Automotive Powertrain Manufacturers Focus on Innovation as Shift towards EV Gains Momentum
The latest survey by Fact.MR provides a compilation of first-hand information about the factors affecting the growth in automotive powertrain market. It also offers refines sales projection across various market segments in terms of position, vehicle type, and powertrain type. The report also offers detailed information about the price points of automotive powertrain manufacturers for coming decade..
NEW YORK, Sept. 16, 2022 /PRNewswire/ -- The global automotive powertrain market, valued at US$ 435.3 Million in 2022, is likely to reach US$ 719.3 Million in 2032, growing at a CAGR of 5.2% between 2022 and 2032. Increased spending on electric vehicles (EVs), combined with recovery in automotive production are likely to be the key factors that will drive the market during the assessment period.
Government's introduction of pollution control norms and other stringent regulations for emission control are likely to necessitate the demand for powertrain systems. Furthermore, the rising need for advanced driving experience is influencing manufacturers to incorporate such systems in their business model to cater to the flourishing demand in the market.
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As automotive production is on an upswing, the U.S., India, and Mexico are expected to be the most lucrative countries with increasing number of automotive vehicles being manufactured. For instance, according to The Federal Reserve, overall industrial production increased 0.9% in March 2022. Further, Mexican automotive production went up 31% in August as per Administrative Registry of the Light Vehicle Automotive Industry.
Moreover, automotive industry players are focusing on developing more efficient engines, drivetrains, transmissions and drive shafts to reduce fuel consumption. Hence, leading manufacturers are introducing sophisticated emissions-control technologies that are being used in next generation automobiles.
Additionally, global initiatives such as the Paris Climate Accord have prompted various countries across the globe to enact stricter emission laws on new vehicles. Citing this trend, Fact.MR opines, the auto industry is likely to show a greater interest in electric mobility space over the next decade, which in turn, is likely to augur well for the automotive powertrain manufacturers.
Key Takeaways:
- By position type, all-wheel drive is likely to remain the preferred option in the market, accounting for nearly 45% market share in 2022.
- By powertrain type, gasoline segment is expected to maintain its dominance, expanding at 3.9% CAGR during the assessment period.
- The U.S. is likely to remain one the leading markets for automotive powertrain manufacturers through 2032
- China and India powertrain market are likely to grow at a brisk pace during the assessment period.
- By vehicle type, compact vehicles are likely to grow at a robust pace, owing to growing sales in developing countries.
Growth Drivers:
- Growing shift toward electric vehicles and hybrid technologies is likely to provide an impetus to the market during the assessment period.
- Increasing focus toward cleaner technology is influencing OEMs to invest in better equipment, thereby boosting the prospects of powertrain manufacturers.
- Growing focus on fuel efficiency is likely to drive innovation in light weighting of components, which in turn, is likely to increase demand for modern powertrains.
Restraints:
- High cost of investment required in upgrading automotive powertrains is likely to remain a bottleneck during the assessment period.
- The ongoing geopolitical tensions between Russia and Ukraine have put pressure on supply of wire harnesses, a key component in powertrain manufacturing.
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Competitive Landscape:
Key players are expanding their presence in the global automotive powertrain market by engaging in mergers and acquisition activities or establishing new facilities. Further, leading players are partnering with pioneers in electric vehicle technology to consolidate their position.
For instance,
- American Axle & Manufacturing (AAM) and REE Automotive announced that they have agreed to develop an exciting new electric propulsion system for e-Mobility. In May 2021, REE Automotive is in the process of merging with 10X Capital Venture Acquisition Corporation a special purpose acquisition company, to become a publicly listed company
- In May 2021, Tata Passenger Electric Mobility Ltd (TPEML), a subsidiary of Tata Motors Ltd, and Ford India Private Ltd (FIPL), entered into a Memorandum of Understanding with the Government of Gujarat for the potential acquisition of FIPL's Sanand facility.
Key Companies Profiled by Fact.MR
- General Motors Magna Powertrain Ltd.
- Delphi Automobile LLP
- General Motors
- JTEKT Corp.
- GKN plc.
- Toyota
- BorgWarner Inc.
- Hyundai
- Ford Motors
- Volkswagen Group
- Other Key Players
More Valuable Insights on Automotive Powertrain Market
In its latest study, Fact.MR offers a detailed analysis of the global automotive powertrain market for the forecast period of 2022 to 2032. This study also divulges key drivers and trends promoting the sales of automotive powertrain through detailed segmentation as follows:
By Position Type:
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
By Powertrain Type:
- Gasoline
- Diesel
- Hybrid
- Battery Electric Vehicle
- Fuel Cell
By Vehicle Type:
- Compact
- Mid-Sized
- Premium
- Luxury
- Light Commercial
- Heavy Commercial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Automotive Powertrain Market Report
- What is the anticipated market size of the automotive powertrain market in 2022?
- At what rate will sales in the global automotive powertrain market grow until 2032?
- Which are the factors hampering the demand in the automotive powertrain market?
- Which region is expected to dominate the global automotive powertrain market during 2022-2032?
- Which are the factors driving sales in the automotive powertrain market during the forecast period?
Explore Fact.MR's Coverage on the Automotive Domain
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Check it Out More Reports by Fact.MR on Automotive Industry
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About Fact.MR
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