The automotive industry is a booming sector and is poised to grow exponentially in the forthcoming years. This in turn will propel operations in several ancillary sectors of the industry, the powertrain market being one of them. The global powertrain market is at present more inclined towards offering fuel economy by downsizing engines and incorporating emission control features, to make vehicles more environment friendly with enhanced performance. The market is, therefore, likely to witness robust growth in the near future.
According to a study conducted by Transparency Market Research, the global powertrain market, which stood at US$365.67 bn in 2013, will reach US$524.60 bn by the end of 2020. If the figures hold true, the market, during 2014-2020, will exhibit a positive CAGR of 5.3%.
Browse the full Global Powertrain Market report at http://www.mrrse.com/powertrain-market
In a vehicle, ‘powertrain’ describes the main components that transmit power from an engine to driving axle. It comprises transmission, engine, differentials, drive shafts, and the final drive. The fuel economy or the overall performance of a vehicle depends on the ability of the powertrain systems.
Leading Enterprises are Looking to Venture into Asia Pacific
The market can be segmented based on vehicle type into LCVs, HCVs, ICVs, off road vehicles, cars, defense vehicles, construction equipment, and farm tractors. While the rise of the automotive industry has been witnessed across the world, the opportunities are already stagnant in the mature markets. Major players in the automotive industry are, therefore, looking to venture into Asia Pacific, a region witnessing a spurt of economic activities fuelling demand from the automotive sector. As consumers residing in the emerging economies of Asia Pacific become more environment conscious, the demand for advanced powertrain systems will increase from the region. Given the prevalent dynamics, the market sees impressive opportunities for developing powertrains that will run on alternative fuel sources.
Europe Dominates Global Powertrain Market
The demand for construction vehicles and cars is likely to surge in countries including India, Japan, and China due to the rising disposable income of people and the construction of new and sophisticated infrastructure. However, according to studies, Europe presently dominates the global powertrain market. The presence of leading automotive enterprises such as Volkswagen, BMW, and Mercedes, coupled with stringent regulations prevalent in the region for monitoring the pollution emitted by vehicles, is the chief factor fuelling demand from the Europe powertrain market.
Rest of the World Emerges as Second-largest Market for Powertrains
In the last few years, Rest of the World has emerged as the second largest market for powertrain. The escalating demand from Brazil and UAE has considerably contributed to the expansion of the powertrain market in this region.
Competitive Landscape of Global Powertrain Market
The global powertrain market witnesses the presence of numerous enterprises. Some of the key players operating in the market include Magna International, BorgWarner Automotive Powertrain Systems Corp., Continental AG, Delphi Automotive, Hyundai Motors, Valeo, ZF Friedrichshafen, Denso Corp., Ford Motors, and General Motors