Exploring the Dynamics of Electric Powertrain Adoption: Shifting Gears
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.
Electric Powertrain Market Highlights
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
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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.
