As per Transparency Market Research, the global powertrain market is on a healthy upward growth curve owing to a number of factors. Some of these include technological advancement and aa favourable regulatory framework. By the year 2024, the global powertrain market is set to reach a value of USD 0.5 billion. The CAGR is set to be 5.30% from 2014 to 2024.
It is worthy of noting here some of the factors that are shaping up the future of the global powertrain market. These include the following:
- Engine downsizing and automated transmission are the next big things in the market because for reasons of environmental conservation, need for reducing fuel emission is only going to increase in the coming few years. Besides government across the globe are trying to cut down carbon dioxide emission, helping the growth of global powertrain market over the forecast period.
- Demand for high traction, towing capacity and acceleration is also underscoring growth of global powertrain market over the forecast period from 2014 to 2024. The reason behind this growth is the need to address challenges posed by rugged terrains and poor weather conditions.
Request for a sample:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4270
Global Powertrain Market: Snapshot
The global powertrain market is likely to grow at a healthy pace in the next few years. A significant rise in the number of players expected to enter the market is projected to offer promising growth opportunities for the market players in the coming few years. According to the market research study by Transparency Market Research, the global market for powertrain is projected to reach a value of US$524.6 bn by the end of 2024. The market is estimated to register a strong growth rate in the next few years.
Technological Advancements to Drive Global Powertrain Market
The growing demand for environment-friendly vehicles is one of the major factors projected to encourage the growth of the global powertrain market in the next few years. The growing focus of the key players on technological advancements and research and development activities is further predicted to support the growth of the market in the near future. In addition to this, the stringent government rules and regulations and the advent of new technologies in order to enhance the fuel efficiency are some of the other factors that are predicted to accelerate the growth of the global powertrain market in the coming few years. On the flip side, the high cost of powertrain systems is estimated to hamper the growth of the overall market in the next few years.
The global powertrain market has been categorized on the basis of component into drive shafts, final drive, differentials, engine and transmission. Furthermore, on the basis of vehicle type, the global powertrain has been classified into defense vehicles, farm tractors, HCVs, LCVs, ICVs, off-road vehicles, cars, and construction equipment. Among these, the cars segment is projected to hold a major share of the market in the next few years, thanks to the rising popularity of rear-wheel drive models.
Europe Powertrain Market to Register Strong Growth in Coming Few Years
Among the key regional segments, Europe is expected to witness a promising growth in the next few years. This region is projected to account for a large share of the market and register a strong growth rate in the next few years. The high growth of this region can be attributed to the presence of several leading automobile companies. Furthermore, North America and Asia Pacific are estimated to observe a healthy growth in the coming few years. The developing nations are expected to offer lucrative growth opportunities, which is expected to support the growth of the powertrain market across Asia Pacific in the next few years.
The global market for powertrain is competitive in nature and is likely to witness a substantial rise in the level of competition in the next few years. The rising focus on the research and development activities and technological advancements activities is projected to generate opportunities for the market players in the next few years. In addition to this, the rising number of mergers and acquisitions and strategic collaborations are predicted to enhance the growth of the global powertrain market in the next few years. Some of the key players operating in the powertrain market across the globe are Valeo, Magna International Inc., Denso Corporation, General Motors Company, and Ford Motor Company.
Ask for brochure:
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=4270
Advent and Increasing Adoption of Electric Vehicles will Bolster Growth of Powertrain Market
Rising utilization of attachment help shaping items in food bundling is projected to support market development. Bundling materials shaped utilizing this strategy has a uniform divider thickness with decreased beginning measure and thus secures the item inside the bundling. Powertrain is characterized as the mechanical gadget which is utilized to move power from motor to the hub of the vehicle to give versatility. The powertrain incorporates segments like drive shaft and drive train.
Electric vehicles are the up and coming age of vehicles that are seeing a fast expansion in its selection across the globe. EVs are the eventual fate of the auto market space as petroleum products are relied upon to exhaust in the impending years. Along these lines, a substitute source is needed to control the vehicles and the answer for such an issue is battery-fueled vehicles. Numerous nations have grown more tough approaches to energize the selection of elective fuel vehicles, like electric vehicles.
With mechanical turn of events, the business is moving toward an expansive powertrain blend as the car business is propelling itself towards all the more harmless to the ecosystem and productive transportation. The generally powertrain scene is progressively getting mind boggling and dynamic with the rise of the electric powertrain. The speed of appropriation of electric powertrain would be controlled by four elements, to be specific guidelines, foundation, innovation, and shopper inclination.
The developing interest for climate well-disposed vehicles is one of the main considerations projected to energize the development of the worldwide powertrain market in the following not many years. The developing focal point of the central members on innovative progressions and innovative work exercises is additionally anticipated to help the development of the market soon. What’s more, the rigid government rules and guidelines and the approach of new advancements to upgrade the eco-friendliness are a portion of different variables that are anticipated to speed up the development of the worldwide powertrain market in the coming not many years. On the other side, the significant expense of powertrain frameworks is assessed to hamper the development of the general market in the following not many years.
Read our latest press release:
