Powertrain Market - Propelled by High Demand for Automobiles in APAC
A powertrain system forms one of the key, primary components of a vehicle. The powertrain features all of the components that generate power for the vehicle and transmit the same to the wheels, allowing the vehicle to move. The components of a powertrain system include transmission, drive shafts, engine, final drive, and differentials. Furthermore, the overall performance of the vehicle and its fuel economy depend on the attributes of the powertrain system.
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The global powertrain market is driven by the growing demand for environment-friendly vehicles, stringent government regulations, and the technological advancement in powertrain systems to improve fuel efficiency. On the other hand, the global powertrain system market is suppressed by the elevated cost of powertrain systems. Moreover, the global powertrain system market will also be challenged by the trend of oligopolistic powertrain suppliers.
Broadly, the global powertrain market is segmented by component, vehicle type, and geography. On the basis of component, the global powertrain market is segmented into final drive, differentials, drive shafts, transmission, and engine. By vehicle type, the global powertrain market is divided into farm tractors, defense vehicles, off-road vehicles, HCVs, ICVs, LCVs, cars, and construction equipment.
According to region, the global powertrain market is classified into Asia Pacific, Europe, North America, and Rest of the World (RoW). Presently, Asia Pacific is one of the most lucrative regions in the global powertrain market. The elevated demand for automobiles in Asia Pacific is projected to drive this regional market. In APAC economies such as China, India, and Japan, the production of a huge number of vehicles is positively impacting the powertrain systems market. Other factors driving the APAC powertrain market are the growing consumption expenditure and upgradation of automobile powertrain systems. Moreover, the ongoing infrastructure development in APAC will also drive the automotive market, in turn driving the powertrain market.
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The RoW region followed APAC in terms of market attractiveness in the global powertrain market. The presence of the UAE and Brazil has led to considerable growth of the powertrain market in RoW due to the elevated demand for automobiles in these economies. Nevertheless, Europe still continues to be the largest market for powertrains due to the presence of elite automobile brands such as Volkswagen, Mercedes, and BMW in this region.
Players in the global powertrain market will benefit by investing in market opportunities such as hybrid powertrain systems. Moreover, companies can also capitalize on the opportunity presented by the rising demand for noiseless and eco-friendly powertrain systems. Players can also focus on developing powertrain systems capable of functioning on alternative fuels. The key players profiled in the global powertrain market are Continental AG, Hyundai Motor Company, ZF Friedrichshafen, Valeo, Ford Motor Company, Magna International, and General Motors Company.
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