Powertrain Market Future Outlook, Trends by 2031

According to the report, the global powertrain market is projected to exceed US$ 375.48 Bn by 2031, expanding at a CAGR of 4.85% during the forecast period. Increasing demand for environment-friendly vehicles and stringent government regulations regarding vehicular emission are expected to propel the automotive powertrain market. Moreover, technological advancements in powertrain systems to enhance efficiency of vehicles are anticipated to boost the market during the forecast period. On-going technological advancements in the automotive sector, which has have to emergence of new age vehicles, coupled with continuously changing transportation regulations have increased the need for vehicle automation. Consequently, volume for hybrid and electric vehicles is increasing, which, in turn, is driving the global powertrain market.

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Expansion of Powertrain Market

Transportation regulatory agencies have been introducing stringent guidelines to cater to growing technology levels from vehicles. For instance, China and India introduced new emission standards: China 6 and BS VI in 2021, while the U.S. Environmental Protection Agency proposed to strengthen federal greenhouse gas (GHG)  emissions standards for passenger cars. Moreover, automakers are continuously evolving their vehicle models with the integration of state-of-the-art technologies. These developments have led to the integration of new-age vehicles with advanced powertrains.

For instance, BorgWarner Inc., a prominent market player in the electric powertrain market, witnessed a decrease in the e-Propulsion & Drivetrain business segment. However, the demand for vehicles with upgraded safety features is likely to increase post-pandemic. Thus, ongoing developments coupled with rapidly changing regulatory scenario are driving the global powertrain market.

Based on configuration, the parallel configuration segment held major share of the global powertrain market in 2020, as there is no need for a generator, a reduced traction motor size, and elimination of efficiency losses in multiple power conversion processes between the electric machines and the battery. All these factors are anticipated to propel the parallel configuration segment during the forecast period.

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Based on type, the manual transmission segment held a major share of the global powertrain market, in terms of revenue, in 2020. It is a multi-speed motor vehicle transmission system in which the driver must manually select gears by operating a gear stick and a clutch when changing gears. It is a transmission that enables the driver to choose between different gear ratios to drive the car. Increase in sales of passenger vehicles is expected to boost the manual transmission segment of the powertrain market during the forecast period.

High dependence of the automotive powertrain market on vehicle production can be a key restraining factor, as decline in production for vehicles, due to economic downturn, is expected to hamper the powertrain market.

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Regional Analysis of Powertrain Market

Based on region, the global powertrain market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific led the global powertrain market in 2020, owing to the presence of several major automotive manufacturers in the region. Furthermore, development of key logistic clusters and high rate of adoption of advanced technologies in supply chain solutions are likely to fuel the market for powertrain.

Automobile companies are focusing more on production of vehicles, which is simultaneously generating demand for the powertrain. Countries in Asia Pacific are witnessing increased demand for advanced powertrains that are lighter in weight and help enhance fuel efficiency, reduce emissions, and improve the performance of vehicles.

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Powertrain Market Players

Prominent players operating in the global powertrain market include Tenneco Inc., Magna International, Robert Bosch GmbH, Valeo, Denso Corporation, Mando Corporation, ZF Friedrichshafen AG, BorgWarner Inc., American Axle and Manufacturing Inc., Continental AG, Hyundai Motor Company, AKKA Technologies, Marelli Holdings Co., Ltd., MAHLE Powertrain Ltd, and Infineon Technologies.

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