The electric powertrain market size is projected to reach USD 230.5 billion by 2030 from USD 96.7 billion in 2023, at a CAGR of 13.2% from 2023 to 2030.
The electric powertrain market is driven by growing demand for electric vehicles which in turn is influenced by factors such as growing stringency in emission norms and government support in terms of tax exemptions & subsidies to promote electric vehicle sales. The need for higher range, & fast charging is leading to technological advancements in the electric powertrain industry.
Government support to increase EV sales to lower CO2 emissions
Governments worldwide are offering incentives to encourage people to buy electric vehicles. These incentives can include tax breaks, rebates, and free parking. These incentives make electric cars more affordable for consumers, which can help to boost demand. Stricter emission norms imposed by the government for lower CO2 emissions force automakers to make their vehicles more efficient and environmentally friendly. Companies across the globe, including governments, are investing in infrastructure to support electric vehicles. This includes building charging stations and improving the electrical grid. This will make it easier for people to own and operate electric vehicles, which will also help to boost demand. The government policies are helping to create a more favorable environment for electric powertrain manufacturers and electric vehicle consumers. As a result, the hybrid powertrain market is expected to grow rapidly in the coming years.
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Development of lithium-ion batteries
Lithium-ion batteries are the most common type of battery used in electric vehicles (EVs). They are lightweight, have a high energy density, and can be recharged quickly. As the demand for EVs grows, the need for lithium-ion batteries is also expected to grow. Developing new lithium-ion battery technologies is also an opportunity for the electric vehicle powertrain market. New technologies like solid-state batteries could offer higher energy densities and longer ranges than traditional lithium-ion batteries. This could make EVs even more attractive to consumers and could help to accelerate the growth of the market. The development of lithium-ion batteries is an integral part of the growth of the market. Lithium-ion batteries are also expected to grow as the demand for EVs grows. As the market grows, a higher need for cost-effective batteries exists. Developing more efficient and cost-competitive lithium-ion batteries can make electric vehicles more affordable and accessible to a broader range of consumers. Samsung SDI, CATL, LG Energy Solution, and Panasonic are some of the prominent players in the battery manufacturing market. These companies are investing heavily in research and development to improve the performance and cost of lithium-ion batteries. This is helping to drive the growth of the electric powertrain systems market.
Asia Pacific is estimated to be the largest market for electric powertrain market.
Asia Pacific is the largest market for automotive production and sales. Contributing a major share to global vehicle production, the demand for electric vehicles is increasing in the Asia Pacific region. In 2021, EVs count was around 6.6 million units which was double as compared to the previous year. China is leading the EV market, and it is the largest market for electric powertrains as well. According to projections by the Society of Automotive Engineering of China, the country’s EV sales may increase by up to 15 million units. In 2021, China made more than half of the growth of global EV sales. This is because China is one of the leading players in the automotive industry and dominates the battery and EV market. It is home to some leading battery and EV manufacturers, such as CATL and BYD. The Chinese government has already spent heavily on incentivizing and subsidizing electric vehicle sales and providing a 10% purchase tax exemption to EV buyers until the end of 2023. They will be extending and optimizing the purchase tax exemptions to promote EV sales in the future. Similarly, countries like India and Japan are also estimated to observe significant growth in the electric powertrain market due to government support for electrification, consumers demand, and the presence of some prominent automakers like Tata Motors, Nissan, Toyota, etc. These factors altogether drive the electric powertrain market in Asia Pacific with the growing electrification trend.
Key Market Players
Major players operating in the electric powertrain market are Robert Bosch Gmbh (Germany), Mitsubishi Electric (Japan), Magna International Inc (Canada), Continental AG (Germany), and Hitachi Astemo Ltd. (Japan).
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