Future of E-Powertrain Market Size to Reach New Heights by 2032
The e-powertrain market is projected to
reach 51,288 thousand units by 2032, at a CAGR of 13.8% from 2024 to 2032. The
electric powertrain market is driven by growing demand for electric vehicles.
The need for extended range, & faster charging is leading to technological
developments in the electric powertrain industry. Companies are working towards
integrating electric powertrain components as these systems in electric
powertrains can help OEMs reduce costs by integrating components like motors
and thermal management into a single unit, thereby cutting material, assembly,
and R&D expenses.
Global Future of E-Powertrain Market Dynamics
Driver: Growing vehicle electrification in the automobile industry
Governments have offered
incentives, tax breaks, rebates, and free parking to encourage the adoption of
electric vehicles. Also, promising investments in EV infrastructure, such as
charging stations and the electrical grid upgrade, will support ownership and
usage of electric vehicles. The growing electrification trend is set to
significantly impact the electric powertrain market, driving increased demand
for high-efficiency motors, power electronics, and integrated systems. As more
automakers shift towards electric vehicles (EVs), advancements in powertrain
technology, such as 800V architectures and dual-motor setups, will become more
common, enabling faster charging and improved performance. Additionally,
Permanent Magnet Synchronous Motors (PMSMs) and axial flux motors are gaining
traction due to their compact design, higher torque, and energy efficiency.
Technological trends will also focus on new battery technologies like
solid-state, lithium-air, etc. for better energy density and safety, as well as
modular platforms and modular ePowertrains that combine motors, inverters, and
transmission systems to optimize space and reduce costs. As these innovations
evolve, the electric powertrain market will play a pivotal role in achieving
the industry’s goals of sustainability, performance, and widespread EV adoption
by 2030.
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Opportunity: Development of
lithium-ion battery technologies
Currently, lithium-ion batteries,
particularly lithium iron phosphate (LFP) is leading in the electric vehicle
market due to their balance of safety, cost, and energy density. Lithium-ion
batteries weigh relatively light but have high energy density and can be
recharged quickly Future developments are focused on lithium metal and silicon
anode technologies, which promise higher energy density and faster charging
times. These advancements are driven by the growing demand for electric
vehicles and the need for more sustainable materials. Innovations like
lithium-rich cathodes and lithium-sulfur batteries aim to optimize performance
while reducing reliance on scarce resources. Industry leaders such as Samsung
SDI, CATL, LG Energy Solution, and Panasonic in the battery manufacturing space
are investing in R&D to build a better battery, not only in performance but
also in bringing down the cost, of electric vehicles.
Asia Pacific is projected to
be the most prominent electric powertrain market.
The Asia-Pacific (APAC) region is
the largest market for electric vehicle (EV) sales and production, with China
accounting for over 90% of the market share. Governments across the region are
actively implementing laws and providing incentives to boost EV adoption. For
instance, South Korea plans to phase out internal combustion engine (ICE)
vehicles by 2035, while China aims for 45% of vehicle sales to be zero-emission
vehicles (ZEVs) by 2027. By the end of 2024, China also targets establishing
over 5 million public charging points. India also strives to achieve 30% EV
adoption by 2030 and has already achieved the target of building more that
10,000 public charging stations by 2024 which is already crossed more than
12,000 charging stations.
Key Market Players:
Major players operating in the
electric powertrain market are Rober Bosch Gmbh (Germany), Magna International
Inc. (Canada), Vitesco Technologies Gmbh (Germany), Dana Limited (US), and
Valeo (Germany).
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