The electric powertrain market size is projected to reach USD 230.5 billion by 2030 from an estimated USD 96.7 billion in 2023, at a CAGR of 13.2%, driven by developments in electric powertrain technologies. Stringent emission regulations with reduced emission limits & increased awareness among consumers about the environmental benefits of electric vehicles mainly drive the growth in the electric powertrain industry.
The Power distribution module component is estimated to be the fastest-growing segment in the PHEV powertrain market. The power distribution module supports the proper management and functioning of every systematic unit, such as the motor control unit, battery management system, charging system, DC to DC system, air conditioning system, electric steering auxiliary system, and brake system. As per MarketsandMarkets analysis, the power distribution module sales are estimated to grow from XX units in 2022 to XX units by 2030. The availability of PHEV models and improvement in charging infrastructure supports the growth of the PHEV powertrain market, which drives the demand for power distribution module components. Asia Pacific is anticipated to be the largest market for this component due to the presence of major automotive players and the government policies supporting electric mobility in China, India, and Japan. Chinese automakers like BYD and CATL have made investments in PHEV technologies and infrastructure supporting the market. All these factors will drive the growth of PHEV adoption, which positively impacts the power distribution module market as well.
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BEV powertrain segment is estimated to be the largest electric powertrain market. According to the International Energy Agency (IEA), the number of electric vehicles will hit 145 million by 2030, with government policies being the linchpin for electric vehicle adoption. Various developments in powertrain components, such as Lithium-ion batteries, battery management systems, and power distribution modules, are driving the BEV powertrain market. As the number of BEVs increases, the demand for BEV powertrain components will also increase. All the automakers worldwide are focusing on a new global energy economy that is rapidly evolving and are introducing electric vehicles or electric components in their portfolios. General Motors is planning to sell only EVs by 2035, and Japanese automaker Honda will be selling only EVs in Europe. Governments around the world are providing incentives for BEVs, such as tax breaks and subsidies. This is making BEVs more affordable for consumers and helping to drive demand.
Asia Pacific is estimated to be the largest and fastest market during the forecast period. Various government initiatives to build charging infrastructure and policies promoting EV adoption propel the Asia Pacific electric powertrain market. The growing presence of electric powertrain players in the region and new product developments have also accelerated the market. The presence of major automotive players like (Nissan, Toyota, Geely, and BYD) in this region will make the adoption of EVs faster, which will drive the electric powertrain market. The companies are making significant technological advances supporting the automotive industry’s electrification trend.
Major players in the market include Bosch (Germany), Magna (Canada), Mitsubishi Electric (Japan), Hitachi (Japan), and Continental AG (Germany). These companies have a strong track record in developing and manufacturing electric powertrains and their components. They have facilities and manufacturing centers across all regions, like North America, Asia Pacific, and Europe. They are well-positioned to benefit from the growth of the EV market as they have already stepped into the market by developing their portfolio suitable for electrification.
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