EV Drivetrain Market size worth US$120.330 billion by 2029

electric vehicle drivetrain market

The electric vehicle drivetrain market is projected to expand from US$54.941 billion in 2024 to US$120.330 billion in 2029 at a CAGR of 16.98%.

A drivetrain is a crucial vehicle component that translates power from the battery into motion. In an electric vehicle, the drivetrain comprises several key components, including traction motors, power electronics, transmission, and batteries. Within this system, the battery plays a vital role by distributing energy to these essential components. The traction motors convert the electric energy from the battery into rotational energy, which propels the vehicle forward.

As global demand for electric vehicles continues to rise, the development of related technologies is anticipated to accelerate rapidly. This momentum will lead to the introduction of innovations and components that enhance vehicle efficiency and performance. Leading companies in the sector have made significant advancements in the electric vehicle drivetrain market, concentrating on improving vehicle performance. For example, in September 2024, Musashi Seimitsu Industry Co., Ltd., a Japanese company, partnered with Log9 Material, a prominent Indian battery technology leader, to develop a powertrain system tailored for the Indian electric vehicle market.

  • Segmentation of the Electric Vehicle Drivetrain Market

The component segment of the electric vehicle drivetrain market is categorized into battery, controller, transmission, and electric motor. Under the component segment of the global electric vehicle drivetrain market, the battery category is forecasted to witness massive growth. The battery of the electric vehicle is among the most important components, which helps in storing and delivering power or energy to the different components of the electric vehicle, like the motors and controllers.

The electric vehicle drivetrain market, under the type segment, is categorized into front-wheel drive (FWD), rear-wheel drive (RWD), all-wheel drive (AWD), and four-wheel drive (4WD). The front-wheel drive (FWD) category of the type segment of the electric vehicle drivetrain market is estimated to attain greater market growth. In the front-wheel drive system, the traction motors, which help to drive the vehicle, are connected to the set of wheels, connected to the front portion of the vehicle. The front-wheel drive system offers easy maintenance, lower installation cost, and cheaper operation of the vehicle. This type of drivetrain is commonly used in the base model of electric vehicles. This type of drivetrain category has higher market demand in developing and lower or middle-income countries, like India, Vietnam, Malaysia, and other African nations, as the vehicles with front-wheel systems are cheaper to produce, and are available at a lower cost compared to the other categories.

The electric vehicle drivetrain market, by vehicle segment, is categorized into PHEV, BEV, FCEV, and HEV. The PHEV category of the vehicle segment, in the global electric vehicle drivetrain market is estimated to grow rapidly. The PHEV refers to a Plug-in Hybrid Electric Vehicle, which consists of multiple types of fuel functions. The PHEVs consist of an electric vehicle drive train system, along with the ability to operate on conventional fuels, like petrol. The global demand for PHEVs witnessed massive growth, as these type of vehicles offers users the capability to drive longer ranges, and also contribute to the sustainability of the environment.

Based on geography, the Asia Pacific region is forecasted to witness the maximum share in the global electric vehicle drivetrain market. A key factor for the growth of the market in the Asia Pacific region can be majorly attributed to the rising production of electric vehicles in the region. The counties like China, Japan, Taiwan, and India in the Asia Pacific region are among the biggest producers of electric vehicles and their related technologies, across the globe. These countries have also introduced multiple policies and investment opportunities to further develop EV technology in the region, boosting the electric vehicle ecosystem. In the global production of EVs, China is among the biggest producers, producing about half of the global share. The International Energy Agency stated that the stock of battery electric vehicles (BEV) in China witnessed rapid growth. The agency stated that in 2021, the nation had about 6.2 million electric vehicle stock, which increased to 10.7 million in 2022, finally reaching 16.1 million of total electric vehicle stock in 2023.

  • Key Players in the Electric Vehicle Drivetrain Market

As a part of the report, the major players operating in the electric vehicle market that have been covered are AISIN CORPORATION, DENSO CORPORATION, Hexagon AB, ZF Friedrichshafen AG, Magna International Inc.,Valeo, BorgWarner Inc., MITSUBISHI MOTORS CORPORATION, Hitachi Astemo, Ltd., and Schaeffler AG.

View a sample of the report or purchase the complete study at: https://www.knowledge-sourcing.com/report/electric-vehicle-drivetrain-market

The Electric Vehicle Drivetrain Market is analyzed into the following segments: