The electric powertrain market is projected to reach 51,288 thousand units by 2032, at a CAGR of 13.8% from 2024 to 2032. The electric powertrain market is driven by growing demand for electric vehicles. The need for extended range, & faster charging is leading to technological developments in the electric powertrain industry. Companies are working towards integrating electric powertrain components as these systems in electric powertrains can help OEMs reduce costs by integrating components like motors and thermal management into a single unit, thereby cutting material, assembly, and R&D expenses.
Global Future of E-Powertrain Market Dynamics
Driver: Growing vehicle electrification in the automobile industry
Governments have offered incentives, tax breaks, rebates, and free parking to encourage the adoption of electric vehicles. Also, promising investments in EV infrastructure, such as charging stations and the electrical grid upgrade, will support ownership and usage of electric vehicles. The growing electrification trend is set to significantly impact the electric powertrain market, driving increased demand for high-efficiency motors, power electronics, and integrated systems. As more automakers shift towards electric vehicles (EVs), advancements in powertrain technology, such as 800V architectures and dual-motor setups, will become more common, enabling faster charging and improved performance. Additionally, Permanent Magnet Synchronous Motors (PMSMs) and axial flux motors are gaining traction due to their compact design, higher torque, and energy efficiency. Technological trends will also focus on new battery technologies like solid-state, lithium-air, etc. for better energy density and safety, as well as modular platforms and modular ePowertrains that combine motors, inverters, and transmission systems to optimize space and reduce costs. As these innovations evolve, the electric powertrain market will play a pivotal role in achieving the industry’s goals of sustainability, performance, and widespread EV adoption by 2030.
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Opportunity: Development of lithium-ion battery technologies
Currently, lithium-ion batteries, particularly lithium iron phosphate (LFP) is leading in the electric vehicle market due to their balance of safety, cost, and energy density. Lithium-ion batteries weigh relatively light but have high energy density and can be recharged quickly Future developments are focused on lithium metal and silicon anode technologies, which promise higher energy density and faster charging times. These advancements are driven by the growing demand for electric vehicles and the need for more sustainable materials. Innovations like lithium-rich cathodes and lithium-sulfur batteries aim to optimize performance while reducing reliance on scarce resources. Industry leaders such as Samsung SDI, CATL, LG Energy Solution, and Panasonic in the battery manufacturing space are investing in R&D to build a better battery, not only in performance but also in bringing down the cost, of electric vehicles.
Asia Pacific is projected to be the most prominent electric powertrain market.
The Asia-Pacific (APAC) region is the largest market for electric vehicle (EV) sales and production, with China accounting for over 90% of the market share. Governments across the region are actively implementing laws and providing incentives to boost EV adoption. For instance, South Korea plans to phase out internal combustion engine (ICE) vehicles by 2035, while China aims for 45% of vehicle sales to be zero-emission vehicles (ZEVs) by 2027. By the end of 2024, China also targets establishing over 5 million public charging points. India also strives to achieve 30% EV adoption by 2030 and has already achieved the target of building more that 10,000 public charging stations by 2024 which is already crossed more than 12,000 charging stations.
Key Market Players:
Major players operating in the electric powertrain market are Rober Bosch Gmbh (Germany), Magna International Inc. (Canada), Vitesco Technologies Gmbh (Germany), Dana Limited (US), and Valeo (Germany).
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