Meticulous Research®, a globally recognized leader in market intelligence and analysis, has published its latest report, titled “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), and Geography – Global Forecast to 2031.”

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According to the report, the global electric powertrain market is expected to achieve a valuation of $288.9 billion by 2031, growing at a CAGR of 14.7% from 2024 to 2031. The report identifies key factors driving this remarkable growth, including the surging demand for electric vehicles (EVs), stringent carbon emission regulations, government initiatives promoting the electrification of public transport, and the increasing adoption of high-performance motors. However, challenges such as high purchase costs of EVs and limited charging infrastructure could potentially hinder market growth.

Additionally, the report highlights opportunities presented by rising demand for EVs in developing economies and advancements in battery technology. It also sheds light on challenges like motor overheating and reliability issues. Notably, the emergence of fuel cell electric vehicles (FCEVs) and innovations in rare earth material-free motors are shaping the future trajectory of the electric powertrain market.

Key Market Insights

Propulsion Type:
The market is segmented into Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Fuel Cell Electric Vehicles (FCEVs).
BEVs are expected to dominate the market, accounting for over 72.0% of the market share in 2024, driven by increasing awareness of emission reduction, government policies supporting EV adoption, and the development of zero-emission vehicles.
FCEVs are forecasted to grow at the highest CAGR, supported by their adoption in public transport and advancements in hydrogen-powered technologies. For example, Tata Motors introduced 15 FCEV buses in India, showcasing the potential of hydrogen fuel cells in public transportation.
Component:
The key components analyzed include Motor/Generator, Battery Packs, Power Electronics Controllers (PCUs), Converters, Battery Management Systems, On-board Chargers, and others.
Battery Packs are projected to hold over 60.0% of the market share in 2024, driven by compact battery designs, government support for EV battery production, and recycling initiatives. Notable partnerships, such as Hyundai and Kia's collaboration with Exide Energy Solutions Ltd in India, further strengthen this segment.
The PCU segment is anticipated to grow at the fastest rate, driven by advancements in semiconductor materials like Silicon Carbide (SiC) and Gallium Nitride (GaN).
Vehicle Type:
Market segments include Passenger Vehicles, Electric Two-wheelers, E-scooters & E-bikes, and Commercial Vehicles.
Passenger Vehicles are poised to dominate the market, securing over 63.0% of the market share in 2024, supported by evolving consumer preferences, technological advancements, and stringent environmental policies. Companies such as HYUNDAI TRANSYS are playing a pivotal role in advancing EV systems to meet these demands.
Commercial Vehicles are expected to record the highest CAGR of 16.5%, driven by the adoption of electric buses and the electrification of commercial fleets.
Regional Insights

Asia-Pacific is projected to lead the market, holding over 55.0% of the global share in 2024. This dominance is fueled by China’s leadership in EV production and expanding manufacturing capabilities across the region. Strategic collaborations, such as Mahindra & Mahindra's partnership with Valeo, underscore the region's importance.
Europe is expected to grow at the highest CAGR of 16.0%, supported by stringent environmental regulations, increased R&D investments, and a rising number of EV manufacturers.
Key Market Players

Prominent companies driving the electric powertrain market include:

Robert Bosch GmbH (Germany)
Magna International Inc. (Canada)
Mitsubishi Electric Mobility Corporation (Japan)
Valeo (France)
DENSO Corporation (Japan)
ZF Friedrichshafen AG (Germany)
Volkswagen AG (Germany)
BorgWarner Inc. (U.S.), among others.
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