The size of the worldwide EV powertrain market which is estimated at US$ 10,470.6 million in 2022, 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 the end of 2033.
The last 10 years have seen a dominance of the traditional ICE powertrain in the automobile powertrain industry. Nevertheless, the industry now offers a wide range of powertrains as public transport has evolved to become more economical and environmentally friendly. Thus, the wide range of automotive powertrains that have gained popularity recently now includes a number of pure EV powerplant options.
According to FMI's report on the worldwide EV train market analysis, growth in the US is expected to be steady over the next ten years. The development of advanced powertrains would be the main priority as consumers increasingly travel longer distances and favour high-end electric vehicles.
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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 for the Market
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 acquiring Nordesa Inc.
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Recent Developments
In July 2019, LG Electronics and Magna International establish 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.
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