Electric Powertrain Market Trends, Share | Forecast to 2032
Electric Powertrain Market  Size, Share Global Analysis Report, 2024-2032

Electric Powertrain Market Share, Size, Trends, Industry Analysis Report, By Powertrain Product Type (BEV, Mild Hybrid, Series Hybrid, Parallel Hybrid, and Series-Parallel Hybrid); By Vehicle Type; By Region; Segment Forecast, 2024 - 2032

  • Published Date:Jan-2024
  • Pages: 119
  • Format: PDF
  • Report ID: PM1380
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

The global electric powertrain market was valued at USD 95.86 billion in 2023 and is expected to grow at a CAGR of 15.39% during the forecast period. The transition from conventional internal combustion engines in conventional automobiles to electric vehicles to develop a sustainable future will enhance demand for e-powertrain in the coming years. Automotive technologies are shifting from conventional gasoline engines and gravitating towards electric vehicle powertrain technologies in living up to expectations of a sustainable regime.

Electric Powertrain Market Size

Know more about this report: Request for sample pages

The rising trend of initiating a low-carbon environment in a singular approach to ward off global warming and make the most of various energy forms has led to the development of electric vehicles.

The EV market employs inverters and electric motors such as plug-in hybrids, hybrid, fuel cells, and e-vehicles. Developing an environmentally sound and powerful powertrain with innovative E-performance technologies is the primary technology that interests players in the present industry scenario. A replacement for the gasoline-fed internal combustion engines for a lightweight, low-vibration, and the instant torque-generating machine is needed. E-powertrain delivers smooth, high-quality, and responsive drives.

The COVID-19 epidemic has impacted the whole automotive industry, which has slowed the development of the electric powertrain sector due to weak vehicle sales and new regulations. Yet the U.S. Environmental Protection Agency's (EPA's) strict emission requirements for greenhouse gas (GHG) emissions, the BS-VI rules in India, and China VI are accelerating the electric powertrain market expansion.

One significant element propelling the growth of the electric powertrain business is the post-COVID-19 resurgence in the sales of pure and hybrid electric cars. Moreover, it is projected that the widespread use of electric vehicles and attractive government incentives for domestic manufacturing would increase demand for electric powertrains internationally.

Electric Powertrain

Know more about this report: Request for sample pages

Industry Dynamics

Growth Drivers
The EV market has been rising at a furious pace adding to the growth of electric powertrains. Major manufacturers have been investing in electric axle drives to cope with excess sales of electric and hybrid vehicles to increase their market share.  Companies have been increasing production facilities in China, Japan, and the US and European region.

The fall in the cost of batteries is going to spur the sales of e-vehicles, and this has a cascading effect on increasing the sale of e-powertrains. Global warming is also causing Government to sit up and take notice of greenhouse gas emissions. The production and sales of EVs have also been growing the world over at an alarming rate owing to positive regulatory policies such as subsidies and tax sops for both industry and consumers in particular. 

China is slated to become the largest market for EVs. Although the Growth in the Chinese market was lackluster, production is expected to bounce back. In the commercial vehicle segment, China remained the leader globally. E-Powertrain has distinct advantages over traditional hydraulic and mechanical powertrains, but with much ground to be covered still to be a successful product line and a straightforward alternative to the petrol-induced combustion engine. 

The market consolidation by E-powertrains still has a long way to go, with the speed of electrification not taking off owing to various technical issues, policies, and market drivers. Successful technological developments and changes, especially lithium-ion-based battery technology, have outsmarted most technological challenges. Current powertrains such as diesel-electric, full-electric, and hybrid powertrains offer similar performance as conventional types.

Report Segmentation

The market is primarily segmented based on powertrain product type, vehicle type, and region.

By Powertrain Product Type

By Vehicle Type

By Region

  • BEV
  • Mild Hybrid
  • Series Hybrid
  • Parallel Hybrid
  • Series-Parallel Hybrid
  • Light Vehicles
  • Cars
  • Light Trucks
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Know more about this report: Request for sample pages

BEV market category held the largest market share in 2022.

The BEV market category held the largest market share. A battery electric vehicle (BEV) is a vehicle that is powered solely by electric energy. A BEV's only power source is an electric powertrain powered by rechargeable batteries rather than an internal combustion engine or petrol tank. To charge, a BEV must be connected to an electrical outlet. The large percentage can be attributable to the CO2 objectives' limitations and the fall in ICE car sales. Also, during the course of the projection period, improvements in battery technology and declining Lithium-ion battery prices are anticipated to increase demand for BEVs.

