iCrowdNewswire Jan 27, 2021 5:00 AM ET
Powertrain And Powertrain Parts Market:
WiseGuyReports.com adds “Global Powertrain And Powertrain Parts Market Research Report 2021 Analysis and Forecast 2027” reports to its database.
The global powertrain and powertrain parts market was worth $607.1 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 8.76% and reach $849.38 billion by 2023.
The powertrain and powertrain parts market covered in this report is segmented by components into engine, transmission, drive shafts, differentials and final drive. It is segmented by technology into hybrid and automated and by vehicle type into passenger car (PC), commercial vehicle (CV), off-road vehicles, construction equipment, defense vehicles, and agricultural vehicles.
The powertrain and powertrain parts market consist of sales of powertrain and powertrain parts and related services. The powertrain refers to a system that converts power of the engine into vehicle’s movement. The powertrain parts include the engine, transmission, the driveshaft, differentials, and axles among others. The vehicle’s performance and efficiency are defined by its powertrain system and its related parts.
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The powertrain and powertrain parts market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the powertrain and powertrain parts market in 2019.
Powertrain and powertrain parts manufacturers are increasingly investing towards the development of new engine management and optimization technology for powertrains. Advance powertrain systems are being developed to increase the efficiency of the engine and reducing fuel combustion. The popularity of electric vehicles has resulted in the manufacturers of powertrain and powertrain parts to invest in powertrains suitable for these electric vehicles. Following the trend, TATA motors in 2019, announced its new powertrain using Ziptron technology to power all its electric cars. The electric vehicles with Ziptron technology will have a range of up to 250kms.TATA plans to launch its first electric car equipped with new powertrain system in Q4FY20.
The powertrain and powertrain parts market is 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 in 2018, 85% of American adults demanded that automakers should continue to improve fuel economy for all types of vehicles. The need to increase the fuel efficiency promotes the development of new powertrain systems that are economical and more fuel efficient.
The slow growth in the automobile manufacturing market is expected to limit the growth of the powertrain and powertrain parts market. Automobiles require powertrain and powertrain parts to function and slow growth of the industry restricts the demand for powertrain and powertrain parts. According to the International Monetary Fund, car sales are likely to fall in 2021 by 5% to 10% in EU (European Union) whereas by 9% to 15% in the USA. The report also suggests that the auto sector represented 20% of 2018’s slowdown in GDP and 30% of the slowdown in global trade. According to the China Passenger Car Association, in August 2019, the sales of sedans, sport utility vehicles, minivans and multipurpose vehicles fell 9.9% from a year earlier to 1.59 million units. Due to the slow growth of automobile manufacturing sector in economies like India and China, the consumers are holding purchase of powertrain and powertrain systems thus lowering the growth of the market.
In 2019, MAHLE Powertrain Ltd, a UK based provider of internal combustion engine (ICE) and electrical powertrain, acquired ZG-Zahnräder und Getriebe GmbH for an amount undisclosed. Through this acquisition, MAHLE aims to optimize its internal combustion engine (ICE) while focusing on new developments in powertrain manufacturing. ZG-Zahnräder und Getriebe GmbH, founded in 2008, is a German based provider of powertrain engineering and gearing technology.
Major players in the market are Ford Motor Company, General Motors Company, Volkswagen AG, ZF Friedrichshafen AG, Delphi Technologies, Toyota Motor Corporation, JTEKT Corporation, Allison Transmission, BorgWarner Inc., and Hyundai Motor Company.Powertrain And Powertrain Parts
For further information on this report, visit – https://www.wiseguyreports.com/reports/5149046-powertrain-and-powertrain-parts-global-market-report-2020
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