Automotive Powertrain Systems Market Size is Predicted to Grow at a Sizable CAGR of Closely 5.70% by 2032
Research Reports
Oct 05, 2023
Automotive Powertrain Systems Industry Overview:
The study documents by MRFR state that the Automotive Powertrain Systems Market Research Report Information by Engine Type, Component, Vehicle Type, and Region – Forecast Till 2032, the Automotive Powertrain Systems market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 5.70%. The study documents suggest projections related to the global market’s mounting revenue data, which will likely attain a market of USD 86.01 billion by the end of 2032.
As per the reports, the market was priced at almost USD 55.2 billion in 2022. The Automotive Powertrain System market has recently advanced. The main feature causing a rise in market performance is the growing trend of downsized engines. Furthermore, the escalating demand for automatic transmissions is also considered to be one of the vital parameters enhancing the growth of the global market.
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Competitive Analysis
- Toyota Motor Corporation(Japan)
- Ford Motor(U.S.)
- General Motors Company (U.S.)
- Delphi Automobile (U.K.)
- Hyundai Motor Company (South Korea)
- Magna Powertrain (U.S.)
- Aisin Seiki (Japan)
- Denso Corporation (Japan)
- Borgwarner (U.S.)
- Jtekt Corporation (Japan)
- GKN PLC (U.K.)
- ZF Friedrichshafen (Germany)
Market Drivers
The Automotive Powertrain System market has recently advanced. The main feature causing a rise in market performance is the growing trend of downsized engines. Furthermore, the escalating demand for automatic transmissions is also considered to be one of the vital parameters enhancing the growth of the global market.
Market Restraints
On the contrary, various aspects may harm expanding the global market for Automotive Powertrain Systems. One of the main restraints in advancing the market’s growth is the elevated prices allied with raw materials.
Segment Analysis
The global market for Automotive Powertrain Systems has been fragmented into several segments based on end-users, engine type, components, and region.
Based on the components, the global market for Automotive Powertrain Systems is divided into drive shafts, differentials, transmission, engines, and others.
Based on Engine Types, the global market for Automotive Powertrain Systems is split into diesel and gasoline.
Based on the end-users, the global automotive powertrain systems industry is divided into commercial vehicles and passenger vehicles.
Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The North American region ensured the prime position across the Automotive Powertrain Systems market in 2022, with a maximum share of about USD 25.0056 billion. The regional market is projected to Register a significant CAGR during the study period. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Automotive Powertrain Systems market is the adoption of stringent emission standards in North American nations.
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Furthermore, the escalating demand for modern, lightweight powertrains that improve fuel economy, enhance vehicle performance, and cut emissions is also considered to be one of the vital parameters enhancing the growth of the regional market. In addition, the automakers’ efforts to lower exhaust emissions from their vehicles are also likely to fuel the development of the regional market over the coming years.
The European Region is estimated to hold the second position across the Automotive Powertrain Systems market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Automotive Powertrain Systems market is the region’s increasing demand for electric vehicles given to the carbon emissions regulations enacted by the European Union and the relevant national governments.
Furthermore, the region’s main automakers also make significant investments in research and development to offer fuel-efficient, low-carbon-emitting, and high-performance powertrains, which in turn is also likely to have a positive impact on the growth of the regional market.
The Asia-Pacific Region will grow at the fastest CAGR across the Automotive Powertrain Systems market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Automotive Powertrain Systems market is the expansion of the passenger car industry. Furthermore, the rising vehicle manufacturing in the area is also likely to fuel the development of the regional market over the coming years. For example, India’s automotive powertrain systems market is propelled by growing disposable income, a fiercely competitive market, and more urbanization that encourages automobile ownership throughout the country.
Automotive Powertrain Systems Market Segmentation
Automotive Powertrain Systems Component Outlook
- Engine
- Transmission
- Differentials
- Drive Shafts
- Others
Automotive Powertrain Systems Engine Type Outlook
- Gasoline
- Diesel
Automotive Powertrain Systems Vehicle Type Outlook
- Passenger Vehicles
- Commercial Vehicles
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