Summary

The electric powertrain market is projected to grow from 18,181 thousand units in 2024 to 51,288 thousand units by 2032, at a CAGR of 13.8% during the forecast period. The market is expected to grow as more consumers and businesses realize the benefits of electric vehicles. With ambitious goals set by all major OEMs for zero-emission vehicles to meet net-zero emissions targets, battery electric vehicles (BEVs) are projected to capture a significant market share. According to IEA, the total number of electric cars on the road is now ~40 million, with sales concentrated mainly in China, Europe, and the United States, which account for 95% of the global market. In 2023, China alone accounted for 60% of global EV sales, while Europe and the US contributed 25% and 10%, respectively. The growing adoption of EVs is due to government incentives, technological advancements, and the need for sustainable transport, fuelling demand for efficient e-powertrain systems. As the EV market matures, increased price competition, regulatory changes, and battery recycling considerations will further shape the e-powertrain landscape.
“Passenger cars segment is estimated to hold the largest market share during the forecast period.”
China leads the global electric passenger car market, driven by strong government support, local manufacturing dominance, and a robust infrastructure. Nearly 70% of EV sales in China involve economy or mid-range models, while the premium ones account for 30%. Electric cars are highly in demand in Germany, France, Norway, Sweden, and the UK through regulations that now aim to have zero emissions by 2035 although targets are likely to be reviewed by 2025. In an expanded global perspective, more than 70% of electric vehicles in use have powertrains integrated with fully integrated systems such as 2-in-1 and 3-in-1 designs. APAC is a place where SUVs always dominate, accounting for 60% of the sales of EVs. This demand drives innovations in battery capacity, types of motor, and power electronics.
Manufacturers are focusing on next-generation Permanent Magnet Synchronous Motors (PMSMs) and 800V high-voltage architectures that will help to better the efficiency, performance, and charging speeds for electric vehicles. Models like the BYD Seal and the Porsche Macan EV should help drive these trends, particularly with the higher adoption of 6-phase motors, especially for autonomous driving. Such technologies will be critical for capturing this nascent demand and furthering the expansion of the market in the coming future.

“E-motors is estimated to be the fastest growing market by 2032.”
E-motors are projected to grow fastest in the electric powertrain market by 2032, driven by the need for higher efficiency and performance. Most of the electric passenger cars which exist today use 60-100 kW motors or PMSMs. For premium models like BMW and Tesla, they are using 100-200 kW motors mainly for high performance and good range.
Mostly EVs today mainly use Permanent Magnet Synchronous Motors (PMSMs) for their efficiency and cost-effectiveness, particularly in mid-range cars. In the future, we will see a shift towards advanced motor types, such as Axial Flux Motors and Permanent Magnet-Assisted Synchronous Reluctance Motors, which offer higher torque, power density, and improved efficiency. Such technologies are in high demand, owing to compact design and minimal usage of rare earth metals.
The cost of e-motors is expected to further decrease as by 2025 with the advancement of high-voltage architectures and integrated motor designs, hereby advancing it toward wider accessibility of EVs. Future e-motors will come in the form of dual-motor configurations for AWD and high performance, designing with a strong emphasis on modularity, energy efficiency, and sustainability.
“Europe is anticipated to be one of the fastest markets over the forecast period.”
As the adoption of EVs has grown significantly, automakers are providing extended ranges and an increased number of models that offer more choices and innovative features, which is why many buyers are now considering electric and hybrid vehicles as their next purchase. Several leading automobile manufacturers have been investing significantly in electric vehicles by the producers of Europe, and subsequently, there is a greater variety of battery electric vehicles arriving in Europe.
In Europe, the EV market is dominated by compact, mid-size, and premium models with battery capacities ranging from 40 kWh to over 100 kWh. Compact and mid-size EVs are available with 40-60 kWh battery capacities and more premium models with 70-100 kWh+ battery capacities. The long-range and performance variants are preferred with higher capacity batteries. The major key OEM for the battery category includes Volkswagen, Tesla, Renault, BMW, and Mercedes-Benz, and more in capacities.
