-powertrain market in this region. Partnerships between leading players to build charging infrastructure are driving market growth in this region. For example, China's Didi Chuxing and British oil giant BP collaborated to build EV charging infrastructure in China. China has lithium reserves, which is driving up investment in battery production. Tesla also launched the Model 3 in South Korea at a significantly reduced price due to favourable government incentives. These factors are likely to lead to APAC's dominance in this market.

Europe is expected to hold a dominant share over the forecast period. The regulation of carbon emissions for newly registered vehicles, which every auto manufacturer must follow, is the key driver in this region. Furthermore, aversion to combustion engine-powered transportation and acceptance of e-mobility are growing. The rollout of EV portfolios and anticipated investment in charging infrastructure will most likely ease the transition.

This market is expected to grow steadily in North America. Customers in the United States typically drive longer distances and prefer larger vehicles. However, electric vehicle Powertrains are expected to have a larger market share in certain regions, particularly coastal areas. 

Global Electric Vehicle Powertrain Market By Region
  • Largest
  • Fastest

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Electric Vehicle (EV) Powertrain Market Dynamics

Electric Vehicle Powertrain Market Drivers

Stringent Gas Emission Regulations to Bolster Market Growth

  • Stringent regulations by the Governments for vehicle emission is expected to drive the market growth. Increase in carbon and particulate matter emissions from automobiles have resulted in severe depletion of air quality, which has a negative impact on human health and the environment. As a result, governments all over the world have imposed stringent emission standards on automobile manufacturers. As a result, manufacturers have increased R&D for electric vehicles to provide customers with a cost-effective alternative, which has fuelled the growth of e-powertrains.
  • Increase in fuel prices and existing environmental concerns have resulted in a greater shift of consumers toward electric mobility solutions, particularly in developed countries. As a result, automakers are concentrating on the development of lightweight and compact e-powertrain solutions suitable for daily transportation. Furthermore, attractive government policies and support, such as grants and subsidies, incentives for domestic production, and mass adoption of electric vehicles, as well as other non-monetary incentives, are expected to drive the electric vehicle powertrain market.

Electric Vehicle Powertrain Market Restraints

Lack of Infrastructure to Hinder Market Growth

  • The cost of battery elements, infrastructure support, and making electric vehicles commercially viable are all factors that have hampered global adoption of electric vehicles. Key battery components, such as cobalt and lithium, are only available in certain areas. Lithium can be found in Australia, China, and Latin America, whereas cobalt is primarily obtained from the Democratic Republic of the Congo (DRC). Obtaining these elements is difficult and costly due to transportation costs and government regulations that govern the supply chain. Furthermore, developing cost-effective yet high-performance battery management systems has proven difficult, resulting in EVs being more expensive and thus less appealing.
  • Infrastructure is also a significant impediment. Access to public charging stations and quick recharging are critical. However, EVs' limited accessibility and poor range have remained problems. These factors have slowed EV adoption, which is expected to limit the market for electric vehicle powertrains.

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Electric Vehicle (EV) Powertrain Market Competitive Landscape

Global electric vehicle powertrain market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Continental, Bosch, Magna, Mitsubishi, Hitachi dominate the electric vehicle powertrain market growth. Stable distribution and supply chain networks at a global level and portfolios gives an extensive product range are likely to lead to the dominant key players retaining their positions.

Electric Vehicle Powertrain Market Top Player's Company Profiles

  • Tesla, Inc.
  • BYD Company Ltd.
  • Continental AG
  • BorgWarner Inc.
  • Magna International Inc.
  • GKN PLC
  • Aisin Seiki Co., Ltd.
  • Denso Corporation
  • Robert Bosch GmbH
  • Hitachi Automotive Systems Ltd.
  • ZF Friedrichshafen AG
  • AVL List GmbH
  • Ricardo plc
  • Valeo SA
  • Siemens AG
  • Infineon Technologies AG
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • LG Chem Ltd.
  • Panasonic Corporation

Electric Vehicle Powertrain Market Recent Developments

  • In Feb 2022, ZF Friedrichshafen AG is poised to overtake Continental AG as auto parts competitors face stiff headwinds in managing the disruptive shift to electric and autonomous vehicles.
  • In July 2021, German automaker Mercedes-Benz announced the acquisition of next-generation electric drive technology company Yasa. The company offers electric and hybrid powertrain solutions to the automotive industry. Yasa will forward to operate as a wholly-owned subsidiary of Mercedes-Benz.

