ALBANY, N.Y., March 25, 2022 (GLOBE NEWSWIRE) -- Testing and research on powertrains have grown remarkably for both internal combustion engines and the rapidly emerging hybrid electric vehicles (HEVs). Strict regulations pertaining to vehicle emissions and relentless focus on reducing the fuel efficiency are propelling the expansion of the powertrain market. The global valuation of the powertrain market is projected to exceed US$ 375.48 Bn by 2031.
The need for sustainable powertrains in the automotive industry passenger vehicles, off-road vehicles, and commercial vehicles is expected to generate vast revenue potential in the powertrain market. In addition, the analysts in a TMR study on the powertrain market note that firms are diversifying powertrain technology for meeting the requirements of automotive in buses, power generators, and the aerospace industry.
The focus on safety and comfort will fuel the demand for high-end automotive, and will catalyze the revenue potential of the powertrain market. The past few years have witnessed a growing body of research on state-of-the-art powertrains among automotive engineers and researchers in universities. The trend has also spurred collaboration between industry players and the academia.
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Key Findings of Powertrain Market Study
- R&D into Electric Powertrains Presents Vast Avenue: Electric powertrains presents a vast challenge as well as opportunity for automotive companies in the powertrain market. They are expanding their R&D for developing compact, lightweight, and highly efficient powertrains in terms of torque generation and durability. EV, HEV and PHEV powertrains are expected to witness constant advancements in designs and testing parameters. Furthermore, growing adoption of advanced testing services for EVs will pave the way to new revenue streams in the powertrain market.
- Evolving Emission Standards to Underpin Steady Opportunities: Emerging new emission standards pertaining to internal combustion engines such as China 6 and BS VI are expected to create new avenues in the powertrain market. Most prominently, the need for advancing powertrains is expected to rise for off-road vehicles and light commercial vehicles, thus expanding the avenue.
- Advancements in Powertrains for Passenger Vehicles to Translate into Massive Revenues: The demand for sustainable powertrain solutions for passenger vehicles has spurred revenue gains to automotive electronics companies and OEMs, notes the TMR study on the powertrain market. The massive uptake has led the passenger vehicles to occupy a leading share of the global market in 2020, find the authors of a TMR study. The demand for advanced powertrains is remarkable in SUV vehicles.
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Powertrain Market: Key Drivers
- Increasing focus on increasing fuel economy of vehicles has spurred R&D on testing advanced powertrain components. The demand for electric powertrain systems is propelling the prospects of the market, assert the analysts in a TMR study on the powertrain market.
- The significant adoption of automation production technologies in vehicle manufacturing has played a key role in the evolution of the automotive powertrain industry. Emerging emission standards in developed economies has created an impetus on the development of high-tech powertrain.
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Powertrain Market: Regional Growth Dynamics
- Asia Pacific held a major share of the global powertrain market in 2020. Rise in R&D on improving conventional powertrains by several automotive companies and widespread demand for vehicles has helped the region to occupy a prominent position globally over the years. The increasing trend of electrification of vehicles presents a massive avenue for players in the Asia Pacific powertrain market to capitalize on in near future.
- North America and Europe have been projected to lucrative markets in the TMR study. The growth of revenues in the regional markets is expected to be propelled by vehicle manufacturers to adhere to emission regulations.
Powertrain Market: Key Players
Some of the key players in the powertrain market are Infineon Technologies, MAHLE Powertrain Ltd., Marelli Holdings Co., Ltd., AKKA Technologies, Hyundai Motor Company, Continental AG, BorgWarner Inc., ZF Friedrichshafen AG, Denso Corporation, Valeo SA, Robert Bosch GmbH, and Tenneco Inc.
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Global Powertrain Market: Segmentation
- Powertrain Market, by Component
- Engine & Main Parts
- Valve Train System
- Fuel System
- Battery System
- Differential
- Axle
- Transmission
- Exhaust System
- Others
- Powertrain Market, by Application
- Passenger Vehicle
- Sedan
- Hatchback
- SUV
- Light Commercial Vehicle
- Heavy Duty Truck
- Bus & Coach
- Motorcycle
- Power Generator
- Aerospace
- Marine
- Rail
- Off Road Vehicle
- Others
- Passenger Vehicle
- Powertrain Market, by Propulsion
- Internal Combustion Engine
- Gasoline
- Diesel
- Electric
- Battery Electric
- Hybrid Electric
- Plug-in Hybrid Electric
- Internal Combustion Engine
- Powertrain Market, by Configuration
- Parallel
- Series
- Power-Split
- Multi-Mode
- Powertrain Market, by Type
- Manual Transmission
- Automated Transmission
- Continuous Variable Transmission (CVT)
- Powertrain Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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