Meticulous Research®, a globally recognized leader in market intelligence and analysis, has released 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 poised to reach a valuation of $288.9 billion by 2031, registering a CAGR of 14.7% from 2024 to 2031. This robust growth is fueled by rising demand for electric vehicles (EVs), stringent carbon emission standards, government initiatives promoting the electrification of public transport, and increasing adoption of high-performance motors. However, challenges such as the high purchase costs of EVs and limited charging infrastructure could hinder market expansion.

The report also highlights emerging opportunities, such as the rising demand for EVs in developing economies and advancements in battery technology, while noting challenges like motor overheating and reliability issues. Furthermore, the emergence of fuel cell electric vehicles (FCEVs) and innovations in rare earth material-free motors are shaping the future 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).
Battery Electric Vehicles (BEVs) are expected to dominate, accounting for over 72.0% of the market share in 2024, driven by growing awareness of emission reduction, government policies promoting EV adoption, and the development of zero-emission vehicles.
Fuel Cell Electric Vehicles (FCEVs) are set to grow at the highest CAGR, supported by increasing adoption in public transport and advancements in hydrogen-powered technologies. For instance, Tata Motors introduced 15 FCEV buses in India, demonstrating hydrogen-based fuel cell potential in public transportation.
Component
Key components 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, bolstered by advancements in compact battery designs, government support for EV battery production, and recycling initiatives. Strategic partnerships, such as Hyundai and Kia's collaboration with India’s Exide Energy Solutions Ltd, further enhance the segment's growth.
The Power Electronics Controllers (PCUs) segment is expected to grow at the fastest rate, driven by innovations in semiconductor materials like Silicon Carbide (SiC) and Gallium Nitride (GaN).
Vehicle Type
Segments include Passenger Vehicles, Electric Two-wheelers, E-scooters & E-bikes, and Commercial Vehicles.
Passenger Vehicles are set to dominate, with over 63.0% of the market share in 2024, fueled by evolving consumer preferences, technological advancements, and stringent environmental regulations. Companies like HYUNDAI TRANSYS are enhancing EV systems to align with these demands.
Commercial Vehicles are expected to record the highest CAGR of 16.5%, supported by rising adoption of electric buses and a focus on electrifying commercial fleets.
Regional Insights

Asia-Pacific will lead the market, accounting for over 55.0% of the global share in 2024, driven by China's dominance in EV production and expanding regional manufacturing capabilities. Strategic collaborations, such as Mahindra & Mahindra's partnership with Valeo, underline the region’s significance.
Europe is forecast to grow at the highest CAGR of 16.0%, propelled by stringent environmental regulations, increased R&D investments in EV technology, and a growing number of EV manufacturers.
Market Players

Key players shaping 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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