The Global Electric Powertrain Market size is anticipated to grow from USD 63.45 billion in 2020 and reach USD 189.34 billion by 2027, at a CAGR of 12.14% during the forecast period. The electric powertrain comprises the battery, electric motor and offers power transmission that helps to generate the power needed to propel the vehicle. It replaces gasoline-powered internal combustion engines with lightweight, low vibration, and instant torque generator machines. The electric powertrains are fuel-efficient, eco-friendly, and low-maintenance transmission systems that support the market growth.

Electric vehicles are the next generation of vehicles and foreseeing a massive growth in their popularity across the globe. As fossil fuels are expected to exhaust in the coming years, an alternative source is needed to power the vehicles.

The growing demands for automobile electrification and increasing awareness and demand for electric vehicles globally are driving the growth of the electric powertrain market. As the automotive industry moves towards more environmentally friendly and fuel-efficient transportation, the automotive industry is approaching low maintenance and zero-emission powertrain solutions. Strict rules and regulations and lucrative incentives for mass deployment of electric vehicles are projected to increase the demand for electric powertrains. Higher fuel efficiency and rising demand for engine downsizing are also fuelling the growth of the global electric powertrain market.

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The technological development of Lithium-ion batteries will provide the electric powertrain market with new opportunities. The fall in batteries’ cost would spur the sales of electric vehicles and have a tremendous impact on the electric powertrain market. Joint ventures by different organizations to develop charging infrastructure would also significantly impact the demand for the electric powertrain. Moreover, the fast-growing demand for improved driving experience and the lightweight driving shaft boost the market’s growth.

However, the unavailability of the electric charging infrastructure and the development of conventional engines hamper electric powertrains’ global market growth. Also, the high cost of electrical components is a significant challenge in the electric powertrain market.

The recent COVID-19 pandemic has cut off the successive growth, which was achieved over the years. Transportation has been impacted in multiple ways, with automobile prices rising, factory shutdowns, and public transport dwindling to disrupt supply chains. Furthermore, changes in consumer buying behavior due to uncertainties surrounding the pandemic may have significant consequences for the near future growth of the industry. These factors will affect the electric powertrain market.

The report outlines the study of the electric powertrain market based on powertrain type, vehicle type, and powertrain component.

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Based on the regions, Asia Pacific is experiencing the highest market share in the global electric powertrain market in 2020, followed by North America and Europe. The growth in the Asia Pacific market can be traced to funds allocation by the governments to boost sales of electric vehicles. It is anticipated that the development and technological innovations of powertrain components such as lithium-ion batteries, battery management systems, and motors will further drive the electric powertrain market growth during the forecast period.

North America has a high adoption rate of electric vehicles and holds a significant share in the global market for electric powertrains. Many countries are developing the infrastructure for electric vehicles, such as public electric car charging stations, which will help to fuel the demands for the electric powertrain. Europe is expected to be a major market for electric vehicles powertrain as the existence of various OEMs marks the region. Several countries in the region, including Norway, Finland, Sweden, and the Netherlands, have a significant share in the global electric vehicle production and support electric powertrain market growth.

The major competitors of the electric powertrain market are Robert Bosch GmbH, Mitsubishi Electric Corporation, Magna International Incorporated, Continental AG, and Hitachi.

The other companies are BorgWarner Incorporation, ZF Friedrichshafen AG, Denso Corporation, Dana Incorporated, Valeo Group, Schaeffler AG, Nidec Corporation, Magneti Marelli Ck Holdings, GKN PLC, Cummins Incorporation, Meritor Incorporation, Bonfiglioli Riduttori SPA.

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The electric powertrain market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.

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