European auto manufacturers are investing in 800V powertrain architectures that support fast charging and efficiency, electric motors more efficient than those available today, and integrated thermal management. Particularly integrated ePowertrains have also become mainstream today because they also can reduce costs and allow for higher scalability. Solid state batteries will yield even bigger leaps forward soon. As automakers ramp up production and diversify their BEV offerings, this momentum drives significant growth in the powertrain market. Increased demand for electric vehicles and advancements in vehicle technology will continue to fuel the development and expansion of powertrain systems, which are essential for EVs' performance, efficiency, and sustainability.


• By Company Type: Tier 1 – 70%, Tier 2 – 30%.
• By Designation: C Level – 40%, D Level – 35%, and Others – 25%
• By Region: North America – 5%, Europe – 20%, Asia Pacific – 60%, and ROW– 5%

Research Coverage:
The electric powertrain market is segmented by vehicle type (Passenger Cars and Light Commercial Vehicles) and region (Asia Pacific, Europe, and North America). The market study includes technology analysis (E-Motors, Batteries, Thermal/Battery Management, Power Electronics), Supplier Analysis, and Regulatory Framework.
Reasons to buy this report:
The report will provide market leaders and new entrants with information on the closest approximations of the sales numbers for the E-powertrain market and its subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report provides insights on the following pointers:
•Technology Analysis: Insights on current and upcoming technologies, future investments, and critical OEMs and supplier strategies. Covered major electric powertrain components, technological trends such as the Integrated Drive system, and market players providing these.
• Market Landscape by vehicle type (Passenger Cars and Light Commercial Vehicles), by propulsion type (BEV and PHEV), By integration type (Integrated vs. Non-integrated)
• Supplier Analysis: The report analyzes market players, growth strategies, and product offerings of leading players. It also helps stakeholders understand the strategy of the electric powertrain key suppliers and provides information on their recent developments and investments in the market. OEM-wise decarbonization targets are also covered.
• Pricing Analysis: The report consists of pricing analysis for integrated vs. non-integrated drive systems.

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Table of Contents

1 INTRODUCTION 21
1.1 MARKET DEFINITION 21
1.2 MARKET SCOPE 21
1.3 RESEARCH METHODOLOGY 22
1.3.1 SECONDARY DATA 23
1.3.1.1 List of secondary sources for estimating vehicle production and sales 24
