A report from
Transparency Market Research, titled “Global
Powertrain Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2014 - 2020,” provides the latest
market intelligence. According to the report, the global powertrain
market is projected to expand at a CAGR of 5.30% during the forecast
period from 2014 to 2020. In 2013, the global powertrain market was
worth around US$365.6 bn and by 2020, the market is projected to be
worth US$524.6 bn.
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.
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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