Car Powertrain Market To Cross Valuation Of US$ 1 Trn By 2031: Transparency Market Research

According to the report, the global car powertrain market is projected to surpass US$ 1 Trn by 2031, expanding at a CAGR of 3.68% during the forecast period. Growing consumer trend toward battery electric vehicle is likely to enhance the demand for battery powertrain systems in a vehicle, which is likely to propel the car powertrain market across the globe. Stringent emission regulations enacted by various governments and regulatory authorities to reduce vehicle emission are prompting automakers to adopt technologies focused on increasing fuel-efficiency in their vehicles, including camshaft and other transmission component. Lightweight vehicles and lightweight engines enhance fuel efficiency, which in turn requires lightweight components that would help reduce fuel consumption of vehicles. This is likely to increase the demand for powertrain components across the globe.

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Expansion of Car Powertrain Market

Advanced materials used to achieve weight reduction of vehicle powertrain components include magnesium alloys, aluminum alloys, hybrid materials, alloys of beryllium, alloys of titanium aluminum composite, are utilized to reduce the weight of the vehicle weight. This, in turn, offers lucrative opportunity for raw material suppliers catering to the car powertrain market. For instance, in 2009, the production volume of the automobiles was 61,762,324 units and in 2019; it increased to 91,786,861 units, which indicates increase in volume by 48.6%. The automotive industry has witnessed steady expansion for the last few years at a CAGR of 4.04% Therefore, rising vehicle demand is expected to propel the car powertrain market.

Based on car type, the global car powertrain market has been segmented into compact, midsize, luxury and SUV. The compact segment is estimated to hold a major market share during the forecast period owing to an increase in vehicle production across the globe. Rise in consumer trend toward lightweight and fuel-efficient vehicles is likely to enhance the use of compact vehicles.

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Based on category, the drivetrain segment dominated the car powertrain market across the globe. Automotive drivetrains includes components that transfer power to the driving wheels of vehicles. The drivetrain system includes the drive shafts, the wheels, the axles, the U joints, the CV joints, and the transmission of a vehicle. All these components, which form a part of the drivetrain system, are responsible for transmitting power or torque to the wheels to drive the vehicle move forward, which in turn is projected to boost the car automotive powertrain market.

Regional & Country Analysis of Car Powertrain Market

The global car powertrain market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe dominated the global car powertrain market in 2020. It is anticipated to hold a leading share of the global market during the forecast period due to a rise in vehicle sales. The auto industry in Europe is highly developed and hence, the rate of adoption of advanced technologies is higher, which helps to increase the demand for powertrain components, which, in turn, anticipated to propel the car powertrain market.

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Car Powertrain Market Players

Prominent players operating in the global car powertrain market include Mahle GmbH, American Axle & Manufacturing, Tenneco Inc., Linamar, ThyssenKrupp, Rheinmetall AG, Sanjo Machine Works, Yasunaga, Bharat Forge, Art Metal Mfg. Co., Ltd, Continental AG, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Magna International Inc., Bridgestone Corporation, Michelin , Faurecia, Clarios, and Valeo SA.

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