With changing dynamics in automotive manufacturing driven primarily by stringency in carbon dioxide emission legislations and consumer preferences inclining towards more eco-friendly vehicle options, backed by judicious fuel efficiency, the automotive industry has in recent times witnessed ground breaking transitions, and the trend is likely to continue in forthcoming years. Evolution from internal combustion engines to plug-in variants, and more recent electric vehicles, automakers are witnesses to redefined powertrain spectrum, allowing the global powertrain market to aim for bullish growth in foreseeable future.
Amongst a massively uneven competition spectrum, powertrain industry veterans are banking upon diverse growth strategies to ensure uninterrupted growth curve. R&D endeavors towards technology developments and powertrain architecture novelties to augment carbon dioxide management and use of waste energy from vehicles encompass top priorities.
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Magna Collaborates with Hanon Systems to Magnify Possibilities in Powertrain Space, Targeting Electrified Versions
Automakers are relentlessly investing in technological developments and showcasing their expertise in international exhibitions. IN this light, recent international exhibition, themed, ‘Powertrain Meets Future’, hosted by Magna focused specifically on new novel developments, requirements, and opportunities in powertrain market. Besides hosting the event, Magna also took the opportunity to showcase its latest offerings in powertrain portfolio. Additionally, to further diversify its portfolio, the company has also collaborated with South Korea based Hanon Systems to improve its powertrain efficiency, focusing on electrified versions. Developments as such are poised to fetch in ample growth thrust in powertrain market in upcoming years.
Hybrid powertrains are expected to remain significantly indispensable despite sweeping adoption of electric vehicles. Alternative fuel sources such as CNG, gasoline, bioalcohols, and hydrogen are likely to retain the onward rise in hybrid powertrain adoption.
Other relevant developments such as collaborative efforts amongst international players to strengthen capabilities of powertrains are estimated to further entail growth triggers. In a recent development, India based Mahindra and US automotive veteran Ford have entered into a mutual agreement for developments in powertrain technologies and connected car solutions.
Hybrid Powertrain Segment to Hold Substantial Lead
Advanced technologies such as simulation techniques in hybrid technology facilitates large scale developments in hybrid powertrain market. To strengthen portfolio in hybrid powertrains, leading market veteran, Cummins Inc., has acquired Efficient Drivetrains, best known for its hybrid powertrain solutions. Developments as such are poised to bode well with impressive growth outlook in powertrain market in coming years.