Electric Powertrain Market to be Worth $260.91 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, March 20, 2023 /PRNewswire/ -- The global electric powertrain market size is expected to reach USD 260.91 billion by 2030, registering a CAGR of 15.3% over the forecast period, according to a new report by Grand View Research, Inc. The market for pure electric and plug-in hybrid vehicles has been growing significantly, in turn creating an increasing demand for automotive electric powertrains. Governments in various countries are taking initiatives to promote the development of Electric Vehicles (EVs). For instance, in 2020, the U.S. Department of Energy announced a public investment of USD 400 billion in clean energy. The investment would help develop 500,000 charging outlets for electric vehicles by the end of 2030.
Key Industry Insights & Findings from the report:
- The motor/generator component segment is anticipated to witness a high CAGR of over 16.7% from 2022 to 2030 owing to the increasing penetration of BEVs and PHEVs globally.
- The HEV/PHEV electric vehicle segment is anticipated to witness the highest CAGR of 15.9% over the forecast period. This can be attributed to the charging flexibility benefit that these vehicles offer.
- The passenger segment dominated the market in 2022. The increasing demand for vehicles for daily transportation, along with the adoption of electric vehicles, particularly in developing countries, is fueling the electric vehicle powertrain market growth in this segment.
- Asia Pacific is expected to expand at a high CAGR of more than 14.2% over the forecast period owing to the increasing adoption of electric vehicles in countries such as China and India.
Read 130-page market research report, "Electric Powertrain Market Size, Share & Trends Analysis Report By Electric Vehicle (BEV, HEV/PHEV), By Component (Motor/Generator, Battery, Power Electronics Controller), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Electric Powertrain Market Growth & Trends
The rising sales of electric vehicles have propelled prominent automotive component manufacturers to aggressively focus on developing essential EV components to gain a competitive edge. Prominent manufacturers in the market are primarily focusing on enhancing their facilities in countries such as Europe, China, and the U.S. For instance, in February 2020, Nidec Corporation invested around USD 1.8 billion to expand its electric vehicle powertrain business. The company's three new facilities located in Poland, China, and Mexico would deliver up to 8.4 million electric motors every year.
Asia Pacific is projected to grow at a substantial pace over the forecast period owing to the increase in demand for electric vehicles and the rise in the per capita income of people. Countries such as China, South Korea, and India are among the prominent manufacturers of automobiles. Stringent government regulations and emission norms, including BS-VI in India and China VI, are also expected to contribute to the growth of the Asia Pacific market.
Stringent rules for monitoring CO2 emissions are becoming more demanding in the United States and Europe. North America has set the emission limit to 99g/km following corporate average fuel economy standards; similarly, Europe has set the emission limit to 9s5g/km by 2020 and a further reduction of 37.5% by 2030. To efficiently meet the emission target, OEMs are promoting and increasing sales of electric vehicles, which in turn will lead to an increase in demand for the electric vehicle powertrain market.
Electric Powertrain Market Segmentation
Grand View Research has segmented the global electric powertrain market based on electric vehicles, components, and regions
Electric Powertrain Market - Electric Vehicle Outlook (Volume, Units; Revenue, USD Billion, 2018 - 2030)
- BEV
- HEV/PHEV
BEV Electric Powertrain Component Outlook (Revenue, USD Billion, 2018 - 2030)
- Motor/Generator
- Battery
- Power Electronics Controller
- Converter
- Transmission
- On-Board Charger
HEV/PHEV Electric Powertrain Component Outlook (Revenue, USD Billion, 2018- 2030)
- Motor/Generator
- Battery
- Power Electronics Controller
- Converter
- Transmission
- On-Board Charger
Electric Powertrain Market - Regional Outlook (Volume, Units; Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Middle East & Africa
List of Key Players in the Electric Powertrain Market
- BorgWarner
- Bosch Limited
- Mitsubishi Electric Corp
- Magna International Inc.
- Schaeffler AG
- ZF Friedrichshafen AG
- Valeo
- Nidec Corporation
- Continental AG
- Magneti Marelli Ck Holdings
Check out more related studies published by Grand View Research:
- Automotive Electronic Control Unit Market - The global automotive electronic control unit market size is expected to reach USD 156.0 billion by 2030, expanding at a CAGR of 5.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Hybrid and battery-powered vehicle sales are increasing due to rising consumer demand for commutes that release less carbon and reduce air pollution. Demand for electronic regulating devices like automotive electronic control units (ECUs) is driven by the growing adoption of automated driving, advanced driver assistance system (ADAS), infotainment, and other chassis electronics in internal combustion engine (ICE), hybrid and battery-powered vehicles.
- CNG Powertrain Market - The global CNG powertrain market size is expected to reach USD 290.09 billion by 2030, as per research conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 17.2% from 2022 to 2030. Increasing pollution from conventional liquid fuel-powered automobiles has created a demand for alternative fuels vehicle with similar performance. Compressed Natural Gas (CNG) powertrain vehicle is a potential substitute as it aids in reducing carbon footprint and achieving net-zero emissions goals. The CNG powertrain vehicle engine functions similarly to the gasoline-powered vehicle and has better efficiency, making it a viable option.
- Automotive Powertrain Market - The global automotive powertrain market size is expected to reach USD 1,125.66 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 11.6% from 2021 to 2025. The increasing demand for environment-friendly vehicles and increasingly stringent government regulations regarding vehicular emission are expected to favor the demand for automotive powertrains in the market. Moreover, technological advancements in powertrain systems to enhance the vehicle's efficiency are anticipated to boost market growth prospects over the forecast period.
Browse through Grand View Research's Automotive & Transportation Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
SOURCE Grand View Research, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article