NEW YORK, Feb. 17, 2023 /PRNewswire/ — Major players in the powertrain and powertrain parts market are Ford Motor Company, General Motors Company, Volkswagen AG, ZF Friedrichshafen AG, Delphi Technologies, Toyota Motor Corporation, JTEKT Corporation, Allison Transmission, BorgWarner Inc., and Hyundai Motor Company.
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The global power train and power train parts market will grow from $385.88 billion in 2022 to $427.10 billion in 2023 at a compound annual growth rate (CAGR) of 10.7%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The power train and power train parts market is expected to grow to $616.99 billion in 2027 at a CAGR of 9.6%.
The powertrain and powertrain components 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 powertrain and powertrain components refer to the collection of each part that propels the vehicle forward. The powertrain in the vehicle uses the engine’s generated force to transmit it to the wheels on the ground.
Asia Pacific was the largest region in the power train and powertrain parts market in 2022.Western Europe was the second largest market in power train and powertrain parts market.
The regions covered in the powertrain and powertrain parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of powertrain and powertrain parts are passenger cars (PC), commercial vehicles (CV), off-road vehicles, construction equipment, defence vehicles, and agricultural vehicles.Commercial vehicles refer to vehicles that are used for commercial purposes.
The technologies involved are hybrid and automated. The components of the powertrain and powertrain parts are the engine, transmission, driveshafts, differentials, and final drive.
The powertrain and powertrain parts market are driven by the increasing demand for improved fuel efficiency.The amount of fuel consumed depends on the engine, the type of fuel used, and the efficiency with which the output of the engine is transmitted to the wheels.
The powertrain system transmits the engine energy to the wheels of the vehicle and helps in reducing the speed of the engine to save fuel.According to a survey by Consumer Reports, 85% of American adults demanded that automakers should continue to improve fuel economy for all types of vehicles.
The need to increase fuel efficiency promotes the development of new powertrain systems that are both economical and more fuel-efficient.
The slow growth in the automobile manufacturing market is expected to limit the growth of the powertrain and powertrain parts market.Automobiles require powertrain and powertrain parts to function, and the slow growth of the industry restricts the demand for powertrain and powertrain parts.
According to the International Monetary Fund, car sales fell in 2021 by 5% to 10% in the EU (European Union), but by 9% to 15% in the USA.The report also suggests that the auto sector represented a 20% slowdown in GDP and 30% of the slowdown in global trade.
According to the China Passenger Car Association, in April 2022, the sales of passenger vehicles fell 35.7% . Due to the slow growth of the automobile manufacturing sector in economies like India and China, consumers are holding off on purchases of powertrains and powertrain systems, thus lowering the growth of the market.
Powertrain and powertrain parts manufacturers are increasingly investing in the development of new engine management and optimization technology for powertrains.Advanced powertrain systems are being developed to increase the efficiency of the engine and reduce fuel combustion.
The popularity of electric vehicles has resulted in the manufacturers of powertrains and powertrain parts investing in powertrains suitable for these electric vehicles.Following the trend, Tata Motors, in 2020, launched the updated electric vehicle, Tata Tigor EV with Ziptron technology.
The Ziptron technology that Tata introduced with its vehicles had capabilities far greater than those of the earlier, Xpres-T’s powertrain. With Ziptron technology, the Tigor EV can be fast-charged from 0 to 80 percent in about an hour, a significant improvement over the Xpres-T’s powertrain.
In 2022, Cummins Inc, a US-based that specializes in designing, manufacturing, and distributing engines, filtration, and power generation products, acquired Meritor for an undisclosed amount.Through acquisition of Meritor’s people, products and capabilities, Cummins will position the company as a leading provider of integrated powertrain solutions across internal combustion engines and electric motor.
Meritor is a US-based supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicles and industrial applications.
The countries covered in the power train and powertrain parts market include Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The powertrain and powertrain parts market research report is one of a series of new reports that provides powertrain and powertrain parts market statistics, including powertrain and powertrain parts industry global market size, regional shares, competitors with a powertrain and powertrain parts market share, detailed powertrain and powertrain parts market segments, market trends and opportunities, and any further data you may need to thrive in the powertrain and powertrain parts industry. This powertrain and powertrain 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.
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