Meticulous Research®, a globally recognized leader in market intelligence and analysis, has unveiled 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 electric powertrain market is set to achieve a remarkable valuation of $288.9 billion by 2031, growing at a robust CAGR of 14.7% during the forecast period from 2024 to 2031. This growth is attributed to the surging demand for electric vehicles (EVs), stringent carbon emission standards, supportive government initiatives promoting public transport electrification, and the increasing adoption of high-performance motors. However, the market may face challenges such as the high purchase costs of EVs and limited charging infrastructure.

The report also identifies emerging opportunities, including rising demand for EVs in developing economies and advancements in battery technology. It also addresses potential obstacles, such as motor overheating and reliability concerns. Additionally, the development 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 Segments

Propulsion Type
The market is segmented into Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Fuel Cell Electric Vehicles (FCEVs).
BEVs are projected to dominate, accounting for over 72.0% of the market share in 2024, fueled by increasing awareness of emission reduction, government incentives, and the shift toward zero-emission vehicles.
FCEVs are poised to grow at the highest CAGR, driven by advancements in hydrogen-powered technologies and adoption in public transport. For example, Tata Motors has introduced 15 FCEV buses in India, showcasing the potential of hydrogen-based 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 expected to hold over 60.0% of the market share in 2024, driven by compact battery innovations, government support for battery production, and recycling initiatives. Strategic collaborations, such as Hyundai and Kia's partnership with India’s Exide Energy Solutions Ltd, further strengthen this segment.
PCUs are anticipated to grow at the fastest pace, supported by breakthroughs 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 will dominate with over 63.0% market share in 2024, driven by technological advancements, evolving consumer preferences, and strict environmental regulations. Companies such as HYUNDAI TRANSYS are aligning their systems with these trends.
Commercial Vehicles are expected to grow at the highest CAGR of 16.5%, fueled by increased adoption of electric buses and a focus on electrifying commercial fleets.
Regional Insights

Asia-Pacific will lead the electric powertrain market, accounting for over 55.0% of the global market share in 2024, thanks to China's dominance in EV production and expanding manufacturing capabilities in the region. Collaborative ventures like Mahindra & Mahindra’s partnership with Valeo further emphasize the region's growth potential.
Europe is expected to register the highest CAGR of 16.0%, driven by stringent environmental regulations, increased investments in EV R&D, and a growing number of EV manufacturers in the region.
Market Players

Prominent players 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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