Overview and Scope
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.
Sizing and Forecast
The power train and power train parts market size has grown strongly in recent years. It will grow from $417.67 billion in 2023 to $454.93 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. 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 $625.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. 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.
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Segmentation & Regional Insights
The power train and power train parts market covered in this report is segmented –
1) By Components: Engine, Transmission, Drive Shafts, Differentials, Final Drive
2) By Technology: Hybrid, Automated
3) By Vehicle Type: Passenger Car (PC), Commercial Vehicle (CV), Off-Road Vehicles, Construction Equipment, Defence Vehicles, Agricultural Vehicles
Asia-Pacific was the largest region in the power train and power train parts market in 2023. 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
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Major Driver Impacting Market Growth
The power train and power train 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 power train systems that are both economical and more fuel-efficient.
Key Industry Players
Major companies operating in the power train and power train parts market include 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.
The power train and power train parts market report table of contents includes:
1. Executive Summary
2.Power Train And Power Train Parts Market Characteristics
3.Power Train And Power Train Parts Market Trends And Strategies
4.Power Train And Power Train Parts Market analysis
5.Power Train And Power Train Parts Market Size And Growth
6.Power Train And Power Train PartsSegmentation
7.Power Train And Power Train Parts Regional And Country Analysis
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27.Power Train And Power Train Parts Competitive Landscape And Company Profiles
28.Power Train And Power Train Parts Key Mergers And Acquisitions
29.Power Train And Power Train Parts Future Outlook and Potential Analysis
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