Press release
Powertrain Market: Development of Alternative Fuel Powertrains to Shape the Industry
The high degree of fragmentation observed in the global powertrain market has resulted in several players intensifying their R&D efforts in order to take up a dominant share in the market. This is likely to be a key feature of the market in the coming years, with powertrains being a crucial field linked closely with economic development and environmental conservation. The market has also become difficult for new players to enter despite the heavy competition between the established players.
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Fuel Efficiency Brought about by Advanced Powertrains Key Factor in Market’s Projected Growth
Technological advancement in powertrains has direct implications on the performance and emission standards employed by the automotive industry. In present times, with environmental conservation picking up speed, the automotive industry has undergone a significant change in recent years to incorporate environment-friendly powertrain components. The trajectory of the powertrain market has thus been shaped to a large extent by the implementation of stringent emission regulations, which are likely to remain an influential factor in the coming years.
Governments in developed economies have also been proactively supporting this transformation of the automotive industry. Stringent government regulations aimed at reducing the overall carbon footprint of the automotive industry, which have forced powertrain manufacturers to keep updating their product catalog to comply with the dynamic environmental regulations, are thus a crucial driver for the powertrain market.
The increasing awareness about environmental conservation and the role the automotive industry plays in it has also made the inclusion of environmentally viable powertrain components a USP in the automotive industry, which will further encourage automotive giants to make the most of these developments.
Despite the growing demand for electric vehicles, hybrid powertrains are expected to become increasingly popular in the coming years, providing a rapidly expanding revenue generation opportunity for powertrain manufacturers. Other alternatives to gasoline such as CNG, hydrogen, and bioalcohols are also set to claim a significant share in the global automotive industry in the coming years, which bodes well for the global powertrain market.
Regionally, Europe is a leading contributor to the global powertrain market due to the presence of several automotive industry giants in the region. However, the rising demand for passenger vehicles from the increasingly prosperous Asia Pacific consumers and the rising demand for commercial vehicles due to the rampant industrialization in countries such as China and India are expected to make Asia Pacific the dominant segment of the global powertrain market in the coming years.
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