The recent report by Meticulous Research®, titled ‘Global 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) & Geography—Forecasts to 2031’, predicts that the market for electric powertrains will surpass $288.9 billion by 2031, growing at a CAGR of 14.7% from 2024.
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Key Drivers and Constraints
Growth factors for the electric powertrain market include:
Rising Electric Vehicle Adoption: The shift towards electric vehicles is accelerating due to environmental concerns.
Stricter Emission Regulations: Governments are enforcing stricter regulations on carbon emissions.
Electrification of Public Transport: Investments are being made in electric public transportation systems.
High-Performance Motor Demand: There is a need for advanced, high-performance motors.
Market challenges include:
High Initial Costs of EVs: The cost of purchasing electric vehicles remains high.
Insufficient Charging Infrastructure: A lack of adequate charging stations is a significant hurdle.
Motor Reliability Issues: Concerns about motor reliability and overheating persist.
Opportunities and Trends
Opportunities in the market are emerging from:
Increased Demand in Developing Nations: Growth in developing regions offers new market opportunities.
Battery Technology Innovations: New advancements in battery technology are set to propel market growth.
Current trends include:
Growth of FCEVs: There is a rising interest in fuel cell technology, exemplified by Tata Motors’ FCEV buses.
Research in Alternative Materials: Innovations are underway to develop motors that do not rely on rare earth materials.
Market Segmentation
By Propulsion Type: BEVs are projected to dominate the market, holding over 72.0% of the share in 2024. The FCEV segment is expected to grow rapidly due to increased focus on fuel cell technology.
By Component: Battery packs are predicted to have the largest market share (above 60.0%) due to advancements in battery technology. The PCU segment is expected to grow the fastest, driven by the need for efficient power management and improvements in semiconductor technologies.
By Vehicle Type: Passenger vehicles will lead with a share of more than 63.0% in 2024, thanks to advancements in EV technology and consumer demand. The commercial vehicle segment will grow the fastest, driven by the increasing use of electric buses and trucks.
Regional Insights
Asia-Pacific: Expected to hold over 55.0% of the market share in 2024, with China leading the charge in EV production and infrastructure. Partnerships like Mahindra & Mahindra’s with Valeo highlight the region’s growing prominence.
Europe: Set to experience the highest growth rate of 16.0% due to investments in EV technology, stringent emissions regulations, and a strong manufacturing presence.
Leading Players
Key players in the market include: Robert Bosch GmbH (Germany), Magna International Inc. (copyright), Mitsubishi Electric Mobility Corporation (Japan), Valeo (France), DENSO CORPORATION (Japan), Hitachi Astemo, Ltd. (Japan), ZF Friedrichshafen AG (Germany), Volkswagen AG (Germany), BorgWarner Inc. (U.S.), Schaeffler AG (Germany), NIDEC CORPORATION (Japan), Marelli Holdings Co., Ltd. (Japan), Continental AG (Germany), Cummins Inc. (U.S.), and Dana Incorporated (U.S.)
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