The global electric powertrain market is anticipated to cross USD 400 Billion by 2029 with 18.22% CAGR by 2024-29.
In recent years, electric vehicles (EVs) have emerged as a transformative force in the automotive industry, largely due to their innovative electric powertrains. This technology represents a departure from traditional internal combustion engines (ICEs), offering numerous benefits that range from environmental sustainability to enhanced performance and efficiency. The electric powertrain, a significant innovation in the automotive industry, is revolutionizing the way vehicles are powered and controlled. This technology, which is the heart of electric vehicles (EVs), is not only transforming the driving experience but also playing a crucial role in reducing greenhouse gas emissions and our dependence on fossil fuels. An electric powertrain is a system of components that work together to propel an electric vehicle. It converts electrical energy stored in the battery into mechanical energy to drive the wheels. Unlike traditional internal combustion engine (ICE) vehicles, which have complex mechanical systems, electric powertrains are simpler, more efficient, and require less maintenance. The COVID-19 pandemic has affected the overall automotive industry, leading to a subsequent decline in the growth of the electric powertrain industry due to low automotive sales and new requirements. According to the research report, “Global Electric Powertrain Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 400 Billion by 2029, increasing from USD 154.57 Billion in 2023. The market is expected to grow with 18.22% CAGR by 2024-29. The increasing electric car fleet has pushed automakers to introduce innovative technologies in electrified powertrains. Key innovations in battery chemistry to increase energy density and the expansion of production plants, along with cost optimization, have also been major enablers for the electric powertrain market. The growth of the BEV electric powertrain market is a major trend in the automotive industry. As BEVs are becoming more affordable and practical, they are being supported by government regulations. Stricter emissions standards worldwide are pushing automakers to invest heavily in electric vehicles to meet regulatory requirements and reduce their carbon footprint.
Passenger cars have emerged as the frontrunners in the electric powertrain market due to several key factors, with advancements in battery technology standing out as the primary driver. Over recent years, significant strides in battery energy density, longevity, and cost reduction have made electric vehicles (EVs) more viable and appealing to consumers. These advancements have addressed critical concerns such as range anxiety and charging infrastructure limitations, making EVs increasingly practical for everyday use. Additionally, regulatory pressures and incentives aimed at reducing carbon emissions have accelerated the adoption of electric powertrains in passenger cars. Governments worldwide have implemented policies promoting electric vehicle adoption through subsidies, tax incentives, and mandates, further incentivizing automakers to invest in electric vehicle technology. Lithium-ion batteries, in particular, have emerged as the preferred choice for electric vehicles (EVs) owing to their high energy density. Energy density refers to the amount of energy stored in a given system or region of space per unit volume or mass. High energy density means that lithium-ion batteries can store a large amount of energy in a relatively small and lightweight package, which is crucial for electric vehicles. This high energy density directly translates to longer driving ranges on a single charge, addressing one of the primary concerns of potential EV buyers: range anxiety. The cost of battery technology has seen significant reductions over the past decade.
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Battery Electric Vehicles (BEVs) have gained a significant foothold in the electric powertrain market due to their numerous advantages over other types of electric vehicles, such as plug-in hybrid electric vehicles (PHEVs) and hydrogen fuel cell vehicles (FCEVs). One of the main advantages of BEVs is their high energy efficiency. BEVs convert over 90% of the electrical energy from the grid into movement, a stark contrast to internal combustion engines (ICEs), which only convert about 20-30% of the energy stored in gasoline. This efficiency not only makes BEVs more environmentally friendly but also reduces operational costs significantly. Electricity is generally cheaper than gasoline or diesel, and the maintenance costs for BEVs are lower since they have fewer moving parts and do not require oil changes, fuel filters, spark plugs, or exhaust systems. Furthermore, the charging infrastructure for BEVs has been expanding rapidly, driven by both government policies and private sector investments.
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Change is brewing in the North American automotive landscape, as consumer and manufacturer interest in electric powertrains is expected to continue growing. North America is home to a rich innovation ecosystem, with leading players investing heavily in R&D around electric vehicle (EV) performance and efficiency. Tech giants and startups focused on developments around battery technology and charging infrastructure only add more fuel to the fire. More progressive states such as California is at the forefront of advanced policies for a ‘greener’ environment and actively pursues the development of zero-emission vehicles, thereby establishing a competitive platform for electric powertrain innovations. Electric powertrain growth is the heartbeat of Europe, driven by a strong desire to undertake meaningful sources of sustainable development and minimize carbon footprints. There are various trailblazer countries in the region setting up full-scale charging networks to support increased adoption of electric vehicles. In recent times, a new surge has focused on European producers for designing new and innovative electric models to cater to consumers’ needs-from compact cars to luxury vehicles. But tighter emission regulations by the European Union are pushing carmakers to speed up their electrification, making it a primary regional hub in the global electric powertrain market. Up-multipower house Asia-Pacific is especially hotting up because of the aggressive push on electric mobility in countries like China. Efficient supply chain of EV components has greatly enabled manufacturers to produce high-quality electric powertrains efficiently. Moreover, government initiatives for clean energy and elimination of pollution are turning the interests of consumers towards electric vehicles.
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With higher urban population and increased awareness over environmental issues, demand in Asia Pacific is likely to rise in the market for sustainable transportation solutions and in the coming years it is expected to be one of the leaders in innovation in electric powertrains. Electrifying powertrain in South America is still in its infancy but has high potentials for future growth. Countries are suffering from thin infrastructure and disparities in economies; however, a growing awareness of clean transportation choices exists. Brazil started looking for policies to support electric vehicle adoption, which is an indicator that sustainability is on their agenda. As the awareness of consumers increases and electric vehicles become more economical in terms of their production, South America will soon develop its own unique market trend within the broader structure of global electrification activities. The Middle East & Africa region is an interesting mix of challenges and opportunities for the electric powertrain market. Despite infrastructural challenges in some of the countries, growing recognition of the urgent need for sustainable transportation solutions is quickly gaining ground against the context of quick urbanization and environmental concerns. South Africa, for example, is starting to show electric mobility initiatives as part of broader plans to integrate sustainability. As governments and private sectors see a growing interest in the development of charging networks and the promotion of EV usage, this region could see incremental growth in the formation of its electric powertrain market.
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Considered in this report
• Geography: Global
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029
Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)
Aspects covered in this report
• Global electric powertrain market with its value and forecast along with its segments
• Region & Country-wise electric powertrain market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
By Vehicle Type
• Passenger Car
• Commercial Vehicle
By Component
• Battery
• Power Electronic Controller
• Motor/Generator
• Converter
• Transmission
• On-Board Charger
By Application
• BEV
• HEV/PHEV
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E-mail: sales@bonafideresearch.com
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North America: +1 201 793 8545
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