Electric Vehicle (EV) Powertrain Key Market Trends

  • Increase in demand from OEMs: Electric vehicle powertrain design to cost (DTC) approaches are increasingly being used by OEMs for electric vehicle powertrain simulation. This trend has been especially noticeable in second-generation EVs. The DTC approach is primarily concerned with making better use of lightweight materials in structural parts and integrating components in the e-powertrain.
  • Electric vehicles market to grow: As the market for electric vehicle is growing, the need for powertrains has grown widely.

Electric Vehicle (EV) Powertrain Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to the electric vehicle powertrain market analysis, in terms of components, the transmission segment and in terms of vehicle, the passenger car segment held a larger market share. The increasing consumer shift towards electric mobility solutions coupled with stricter government emission standards is some of the factors expected to boost sales of automotive powertrains worldwide. Lack of standardized charging infrastructure and higher cost associated with electric vehicles is one of the restraints for market expansion.

Report Metric Details
Market size value in 2021 USD 88.25 billion
Market size value in 2030 USD 956.44 billion
Growth Rate 5%
Base year 2023
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • component
    • Electric Motor, Inverter, Converter, Power Distribution Module and Transmission
  • vehicle
    • Passenger Cars and Buses & Coaches
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Tesla, Inc.
  • BYD Company Ltd.
  • Continental AG
  • BorgWarner Inc.
  • Magna International Inc.
  • GKN PLC
  • Aisin Seiki Co., Ltd.
  • Denso Corporation
  • Robert Bosch GmbH
  • Hitachi Automotive Systems Ltd.
  • ZF Friedrichshafen AG
  • AVL List GmbH
  • Ricardo plc
  • Valeo SA
  • Siemens AG
  • Infineon Technologies AG
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • LG Chem Ltd.
  • Panasonic Corporation
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electric Vehicle (EV) Powertrain Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electric Vehicle (EV) Powertrain Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electric Vehicle (EV) Powertrain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Vehicle (EV) Powertrain Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicle (EV) Powertrain Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electric Vehicle (EV) Powertrain Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Electric Vehicle (EV) Powertrain Market size was valued at USD 88.25 billion in 2021 and is poised to grow from USD 118.87 billion in 2022 to USD 956.44 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).

Global electric vehicle powertrain market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Continental, Bosch, Magna, Mitsubishi, Hitachi dominate the electric vehicle powertrain market growth. Stable distribution and supply chain networks at a global level and portfolios gives an extensive product range are likely to lead to the dominant key players retaining their positions. 'Tesla, Inc.', 'BYD Company Ltd.', 'Continental AG', 'BorgWarner Inc.', 'Magna International Inc.', 'GKN PLC', 'Aisin Seiki Co., Ltd.', 'Denso Corporation', 'Robert Bosch GmbH', 'Hitachi Automotive Systems Ltd.', 'ZF Friedrichshafen AG', 'AVL List GmbH', 'Ricardo plc', 'Valeo SA', 'Siemens AG', 'Infineon Technologies AG', 'Toshiba Corporation', 'Mitsubishi Electric Corporation', 'LG Chem Ltd.', 'Panasonic Corporation'

Stringent regulations by the Governments for vehicle emission is expected to drive the market growth. Increase in carbon and particulate matter emissions from automobiles have resulted in severe depletion of air quality, which has a negative impact on human health and the environment. As a result, governments all over the world have imposed stringent emission standards on automobile manufacturers. As a result, manufacturers have increased R&D for electric vehicles to provide customers with a cost-effective alternative, which has fuelled the growth of e-powertrains.

Increase in demand from OEMs: Electric vehicle powertrain design to cost (DTC) approaches are increasingly being used by OEMs for electric vehicle powertrain simulation. This trend has been especially noticeable in second-generation EVs. The DTC approach is primarily concerned with making better use of lightweight materials in structural parts and integrating components in the e-powertrain.

Asia Pacific is expected to grow significantly during the forecast period. The primary driver of the high market penetration includes regulatory programmes encouraging EV sales, such as EV sales quotas, fuel economy targets, and EV advantages in licence plate assignments in countries such as China. Strict emission regulations, such as BS-VI in India and China VI in China, are propelling the e-powertrain market in this region. Partnerships between leading players to build charging infrastructure are driving market growth in this region. For example, China's Didi Chuxing and British oil giant BP collaborated to build EV charging infrastructure in China. China has lithium reserves, which is driving up investment in battery production. Tesla also launched the Model 3 in South Korea at a significantly reduced price due to favourable government incentives. These factors are likely to lead to APAC's dominance in this market.

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