Car segment held a significant market revenue share in 2022

It is anticipated that the cars segment will be one of the largest in this market owing to the large number of manufacturers focusing on electric cars. Light vehicles such as electric bikes and other electric transporters are estimated to gain traction in the coming years owing to their demands in the regions such as Asia Pacific, Europe, and the Americas.

The market for the usage of electric powertrains in trucks is anticipated to grow at a slower pace as compared to the other two vehicle types since there are few companies focusing exclusively on trucks. It can be seen that the market is trending towards more focus on electric cars. However, major companies such as Volvo have entered the market with their electric trucks, and companies such as GM and Daimler are focusing on electric trucks during the forecast period.

Electric Powertrain Seg

Asia Pacific is the largest market for the growth of electric vehicles in 2022.

Asia Pacific is the largest market for the growth of electric vehicles, with China being the most significant player in the market as demand for e-powertrains has also augmented in the region. However, the global industry is not without its share of drawbacks, Product price is quite high and is a serious deterrent in countries with lower economic growth. Furthermore, maintenance is costly and requires frequent charging and changing of batteries. Lead dissipation from batteries is also a restraint to growth.

Europe is predicted to become a prominent market for electric powertrains over the course of the forecast period due to the presence of multiple OEMs in the area. The high rate of EV adoption in nations like the Netherlands, Norway, France, and Sweden is anticipated to support the expansion of the electric powertrain sector in the area.

Electric car adoption has been quite high in nations like France, Norway, Sweden, and the Netherlands, which is anticipated to support market expansion in this area. The majority of automakers, including Audi AG, VW AG, and BMW AG, among others, are concentrating on the manufacturing and sales of electric cars, which is increasing demand for automotive parts in Germany, one of the world's top automotive centers.

Moreover, electric car adoption is very strong in North America. Major companies like Tesla, Chevy, and Ford are present in the area, which gives it its own identity. In addition, the United States and other nations have created the infrastructure for electric cars, including charging stations, called Electric Vehicle Supply Equipment (EVSE). These elements are anticipated to increase market demand.

Electric Powertrain Reg

Competitive Insight

Some of the major players operating in the global market BorgWarner, Bosch Limited, Continental AG, Dana Tm4 Inc., Hitachi, Magneti Marelli Ck Holdings, Valeo, Nidec Corporation, ZF Friedrichshafen AG, Schaeffler AG, Mitsubishi Electric Corp., and Magna International Inc

Recent Developments

  • In July 2021, Mercedes-Benz revealed that it had acquired Yasa, a provider of advanced electric propulsion technology. The business offers the automobile sector solutions for electric and hybrid powertrains. Yasa will continue to function as a wholly-owned Mercedes-Benz subsidiary.
  • In July 2021, An electric powertrain joint venture between LG electronics and Magna International was created to serve the EV industry. Both firms have formally signed the transaction agreement. The new business will be situated in Incheon, South Korea, and will go by LG Magna e-powertrain. It will initially employ 1000 people.

Electric Powertrain Market Report Scope

Report Attributes


Market size value in 2024

USD 110.32 billion

Revenue forecast in 2032

USD 346.84 billion


15.39% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Product Type, By Vehicle Type, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

BorgWarner, Bosch Limited, Continental AG, Dana Tm4 Inc., Hitachi, Magneti Marelli Ck Holdings, Valeo, Nidec Corporation, ZF Friedrichshafen AG, Schaeffler AG, Mitsubishi Electric Corp., and Magna International Inc.


Key companies in electric powertrain market are BorgWarner, Bosch Limited, Continental AG, Dana Tm4 Inc., Hitachi, Magneti Marelli Ck Holdings, Valeo, Nidec Corporation, ZF Friedrichshafen AG, Schaeffler AG, Mitsubishi Electric Corp., and Magna International Inc

The global electric powertrain market expected to grow at a CAGR of 15.4% during the forecast period.

The electric powertrain market report covering key segments are powertrain product type, vehicle type, and region.

Key driving factors in electric powertrain market are rising trend of initiating a low-carbon environment and government incentives for domestic manufacturing.

The global electric powertrain market size is expected to reach USD 346.84 billion by 2032