1.3.1.2 Key secondary research referred for market sizing 25
1.3.1.3 Key data from secondary sources 26
1.3.2 PRIMARY DATA 26
1.3.2.1 List of primary participants 27
1.4 MARKET SIZE ESTIMATION 28
1.4.1 ELECTRIC POWERTRAIN MARKET: BOTTOM-UP APPROACH 28
1.4.2 ELECTRIC POWERTRAIN MARKET: TOP-DOWN APPROACH 29
1.5 MARKET BREAKDOWN AND DATA TRIANGULATION 29
1.6 RESEARCH ASSUMPTIONS 31
1.7 RISK AND IMPACT ANALYSIS 31
1.8 RESEARCH LIMITATIONS 32
2 EXECUTIVE SUMMARY 33
2.1 ICE VS. BEV POWERTRAIN PORTFOLIO MIX 33
2.2 ICE VS. ELECTRIC PASSENGER CARS MARKET, BY PROPULSION 34
2.3 INTEGRATED VS. NON-INTEGRATED ELECTRIC POWERTRAINS 35
2.4 ELECTRIC POWERTRAIN MARKET, BY REGION 36
3 ELECTRIC POWERTRAIN MARKET, BY VEHICLE TYPE 38
3.1 INTRODUCTION 38
3.2 PASSENGER CARS 40
3.2.1 RISE IN ELECTRIFICATION TARGETS TO DRIVE MARKET 40
3.3 LIGHT COMMERCIAL VEHICLES 42
3.3.1 INCREASE IN EMISSION-FREE SUPPLY CHAIN INDUSTRY TO DRIVE MARKET 42
4 PASSENGER CAR ELECTRIC POWERTRAIN MARKET, BY COMPONENT 44
4.1 INTRODUCTION 44
4.2 MOTORS 47
4.2.1 RISING DEMAND FOR MOTORS IN BEVS TO DRIVE MARKET 47
4.3 BATTERIES 49
4.3.1 ONGOING DEVELOPMENTS IN LITHIUM-ION BATTERIES TO DRIVE DEMAND FOR BATTERIES 49
 
4.4 BATTERY MANAGEMENT SYSTEMS 51
4.4.1 GROWING PREFERENCE FOR HIGH-PERFORMANCE EVS TO DRIVE DEMAND 51
4.5 CONTROL UNITS 53
4.5.1 INCREASING USE OF MOTORS TO IMPROVE BEV PERFORMANCE TO DRIVE DEMAND 53
4.6 INVERTERS 55
4.6.1 INNOVATIONS IN INVERTERS TO DRIVE MARKET 55
4.7 POWER DISTRIBUTION MODULES 57
4.7.1 NEED FOR SAFETY OF DRIVERS AND PROPER FUNCTIONING OF ELECTRONIC COMPONENTS TO DRIVE MARKET 57
4.8 ON-BOARD CHARGERS 59
4.8.1 NEED FOR SAFE AND EFFECTIVE CHARGING OF BATTERIES TO DRIVE DEMAND 59
5 LCV BEV POWERTRAIN MARKET, BY COMPONENT 62
5.1 INTRODUCTION 62
5.2 MOTORS 63
5.2.1 INCREASE IN DEMAND FOR ENERGY-EFFICIENT MOTORS TO DRIVE MARKET 63
5.3 BATTERIES 64
5.3.1 RISE IN DEMAND FOR LONG-RANGE BATTERIES TO DRIVE MARKET 64
5.4 BATTERY MANAGEMENT SYSTEMS 66
5.4.1 SAFETY RISKS ASSOCIATED WITH BATTERIES TO DRIVE DEMAND 66
5.5 CONTROL UNITS 67
5.5.1 INNOVATIONS IN MOTOR ELECTRONICS TO DRIVE DEMAND 67
5.6 INVERTERS 68
5.6.1 RAPID TECHNOLOGICAL DEVELOPMENTS IN INVERTER TECHNOLOGIES TO DRIVE MARKET 68
5.7 POWER DISTRIBUTION MODULES 69
5.7.1 NEED FOR PROPER MAINTENANCE OF DIFFERENT CONTROL UNITS TO DRIVE DEMAND 69
5.8 ON-BOARD CHARGERS 70
5.8.1 DUAL ROLE OF ONBOARD CHARGERS TO DRIVE MARKET 70
6 ELECTRIC POWERTRAIN REGULATORY FRAMEWORK 72
6.1 SUSTAINABILITY AND NET-CARBON NEUTRALITY TARGETS 72
6.1.1 EUROPE 74
6.1.2 ASIA PACIFIC 75
6.1.3 NORTH AMERICA 76
6.2 OEM ELECTRIFICATION TARGETS AND INVESTMENTS 78
6.2.1 OEMS VS. ELECTRIFICATION TARGETS 78
6.2.2 OEM INVESTMENTS FOR ELECTRIFICATION 79
6.3 ELECTRIC FLEET COMMITMENTS BY LEADING COMPANIES 81
