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.
Automotive Powertrain Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific held the largest market share in 2023 and is expected to continue the same pattern during the forecast period. This is mostly attributable to rising car sales and a spike in the need for automatic transmissions in Asian nations like China and India. In addition, the growing purchasing power of customers in emerging countries is probably going to increase the demand for cutting-edge cars, which will in turn drive the need for modernized powertrains in such cars. Additionally, the Chinese government has implemented several energy-saving initiatives for the automobile sector, such as the new energy vehicle development program, which has had a substantial impact on the Asia Pacific automotive sector.
The key players operating in the market are Magna International Inc., Continental AG, BorgWarner Inc., Marelli Holdings Co., Ltd., NIDEC CORPORATION, Mitsubishi Electric Corporation, Schaeffler AG, Robert Bosch GmbH, ZF Friedrichshafen AG and VALEO. These players adopted various types of strategies to remain competitive in the market such as product launches, acquisitions, expansion, approvals, agreements and others.
In July 2023, in a joint venture deal, Geely and Renault Group agreed that each would own 50% of the newly established business. The principal aim of this partnership is to gain market leadership in the next generation of highly efficient and hybrid powertrain systems, to meet the projected increase in worldwide demand over the next few years. To meet the changing demands of the automotive sector, Geely and the Renault Group want to pool their resources, knowledge, and technical innovations.
GLOBAL AUTOMOTIVE POWERTRAIN MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Magna International Inc.
Continental AG
BorgWarner Inc.
Marelli Holdings Co., Ltd.
NIDEC CORPORATION
Mitsubishi Electric Corporation
Schaeffler AG
Robert Bosch GmbH
ZF Friedrichshafen AG
VALEO