The global Powertrain market size was USD 304.95 billion in 2022 and is expected to reach a value of USD 560.64 billion in 2032 and register a revenue CAGR of 7% during the forecast period. Modern powertrain technologies that increase fuel efficiency and lower emissions are being developed in response to the growing demand for fuel-efficient vehicles.
In the upcoming years, technology adoption is expected to rise, spurring market revenue growth. Examples of these technologies include turbocharging, direct injection, and variable valve timing. Also, the Electric Powertrain market is expanding due to the rising demand for electric vehicles (EVs). The adoption of EVs is expected to rise in the upcoming years due to the expansion of EV charging infrastructure and government incentives.
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The development of cutting-edge powertrain systems, such as hybrid powertrains, plug-in hybrid powertrains, and all-electric powertrains, is also being driven by the trend of Vehicle Electrification. The market for electric powertrains is expected to expand significantly over the next years as a result of rising consumer demand for electric vehicles and the availability of cutting-edge Battery technologies. The high price of electric powertrains, however, continues to be a significant barrier to market expansion.
In addition, the desire for luxury and high-performance automobiles is fueling the creation of sophisticated powertrain systems that produce more torque and power. In the upcoming years, technology usage is expected to rise, market revenue growth, for instanceturbocharging, supercharging, and cylinder deactivation are few examples. Moreover, the trend towards lightweight in the automotive sector is encouraging the creation of cutting-edge materials and production techniques, which is expected to fuel market expansion.
Aside from this, the market for Powertrains is expanding due to the rising demand for commercial vehicles, particularly in emerging nations. In the upcoming years, the market for commercial vehicles is expected to expand at a rapid rate due to the rising demand for logistics and transportation. Also, it is expected that the use of innovative powertrain technologies in commercial vehicles would increase fuel efficiency and lower emissions, spurring market revenue development.
- Continental AG
- Magna International Inc.
- BorgWarner Inc.
- Aisin Seiki Co., Ltd.
- Denso Corporation
- Valeo S.A.
- GKN Automotive Limited
- Eaton Corporation Inc.
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- General Motors Company
- Ford Motor Company
- Toyota Motor Corporation
- Honda Motor Co., Ltd.
- Shaanxi Fast Gear Co., Ltd.
The global market is further segmented into type and application:
|By Component Type Outlook||
|By Vehicle Type Outlook||
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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