An Automotive Powertrain is a system that encompasses diverse components that produce power for a vehicle. This system transfers the produced power to the wheels and thus supports the movement of vehicles. The automotive powertrain systems market has demonstrated commendable performance in the global business environment owing to the number of vehicles.
The Covid 19 pandemic has damagingly impacted market growth at the global level. As the pandemic restricted the movement of people, the demand for automotive powertrain systems decayed considerably. However, the performance of the market is anticipated to improve during the forecasted period as the strict restrictions have been easing gradually. Numerous factors could facilitate strong market performance in the future, such as integrating new technologies into automotive powertrain systems.
According to MRFR analysis, the global Automotive Powertrain Systems Market is expected to register a CAGR of ~ 5.7% from 2022 to 2030 and hold a value of over USD 84 Billion by 2030.
Regional Analysis
The upsurge in the number of vehicles in the European market has also led to amplified demand for automotive powertrain systems. Nations such as the United Kingdom, Germany, and France have contributed to the rock-hard performance of the geographical market segment.
Asia Pacific market segment is projected to dominate the automotive powertrain systems market share at the global level. The main factors that could accelerate the market performance are the upsurge in the penetration of passenger cars in developing nations and the introduction of strict environmental norms and guidelines.
Market Segmentation
The Global Automotive Powertrain Systems Market has been segmented into Component, Engine Type, and Vehicle type
Based on Components, The Global Automotive Powertrain Systems Market has been segmented into the engine, transmission, differentials, driveshafts, and others. During the forecasted period, the engine and the transmission components are projected to dominate the market size at the global level. The chief factor contributing to the rock-hard performance of the market segment is curtailing fuel usage in automobiles.
Based on the engine type, The Global Automotive Powertrain Systems Market has been segmented into gasoline and diesel. The gasoline segment is likely to demonstrate exceptional performance in the global market setting during the forecasted period. The solid performance of the market segment is likely to be accelerated owing to the high demand for automotive powertrain systems by car manufacturers so that the high fuel usage and wastage could be managed efficiently.
Based on vehicles, The Global Automotive Powertrain Systems Market has been segmented into passenger and commercial vehicles. The passenger vehicle segment is likely to capture a considerable portion of the market share. The key reason for the strong performance of the market segment is likely the rush in sales of passenger vehicles all across the globe. The rise in the number of automobiles on the streets is one of the top market trends that would influence market performance in the future.
Key Players
Some of the key market players are Toyota Motor Corporation (Japan), General Motors Company (US), Hyundai Motor Company (South Korea), Aisin Seiki (Japan), Borgwarner (US), Ford Motor (US), Delphi Automobile (UK), Magna Powertrain (US), Denso Corporation (Japan), and Jtekt Corporation (Japan)
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