6.4 EMISSION & FUEL ECONOMY NORMS 82
6.4.1 OVERVIEW OF GLOBAL EMISSION STANDARDS 82
6.4.2 EMISSION NORMS IN CRITICAL COUNTRIES 83
6.4.2.1 China 83
6.4.2.1.1 Recent regulations 83
6.4.2.1.2 Upcoming regulations 83
6.4.2.1.2.1 China 7 83
6.4.3 JAPAN 84
6.4.3.1 Upcoming regulations in Japan 85
6.4.3.2 Next phase regulations 86
6.4.4 INDIA 87
6.4.4.1 Upcoming regulations 87
6.4.4.1.1 Recent vs. upcoming emission regulations 88
6.4.5 EUROPE 90
6.4.5.1 Recent regulations 90
6.4.5.2 Upcoming regulations 90
6.4.5.3 Euro 7: Pollutant emission limits 90
6.4.5.4 Recent vs. upcoming emission regulations 91
6.4.5.5 Euro 6 Vs. Euro 7: NOX & PM emission reduction 92
6.4.6 US 92
6.4.6.1 Recent emission regulations 92
6.4.6.1.1 Upcoming regulations 93
6.4.6.1.2 Recent vs. upcoming regulations 94
7 ENERGY PORTFOLIO MIX 95
7.1 PASSENGER CAR ENERGY PORTFOLIO MIX 95
7.1.1 PASSENGER CAR SALES, BY TYPE 95
7.1.2 PASSENGER CAR POWERTRAIN SHARE 96
7.1.3 PASSENGER CAR SALES, BY VEHICLE TYPE (2023 VS. 2030) 97
7.1.4 HATCHBACK 97
7.1.5 SEDANS 97
7.1.6 SUVS 98
7.1.7 MPVS 98
7.1.8 REGION-WISE EV SALE TRENDS 98
7.1.8.1 Asia Pacific 98
7.1.8.2 Passenger Car ICE Vs. EV Share 99
7.1.8.3 China 99
7.1.8.4 India 99
7.1.8.5 Japan 100
7.1.8.6 South Korea 101
7.1.9 EUROPE 101
7.1.9.1 Germany 102
7.1.9.2 France 103
7.1.9.3 Denmark 103
7.1.9.4 Netherlands 104
7.1.9.5 Norway 104
7.1.9.6 Sweden 105
7.1.9.7 UK 105
7.1.10 NORTH AMERICA 105
7.1.10.1 US 106
7.1.10.2 Canada 107
8 MODULARIZATION AND PLATFORM STRATEGIES 108
8.1 VOLKSWAGEN 108
8.1.1 VOLKSWAGEN PLATFORM STRATEGY 109
8.1.2 BMW 111
8.1.2.1 BMW platform strategy 112
8.1.3 STELLANTIS 114
8.1.3.1 Stellantis platform strategy 115
8.1.4 FORD 116
8.1.4.1 Ford platform strategy 117
8.1.5 GENERAL MOTORS 118
8.1.5.1 General Motors platform strategy 119
8.1.6 RENAULT NISSAN MITSUBISHI 120
8.1.6.1 Renault Nissan Mitsubishi platform strategy 120
8.1.7 TOYOTA 121
8.1.7.1 Toyota platform strategy 121
8.1.8 HYUNDAI 122
8.1.8.1 Hyundai platform strategy 123
8.1.9 HONDA MOTOR CO., LTD 123
8.1.9.1 Honda Motor Co., Ltd platform strategy 124
9 TECHNOLOGY ANALYSIS 125
9.1 INTRODUCTION 125
9.2 INTEGRATED ELECTRIC POWERTRAIN SYSTEM 125
9.2.1 4-IN-1 129
9.2.2 5-IN-1 129
9.2.3 6-IN-1 130
9.2.4 8-IN-1 130
9.3 PRICING ANALYSIS FOR INTEGRATED DRIVE SYSTEM 131
9.4 E-MOTORS 133
9.4.1 TECHNOLOGY ROADMAP 133
9.4.1.1 Integrated motor design 135
9.4.1.2 High-voltage architecture 135
 
9.4.2 FUTURE E-MOTOR TECHNOLOGIES 136
9.4.2.1 Axial flux motors 136
9.4.2.2 SynRM-IPM 136
9.4.2.3 Reduction in use of rare earth materials 137
9.4.3 EV MOTOR EVOLUTION BY 2035 138
9.4.3.1 Power density 138
9.4.3.2 E-motor efficiency 138
9.4.3.3 E-motor cost 139
9.4.3.4 Rare earth material usage (Dy+Te) 139
9.4.3.5 Power of EV powertrain 140
