Comprehensive Report on the Electric Powertrain Market: Global Valuation to Reach $288.9 Billion by 2031

 

Meticulous Research®, a globally recognized leader in market intelligence and analysis, has released its latest report, titled “Electric Powertrain Market by Propulsion Type (BEV, HEV, FCEV), Component (Motor/Generator, Battery Packs, Converters, On-board Chargers, Others), Vehicle Type (Passenger Vehicles, Commercial Vehicles, Others), and Geography – Global Forecast to 2031”.
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According to the report, the global electric powertrain market is projected to reach $288.9 billion by 2031, growing at a CAGR of 14.7% during the forecast period from 2024 to 2031. This remarkable growth is driven by surging demand for electric vehicles (EVs), stringent carbon emission standards, government initiatives encouraging the electrification of public transportation, and the growing adoption of high-performance motors. However, challenges such as the high upfront costs of EVs and insufficient charging infrastructure may pose hurdles to market expansion.

The report identifies key opportunities, including the increasing demand for EVs in emerging economies and advancements in battery technology, while also highlighting challenges such as motor overheating and reliability issues. Furthermore, the rise of fuel cell electric vehicles (FCEVs) and innovations in rare-earth-material-free motors are expected to shape the market's future trajectory.

Key Market Segments

1. Propulsion Type

  • The market is segmented into Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Fuel Cell Electric Vehicles (FCEVs).
  • BEVs are anticipated to dominate, capturing over 72.0% of the market share in 2024, supported by growing awareness of emissions reduction, favorable government policies, and the development of zero-emission vehicles.
  • FCEVs are poised to witness the highest CAGR, driven by increasing adoption in public transport and advancements in hydrogen-powered technologies. Notable examples include Tata Motors' introduction of 15 FCEV buses in India, showcasing the potential of hydrogen-based fuel cells in public transportation.

2. Component

  • The market is divided into Motor/Generator, Battery Packs, Power Electronics Controllers (PCUs), Converters, Battery Management Systems, On-board Chargers, and others.
  • Battery Packs are expected to lead, accounting for over 60.0% of the market share in 2024, driven by advancements in compact battery designs, government support for EV battery production, and recycling initiatives. Strategic collaborations, such as Hyundai and Kia's partnership with Exide Energy Solutions Ltd in India, further strengthen this segment.
  • The PCUs segment is set to grow at the fastest pace, fueled by innovations in semiconductor materials like Silicon Carbide (SiC) and Gallium Nitride (GaN).

3. Vehicle Type

  • Vehicle types include Passenger Vehicles, Electric Two-wheelers, E-scooters & E-bikes, and Commercial Vehicles.
  • Passenger Vehicles are projected to dominate the market, holding over 63.0% of the share in 2024, owing to shifting consumer preferences, technological advancements, and stricter environmental regulations. Companies like HYUNDAI TRANSYS are actively enhancing EV systems to meet these demands.
  • Commercial Vehicles are expected to achieve the highest CAGR of 16.5%, driven by the growing adoption of electric buses and efforts to electrify commercial fleets.

Regional Insights

  • Asia-Pacific is anticipated to lead the global market, capturing over 55.0% of the share in 2024. This growth is attributed to China's dominance in EV production and expanding regional manufacturing capabilities. Strategic partnerships, such as Mahindra & Mahindra's collaboration with Valeo, highlight the region's importance in the market.
  • Europe is expected to grow at the highest CAGR of 16.0%, driven by stringent environmental regulations, increased R&D investments in EV technology, and a growing base of EV manufacturers.

Market Players

Leading companies shaping the electric powertrain market include:

  • Robert Bosch GmbH (Germany)
  • Magna International Inc. (Canada)
  • Mitsubishi Electric Mobility Corporation (Japan)
  • Valeo (France)
  • DENSO Corporation (Japan)
  • ZF Friedrichshafen AG (Germany)
  • Volkswagen AG (Germany)
  • BorgWarner Inc. (U.S.), among others.

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Meticulous Research® is a trusted research partner for leading global businesses, empowering Fortune 500 organizations and emerging enterprises with actionable market intelligence designed to drive revenue transformation and strategic growth. Our insights uncover forward-looking revenue opportunities, equipping clients with a competitive edge through a diverse portfolio of research solutions, including syndicated reports, custom research, and direct analyst engagement.

Each year, we conduct over 300 syndicated studies and manage 60+ consulting engagements across eight key industry sectors and 20+ geographic markets. With a focus on addressing complex global business challenges, our research facilitates informed decision-making, driving sustainable growth and operational excellence.

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