Pune, April 27, 2021 (GLOBE NEWSWIRE) -- Automotive Powertrain Systems Market Analysis
The automotive powertrain systems market is likely to grow at a 5.7% CAGR over the forecast period (2020 - 2027), reveals the current Market Research Future (MRFR) report. The powertrain system is a key element of an automobile. It comprises of every component which produces power for the car and transfers the same to the wheels, allowing vehicle movement. The powertrain is at the vehicle design’s heart, the engine, be it an electric design, hybrid, or conventional, and offers the motive power that is managed and controlled with the transmission and final drive components. The overall powertrain system thus defines the vehicle’s character and dynamic performance. Drive shafts, differentials, transmission, engine, and others are its different components that are widely used in gasoline and diesel engines. Owing to its alluring features and benefits, it has wide applications in commercial and passenger vehicles.
Attractive Features that Boost Market Growth
As per the MRFR report, there are numerous factors that are propelling the automotive powertrain systems market share. Some of these entail growing sales of new cars, improved fuel efficiency, and low emission, the growing need for gasoline vehicles, increasing disposable income in different countries, rapid increase in the demand from the APAC region, continuous advances being made in the field of technology, developing economies playing a crucial role in the market expansion, and rising need for an automated transmission. The additional factors adding market growth include growing trend of engine downsizing as this can reduce emissions and fuel consumption, increasing vehicle production, growing need for electronic components in vehicles that include sensors and electronic control unit, rising need for hybrid vehicles and electric vehicles, technological improvements in powertrain systems, increasing need for eco-friendly cars, and stringent government regulations.
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On the contrary, increased cost of powertrain systems and lack of awareness may limit the global automotive powertrain systems market growth over the forecast period.
COVID-19 Analysis
The global need for automotive powertrain sensors faced an immense downfall owing to the worldwide shutdown of different automobile manufacturing facilities. The fall in the export of motor cars and declining consumer buying power owing to the economic downfall of the pandemic has severely impacted the market. The outbreak has hugely impacted the automotive supply chain owing to lockdowns imposed by the government in most regions across the globe. The supply chain of the powertrain sensor industry has faced a lack of raw material, cash crises, a shift of manufacturing facilities to other countries, and declined customer demand. Overall, the powertrain systems market has experienced a noteworthy downfall owing to low demand for cars and supply chain disruptions. All these are likely to have a negative impact on the automotive powertrain systems market.
Market Segmentation
The MRFR report throws light on an inclusive analysis of the automotive powertrain systems market based on vehicle type, engine type, and component.
By component, the global automotive powertrain systems market is segmented into drive shafts, differentials, transmission, engine, and others. Of these, engine and transmission are likely to lead the market over the forecast period, followed by drive shafts and differentials.
By engine type, the global automotive powertrain systems market is segmented into diesel engine and gasoline engine. Of these, the gasoline engine will dominate the market over the forecast period followed by diesel engine.
By vehicle types, the global automotive powertrain systems market is segmented into commercial vehicles and passenger vehicles. Of these, the passenger vehicles will spearhead the market over the forecast period.
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Regional Analysis
APAC to Reign Automotive Powertrain Systems Market
Geographically, the global automotive powertrain systems market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Among these, the APAC region will reign the market over the forecast period. Increasing production of cars, rising penetration of passenger cars in the developing countries, rise in demand for automatic transmission in vehicles, strict regulations and rules on emission that are enacted by different governments across the globe, significant expansion of light commercial vehicle market in China is adding to the global automotive powertrain systems market growth in the region. Rising demand for automotive vehicles in Brazil, China, and the US, increase in consumers purchasing power that has boosted the need for state-of-the-art motor cars, demand for upgraded systems, extensive infrastructural and industrial development, and the Chinese government has launched the new energy vehicle development program and other programs to transform the automotive Chinese manufacturing industry are also adding market growth.
Europe to Hold Second-Largest Share in Automotive Powertrain Systems Market
In Europe, the automotive powertrain systems market is predicted to hold the second-largest share in the forecast period due to the presence of several key industry players in the region. Germany has the utmost market share.
North America to Have Significant Growth in Automotive Powertrain Systems Market
In North America, the automotive powertrain systems market is predicted to have significant growth over the forecast period. The introduction of strict emission norms in North American countries, demand for advanced powertrains that are lighter in weight and help to increase fuel efficiency, reduce emissions, and improve the performance of cars, and manufacturers reducing exhaust emission from their cars are adding to the global automotive powertrain systems market growth in the region.
In RoW, the automotive powertrain systems market is predicted to have sound growth over the forecast period.
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Key Players
The prominent industry players in the global automotive powertrain systems market report include ZF Friedrichshafen (Germany), Jtekt Corporation (Japan), GKN PLC (UK), Denso Corporation (Japan), Magna Powertrain (US), Delphi Automobile (UK), Ford Motor (US), Borgwarner (US), Aisin Seiki (Japan)), Hyundai Motor Company (South Korea), General Motors Company (US), and Toyota Motor Corporation (Japan), among others.
The global automotive powertrain systems market is fragmented and competitive with the existence of many international and domestic industry players. They have encompassed multiple strategies to stay ahead and also suffice to the growing needs of the esteemed customers, such as collaborations, contracts, partnerships, joint ventures, and others. Further, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
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