9.4.4 FUTURE INVESTMENTS BY KEY SUPPLIERS 140
9.4.5 KEY STAKEHOLDERS AND SUPPLY STRATEGIES 141
9.5 POWER ELECTRONICS 143
9.5.1 TECHNOLOGY ROADMAP 143
9.5.1.1 Integration of inverter 144
9.5.1.2 Bi-directional charging 144
9.5.1.3 Use of wide-bandgap semiconductors 144
9.5.1.4 Traction inverter system 145
9.5.1.5 Next-gen power distribution unit 145
9.5.1.6 Level 3 charging systems 145
9.5.2 POWER ELECTRONICS EVOLUTION 145
9.5.2.1 Current density of SIC chips 145
9.5.2.2 Current density of IGBT chips 146
9.5.2.3 Power density of power electronics converter 146
9.5.3 FUTURE INVESTMENTS 147
9.5.4 KEY STAKEHOLDERS AND SUPPLY STRATEGIES 148
9.6 BATTERY 149
9.6.1 TECHNOLOGY ROADMAP 149
9.6.1.1 Lithium-ion batteries 150
9.6.1.2 BYD Blade Battery 150
9.6.1.3 Solid-state batteries 150
9.6.1.4 Sodium-ion batteries 150
9.6.1.5 Graphene batteries 151
9.6.1.6 LI-AIR batteries 151
9.6.2 BATTERY EVOLUTION BY 2035 151
9.6.2.1 Battery demand in passenger cars 151
9.6.2.2 Average battery pack cost (USD/KWH) 152
9.6.3 FUTURE INVESTMENTS 152
9.6.4 KEY STAKEHOLDERS AND SUPPLY STRATEGIES 154
9.7 THERMAL MANAGEMENT FOR MOTORS 155
9.7.1 TECHNOLOGY ROADMAP 155
9.7.1.1 Oil spray cooling technology 157
9.7.1.2 Water jacket cooling technology 157
9.7.1.3 Hybrid cooling 157
9.7.1.4 Internal oil cooling 157
9.7.1.5 Multiple-discharge rain manifold 158
9.7.1.6 Glycol-water mixture 158
9.7.2 FUTURE INVESTMENTS 159
9.7.3 KEY STAKEHOLDERS AND SUPPLY STRATEGIES 160
10 COMPANY PROFILES 161
10.1 ROBERT BOSCH GMBH 161
10.1.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 162
10.1.2 RECENT DEVELOPMENTS 163
10.1.3 SUPPLIER ANALYSIS 164
10.1.4 MNM VIEW 165
10.1.4.1 Goals 165
10.1.4.2 Strategic choices 165
10.2 MAGNA INTERNATIONAL INC. 166
10.2.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 167
10.2.2 RECENT DEVELOPMENTS 167
10.2.3 SUPPLIER ANALYSIS 168
10.2.4 MNM VIEW 169
10.2.4.1 Goals 169
10.2.4.2 Strategic choices 169
10.3 BORGWARNER INC. 170
10.3.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 171
10.3.2 RECENT DEVELOPMENTS 172
10.3.3 SUPPLIER ANALYSIS 174
10.3.4 MNM VIEW 174
10.3.4.1 Goals 174
10.3.4.2 Strategic choices 174
10.4 ZF FRIEDRICHSHAFEN AG 176
10.4.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 177
10.4.2 RECENT DEVELOPMENTS 178
10.4.3 SUPPLIER ANALYSIS 180
10.4.4 MNM VIEW 180
10.4.4.1 Goals 180
10.4.4.2 Strategic choices 180
10.5 DENSO CORPORATION 181
10.5.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 183
10.5.2 RECENT DEVELOPMENTS 184
10.5.3 SUPPLIER ANALYSIS 185
10.5.4 MNM VIEW 185
10.5.4.1 Goals 185
10.5.4.2 Strategic choices 185
10.6 VALEO 186
10.6.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 188
10.6.2 RECENT DEVELOPMENTS 189
10.6.3 SUPPLIER ANALYSIS 190
10.6.4 MNM VIEW 191
10.6.4.1 Goals 191
