PUBLISHER: The Business Research Company | PRODUCT CODE: 1713455
PUBLISHER: The Business Research Company | PRODUCT CODE: 1713455
The powertrain and its components collectively constitute the set of elements responsible for propelling a vehicle forward. The powertrain within a vehicle harnesses the force generated by the engine and transmits it to the wheels in contact with the ground.
The primary categories of powertrain and powertrain components encompass passenger cars (PC), commercial vehicles (CV), off-road vehicles, construction equipment, defense vehicles, and agricultural vehicles. Commercial vehicles are those intended for commercial purposes, and the technologies involved often include hybrid and automated systems. Key components of the powertrain and its parts include the engine, transmission, driveshafts, differentials, and the final drive.
The power train and power train parts market research report is one of a series of new reports from The Business Research Company that provides power train and power train parts market statistics, including power train and power train parts industry global market size, regional shares, competitors with a power train and power train parts market share, detailed power train and power train parts market segments, market trends and opportunities, and any further data you may need to thrive in the power train and power train parts industry. This power train and power train parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The power train and power train parts market size has grown strongly in recent years. It will grow from $455.51 billion in 2024 to $496.6 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to stringent emission regulations, rising demand for automated transmission, growing trend of engine downsizing, rising demand for hybrid powertrains, increasing demand for passenger cars.
The power train and power train parts market size is expected to see strong growth in the next few years. It will grow to $678.29 billion in 2029 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to electrification and hybridization, autonomous vehicles, energy efficiency, connectivity and iot, green energy and hydrogen. Major trends in the forecast period include lightweighting, advanced materials and composites, digitalization and ai, remanufacturing and circular economy, modular powertrain systems.
The powertrain and powertrain parts market is being fueled by the growing demand for enhanced fuel efficiency in vehicles. Fuel consumption is inherently tied to factors such as engine performance, fuel type, and the efficiency of energy transfer to the wheels. The powertrain system serves as the conduit for transmitting engine power to the vehicle's wheels while optimizing engine speed to conserve fuel. Consumer demand for improved fuel economy is strong, with an impressive 85% of American adults, according to a Consumer Reports survey, advocating for continuous advancements in fuel efficiency across all vehicle types. This drive for increased fuel efficiency encourages the development of innovative and economical powertrain systems.
The surging interest in electric vehicles (EVs) is poised to be a significant driver for the powertrain and powertrain parts market. Electric vehicles, powered primarily by electric motors, rely on electric powertrains comprising components like electric motors, power electronics, and battery systems. The growth of the powertrain parts market is intrinsically linked to the development and production of these essential components, including electric motors, inverters, and other EV-specific parts. Notably, in January 2024, the U.S. Energy Information Administration (EIA), a U.S.-based agency, reported that combined sales of hybrid vehicles, plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) in the United States represented 16.3% of all new light-duty vehicle (LDV) sales in 2023, an increase from 12.9% in 2022. This escalating demand for electric vehicles is propelling the expansion of the powertrain and powertrain parts market.
Key players in the powertrain and powertrain parts market are focusing on the development of PowerLine transmissions to enhance fuel efficiency, reduce emissions, improve performance, and address the increasing demand for advanced automatic transmission systems in vehicles. PowerLine transmission refers to a cutting-edge automatic transmission system designed primarily for commercial vehicles, offering improved fuel efficiency, better driving comfort, and superior performance. This new 8-speed automatic transmission is tailored to boost fuel efficiency and performance in medium-heavy trucks, pickups, and buses. For example, in February 2024, ZF Friedrichshafen AG, a Germany-based company, introduced PowerLine CV transmissions, an advanced automatic transmission. The PowerLine transmission can reduce fuel consumption by up to 10% compared to existing systems. This is achieved through a consumption-reducing overall ratio spread of 7.64 and an early closing of the torque converter, which optimizes power delivery and efficiency. It is designed to support engines with torque outputs of up to 1200 Nm, making it suitable for vehicles with a gross vehicle weight of up to 26 tons.
Major companies operating in the power train and power train parts market focus on developing hybrid transmissions to improve fuel efficiency, reduce emissions, and enhance overall vehicle performance by seamlessly integrating electric and internal combustion power sources. Hybrid transmission refers to a type of vehicle transmission system designed for hybrid vehicles, which combine an internal combustion engine (ICE) with one or more electric motors. This new transmission is designed to enhance decarbonization efforts while retaining the performance benefits of traditional combustion engines. For instance, in July 2024, ZF Friedrichshafen AG, a Germany-based company, launched TraXon 2 Hybrid transmission, a hybrid transmission. This hybrid transmission can be seamlessly integrated into existing vehicle platforms, allowing manufacturers to adopt hybrid technology with minimal disruption to their current designs. This flexibility supports both full-hybrid and plug-in hybrid configurations, enhancing its applicability across various commercial vehicle types.
In 2022, Cummins Inc. further solidified its market presence by acquiring Meritor for an undisclosed amount. This strategic acquisition positions Cummins as a leading provider of integrated powertrain solutions, encompassing both internal combustion engines and electric motors. Meritor, a supplier of drivetrain, mobility, braking, aftermarket, and electric powertrain solutions for commercial vehicles and industrial applications, strengthens Cummins' capabilities in delivering comprehensive powertrain solutions.
Major companies operating in the power train and power train parts market include Ford Motor Company, General Motors Company, Volkswagen AG, ZF Friedrichshafen AG, Delphi Technologies Inc., Toyota Motor Corporation, JTEKT Corporation, Allison Transmission Holdings Inc., BorgWarner Inc., Hyundai Motor Company, Aisin Seiki Co. Ltd., JTEKT North America Corporation, AW North Carolina Inc., Dexter Axle Company, Kyklos Bearing International LLC, Deere & Company (John Deere Coffeyville Works), Altra Industrial Motion Corp. (Warner Electric LLC), Fabco Automotive Corporation, American Axle & Manufacturing Holdings Inc., Cloyes Gear and Products Inc., Powertech America Inc., Reliance Electric Company LLC, thyssenkrupp Crankshaft Company LLC, BorgWarner Transmission Systems Inc., Capco Automotive Products Corporation, The Gleason Works, MAHLE GmbH, AVL List GmbH, American Axle & Manufacturing Inc.
Asia-Pacific was the largest region in the power train and power train parts market in 2024. Western Europe was the second largest region in the power train and power train parts market. The regions covered in the power train and power train parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the power train and power train parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The power train and power train parts market consist of sales of CV joints and the wheels. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Power Train And Power Train Parts Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on power train and power train parts market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for power train and power train parts ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The power train and power train parts market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.