In the next decade, the United States anticipates promising growth in the EV market. Prioritizing advanced powertrains aligns with consumer preferences for high-end EVs and longer driving ranges.
NEWARK, Del: The size of the global EV powertrain market, which is estimated at US$ 13,035.9 million in 2023, is anticipated to register a CAGR of 24% from 2023 to 2033. By following this impressive growth rate, the total valuation is anticipated to reach US$ 112,036 million by 2033.
According to FMI’s estimate of the global EV train industry, the United States is expected to continue growing over the next ten years. Creating sophisticated powertrains would be the main priority as consumers favor high-end EVs and travel longer distances.
EVs are the future of the automotive industry because it is projected that conventional fuel vehicles will become less prevalent over the coming years. Additionally, the demand for EV powertrains is expanding due to the acceptance of e-mobility and opposition to vehicles powered by internal combustion engines. Additionally, the launch of EV portfolios and planned investments in the EV market are likely to hasten the transition.
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Key Takeaways
- Owing to the presence of many key players in the United States, currently, this country leads the global market in sales of EV powertrains. As it generated a revenue of around US$ 1,057.5 million, it was figured out to have captured 10.1% of the global market.
- Germany led the European region in the production of EV powertrains by generating revenue of around US$ 1,005 million in the year 2022. This value was nearly 9.6% of the revenue generated globally, making it the second leading region followed by the United States.
- However, the United Kingdom has come into the picture these days for its remarkable increase in demand for EV powertrains. Based on the global EV powertrain market statistics, the United Kingdom is poised to register a 19.6% CAGR over the forecast years.
- In the Asia Pacific region, China leads in production as well as the supply of EV powertrains around the world. This country is further projected to hold the dominant position in the coming days by registering a growth rate of 21.3% through 2033.
- Contrarily, India remains the most notable region for witnessing rapid expansion in the adoption of EV powertrains these years. With an annual growth rate of 25.4%, the sales of EV powertrains in India are poised to grow faster than in other countries.
- Among the different types of components, motors generate the maximum share of the revenue generated by the overall market. The motor segment is anticipated to contribute US$ 51,312.5 million of the total revenue share of the global EV powertrain market in 2033.
Competitive Landscape
Robert Bosch GmbH, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, ZF Friedrichshafen AG, BorgWarner Inc., Valeo SE, Hitachi Automotive Systems, NXP Semiconductors, and Dana Incorporated among others are some of the prominent players in the global EV powertrain market.
The top EV powertrain companies are taking part in M&A activity to solidify their position in the industry that is expanding quickly. For instance, in December 2019, Weichai Power Corporation bought Aradex AG. Dana Inc. followed by its acquisition of Nordesa Inc.
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Recent Developments
- In July 2019, LG Electronics and Magna International established a strategic alliance to develop EVs. The transfer agreement has been formally signed by both firms to establish a unit by the name LG Magna e-powertrain in South Korea.
- FEV Europe GmbH is a leader in automobile powertrain software and component development. It signed an extended contract with electric powertrain supplier Hyliion in July 2021.
- In June 2021, a separate powertrain production division was launched by Xos. Inc. which is an electric class 5-8 vehicle manufacturer. In the off-highway, commercial, and industrial segments, the new subsidiary is expected to provide Xos, and powertrain technologies, besides designing and integrating experience with other OEMs.
Key Segments
By Vehicle Type:
- Passenger Cars
- Buses and Coaches
By Component Type:
- Electric Motors
- Inverter
- Converter
- Power Distribution Model
- Transmission
- Others
By Propulsion Type:
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PEV)
- Fuel Cell Electric Vehicles (FCEV)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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