10.6.4.2 Strategic choices 191
10.7 MITSUBISHI ELECTRIC CORPORATION 192
10.7.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 193
10.7.2 RECENT DEVELOPMENTS 194
10.7.3 SUPPLIER ANALYSIS 195
10.7.4 MNM VIEW 195
10.7.4.1 Goals 195
10.7.4.2 Strategic choices 195
10.8 VITESCO TECHNOLOGIES GMBH 196
10.8.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 197
10.8.2 RECENT DEVELOPMENTS 198
10.8.3 SUPPLIER ANALYSIS 199
10.8.4 MNM VIEW 199
10.8.4.1 Goals 199
10.8.4.2 Strategic choices 200
10.9 DANA LIMITED 201
10.9.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 203
10.9.2 RECENT DEVELOPMENTS 204
10.9.3 SUPPLIER ANALYSIS 205
10.9.4 MNM VIEW 205
10.9.4.1 Goals 205
10.9.4.2 Strategic choices 205
10.10 HITACHI ASTEMO, LTD. 206
10.10.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 207
10.10.2 RECENT DEVELOPMENTS 207
10.10.3 SUPPLIER ANALYSIS 208
10.10.4 MNM VIEW 209
10.10.4.1 Goals 209
10.10.4.2 Strategic choices 209
10.11 CATL 210
10.11.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 211
10.11.2 RECENT DEVELOPMENTS 212
10.11.3 SUPPLIER ANALYSIS 213
10.11.4 MNM VIEW 213
10.11.4.1 Goals 213
10.11.4.2 Strategic choices 214
10.12 BYD COMPANY LTD. 215
10.12.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 216
10.12.2 RECENT DEVELOPMENTS 217
10.12.3 MNM VIEW 219
10.12.3.1 Goals 219
10.12.3.2 Strategic choices 219
10.13 LG ENERGY SOLUTION 220
10.13.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 221
10.13.2 RECENT DEVELOPMENTS 221
10.13.3 SUPPLIER ANALYSIS 224
10.13.4 MNM VIEW 224
10.13.4.1 Goals 224
10.13.4.2 Strategic choices 224
10.14 PANASONIC ENERGY CO., LTD. 225
10.14.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 225
10.14.2 RECENT DEVELOPMENTS 226
10.14.3 SUPPLIER ANALYSIS 227
10.14.4 MNM VIEW 227
10.14.4.1 Goals 227
10.14.4.2 Strategic choices 228
10.15 SAMSUNG SDI 229
10.15.1 PRODUCTS/SOLUTIONS/SERVICES OFFERED 230
10.15.2 RECENT DEVELOPMENTS 231
10.15.3 SUPPLIER ANALYSIS 233
10.15.4 MNM VIEW 233
10.15.4.1 Goals 233
10.15.4.2 Strategic choices 233
11 FINAL TAKEAWAYS AND RECOMMENDATION 235
11.1 FINAL TAKEAWAYS 235
11.2 ELECTRIFICATION TARGETS 235
11.3 RISING ADOPTION OF HIGH-VOLTAGE ARCHITECTURE 235
11.4 INTEGRATION OF POWERTRAIN COMPONENTS 236
11.5 EUROPE TO BE FASTEST-GROWING MARKET FOR BEVS 237
12 APPENDIX 238
12.1 DISCUSSION GUIDE 238
12.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 241
12.3 CUSTOMIZATION OPTIONS 243
12.3.1 ELECTRIC POWERTRAIN MARKET, BY VEHICLE TYPE 243
12.3.1.1 BEV 243
12.3.1.2 HEV/PHEV 243
12.3.1.3 FCEV 243
12.3.2 ELECTRIC POWERTRAIN MARKET, BY TYPE 243
12.3.2.1 BEV powertrain 243
12.3.2.2 Series hybrid powertrain 243
12.3.2.3 Parallel hybrid powertrain 243
12.3.2.4 Series-parallel hybrid powertrain 243
12.4 RELATED REPORTS 244
12.5 AUTHOR DETAILS 245