The electric powertrain industry 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 market for electric powertrains is driven by the rising demand for electric vehicles, which is in turn impacted by factors including stricter emission regulations and government assistance in the form of tax breaks and subsidies to encourage the sale of electric vehicles. Technological developments in the electric powertrain sector are being driven by the desire for faster charging and greater range.
According to estimates, the greatest market for MHEV powertrains is the inverter.
The battery’s DC power is transformed by inverters into the AC power that the electric motor needs. By modifying the frequency and amplitude of the AC voltage, the inverters also regulate the motor’s speed and torque. This enables the driver to regulate the acceleration and speed of the car. By maximizing the power flow from the battery to the motor, inverters make electric motors operate more efficiently, which can extend their range. Inverters are shown to be an essential part of EV powertrains by all of these criteria. By value, the inverters accounted for XX% of all EV components in 2022. A small number of powerful companies, like Bosch, Mitsubishi Electric, and Magna, control a large portion of the inverter market due to the intricacy and sophistication of the production process. The market for inverters is anticipated to keep expanding in the upcoming years due to the rising demand for electric vehicles.
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According to estimates, the market with the quickest rate of growth is MHEV powertrain.
At the moment, MHEV is a lucrative niche for automakers. Customers searching for a fuel-efficient car that doesn’t need as much infrastructure as a BEV will find it to be a smart compromise. In addition to meeting pollution standards, hybrid technology is economical for automakers to add to their inventory. Additionally, a number of automakers are optimizing lithium-ion batteries in their 48V systems due to the declining cost of these batteries. Due to their substantial fuel economy gains over conventional gasoline-powered vehicles, which save drivers money on fuel expenses and appeal to consumers, MHEV sales are expected to increase. With comparable fuel efficiency to traditional engines, MHEVs provide reasonably priced technology. In addition, it is simple to integrate and upgrade with current conventional engines, which saves automakers money and makes the vehicles more accessible to consumers than other EVs. Because MHEVs don’t need to be plugged in to charge their batteries, they’re a more sensible choice for customers without access to charging stations. In the market where Toyota’s Next-generation Fortuner and Hilux MHEVs will be introduced in 2024, the best-selling MHEVs are the Nissan Qashqai, Fiat Panda, Fiat 500, Renault Captur, Audi A4, Mercedes C-Class, Audi Q5, BMW X3, and Audi A6.
According to estimates, the largest market for electric powertrains is Asia Pacific.
The greatest market for the manufacture and sale of automobiles is Asia Pacific. The demand for electric vehicles is rising in the Asia Pacific area, which contributes significantly to the world’s vehicle production. Approximately 6.6 million EVs were sold in 2021, which was twice as much as the year before. China is both the largest market for electric powertrains and the market leader for EVs. The Society of Automotive Engineering of China has predicted that EV sales in the nation might rise by as much as 15 million units. China accounted for over half of the growth in global EV sales in 2021. This is due to China’s dominance in the battery and electric vehicle markets and its position as one of the major players in the automotive sector. Leading EV and battery manufacturers like CATL and BYD are based there. The Chinese government has already made significant investments to encourage and subsidize the sale of electric vehicles and to grant EV purchasers a 10% purchase tax exemption till the end of 2023. To encourage EV sales in the future, they plan to optimize and prolong the purchase tax exemptions. According to estimates, the electric powertrain industry in nations like Japan and India is expected to increase significantly as a result of customer demand, government support for electrification, and the presence of several well-known automakers like Toyota, Nissan, and Tata Motors. With the increasing trend of electrification, these factors collectively propel the Asia Pacific electric powertrain market.
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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