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Power Train And Power Train Parts Market Size, Trends And Overview Report 2024-2033
Power Train And Power Train Parts Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the power train and power train parts market are innovating new technological products such as E-Propulsion Technology Kit to increase their profitability in the market. The E-Propulsion Technology Kit is a modular electric propulsion system made up of the transmission, electric motor, and power electronics that make up an Electric Drive Unit (EDU). For instance, in November 2021, Punch Powertrain NV automotive parts company launched E-Propulsion Technology Kit. The kit is intended to give automakers a variety of e-drive configuration possibilities, allowing customers worldwide to create unique e-propulsion applications to suit their customers' and businesses' demands. Electric outboard motors for sailboats, fishing boats, dinghies, tenders, inflatable ribs, and more are some uses for the E-Propulsion Technology Kit.
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Major Key Players of the Market:
Ford Motor Company, General Motors Company, Volkswagen AG, ZF Friedrichshafen AG, Delphi Technologies Inc., 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.
Power Train And Power Train Parts Market 2024 Key Insights:
• 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%.
• Fuel Efficiency Drive The Catalyst For Advancements In The Powertrain And Powertrain Parts Market
• Punch Powertrain'S Innovative E-Propulsion Technology Kit Revolutionizes The Powertrain And Powertrain Parts Market
• Asia-Pacific was the largest region in the power train and power train parts market in 2023
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