PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437521
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437521
Automotive Powertrain Market size was valued at USD 788,201 Million in 2023, expanding at a CAGR of 14.5% from 2024 to 2032.
The automotive powertrain uses several interconnected parts to provide the vehicle with power. The engine produces power, which is subsequently sent to the axles via the gearbox. The engine, gearbox, differentials, and driveshaft make up the powertrain. Broadly speaking, the powertrain consists of all the parts that convert stored energy into kinetic energy for driving. A vehicle's powertrain is essential to its operation since without it, a breakdown might occur.
Automotive Powertrain Market- Market Dynamics
Integration of advanced technologies drives market growth
The incorporation of cutting-edge technology into vehicle powertrains is profoundly influencing market dynamics. Predictive analytics, artificial intelligence (AI), and connectivity are being used more and more to improve the economy, optimize powertrain performance, and facilitate predictive maintenance. In hybrid and electric cars, AI-powered algorithms are utilized to enhance engine performance, gearbox shifting, and energy management, which improves driving dynamics and fuel efficiency. Furthermore, connection permits real-time data interchange between infrastructure and cars, allowing for the dynamic adjustment of powertrain settings in response to environmental and driving circumstances. In addition, massive volumes of data from powertrain sensors are analyzed by predictive analytics algorithms to forecast probable malfunctions and enhance maintenance plans, cutting downtime and improving reliability.
Automotive Powertrain Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.5% over the forecast period (2024-2032)
Based on vehicle type segmentation, the passenger vehicle segment dominates the market
Based on propulsion type segmentation, the electric vehicle segment is expected to grow at the highest CAGR during the forecast period
Based on region, the Asia Pacific held the largest market share in 2023
The Global Automotive Powertrain Market is segmented based on Vehicle Type, Propulsion Type and Region.
The market is divided into two categories based on vehicle type: commercial vehicle and passenger vehicle. The passenger vehicle segment dominates the market and is likely to maintain its dominance during the forecast period. The car industry's requirement for additional computer chips has impacted production levels and impeded market expansion. In addition, the markets for passenger cars that run on gasoline, diesel, and oil are shifting toward electric vehicles as a result of consumer tax breaks and rising government expenditures in EV infrastructure. For instance, in the United States, qualifying applicants get a tax reimbursement from the State of California starting on April 23, 2021, under the Clean Vehicle Reimbursement Project (CVRP).
The market is divided into three categories based on propulsion type: Electric Vehicle and ICE. The electric vehicle segment is expected to grow at the highest CAGR during the forecast period due to the growing initiatives and increasing investment by automotive manufacturers.