Power Train And Power Train Parts Global Market Report 2024

The power train and power train parts market size has grown strongly in recent years. It will grow from $417.67 billion in 2023 to $454.93 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth observed during the historical period can be attributed to several factors, including the imposition of strict emission regulations, a surging demand for automated transmission systems, the increasing adoption of engine downsizing practices, a rising market for hybrid powertrains, and the growing demand for passenger cars.

The power train and power train parts market size is expected to see strong growth in the next few years. It will grow to $625.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The projected growth in the forecast period can be attributed to various factors, such as the increasing trend toward electrification and hybridization, the development of autonomous vehicles, a continued focus on energy efficiency, the integration of connectivity and IoT (Internet of Things) technologies, and the emphasis on green energy and hydrogen solutions. Prominent trends in this forecast period encompass lightweighting, the utilization of advanced materials and composites, digitalization and AI (Artificial Intelligence) applications, the promotion of remanufacturing and circular economy practices, as well as the adoption of modular powertrain systems.

The powertrain and powertrain parts market is being fueled by the growing demand for enhanced fuel efficiency in vehicles. Fuel consumption is inherently tied to factors such as engine performance, fuel type, and the efficiency of energy transfer to the wheels. The powertrain system serves as the conduit for transmitting engine power to the vehicle's wheels while optimizing engine speed to conserve fuel. Consumer demand for improved fuel economy is strong, with an impressive 85% of American adults, according to a Consumer Reports survey, advocating for continuous advancements in fuel efficiency across all vehicle types. This drive for increased fuel efficiency encourages the development of innovative and economical powertrain systems.

The primary categories of powertrain and powertrain components encompass passenger cars (PC), commercial vehicles (CV), off-road vehicles, construction equipment, defense vehicles, and agricultural vehicles. Commercial vehicles are those intended for commercial purposes, and the technologies involved often include hybrid and automated systems. Key components of the powertrain and its parts include the engine, transmission, driveshafts, differentials, and the final drive.

The power train and power train parts market research report is one of a series of new reports that provides power train and power train parts market statistics, including power train and power train parts industry global market size, regional shares, competitors with a power train and power train parts market share, detailed power train and power train parts market segments, market trends and opportunities, and any further data you may need to thrive in the power train and power train parts industry. This power train and power train parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The surging interest in electric vehicles (EVs) is poised to be a significant driver for the powertrain and powertrain parts market. Electric vehicles, powered primarily by electric motors, rely on electric powertrains comprising components like electric motors, power electronics, and battery systems. The growth of the powertrain parts market is intrinsically linked to the development and production of these essential components, including electric motors, inverters, and other EV-specific parts. Notably, the International Energy Agency reported a near doubling of electric vehicle sales in 2021, reaching 6.6 million units compared to 2020, resulting in a total of 16.5 million electric vehicles on the road. This escalating demand for electric vehicles is propelling the expansion of the powertrain and powertrain parts market.

The sluggish growth in the automobile manufacturing market is anticipated to hinder the powertrain and powertrain parts market's progress. Automobiles inherently require powertrains and powertrain components to function, and any stagnation in the automotive industry constrains the demand for these essential parts. Data from the International Monetary Fund indicated a decline in car sales in regions like the EU and the USA in 2021, ranging from 5% to 15%, leading to significant economic slowdowns. Slower growth in vehicle sales has a direct impact on the powertrain and powertrain parts market, with consumers delaying purchases of powertrains and related systems due to the industry's sluggishness, particularly in economies like India and China.

Major companies operating in the powertrain and powertrain parts market are actively innovating new technological products, such as the E-Propulsion Technology Kit, to enhance their market presence and profitability. The E-Propulsion Technology Kit is a modular electric propulsion system that encompasses the transmission, electric motor, and power electronics, constituting an Electric Drive Unit (EDU). For instance, Punch Powertrain NV, an automotive parts company, introduced the E-Propulsion Technology Kit in November 2021, offering automakers a flexible platform for various e-drive configurations. This empowers customers worldwide to create customized e-propulsion solutions tailored to specific demands, including electric outboard motors for various watercraft.

Major companies in the powertrain and powertrain parts market are introducing innovative technological products such as the PowerDrive 8000 system to enhance their profitability. The PowerDrive 8000 system is designed for terminal tractors, which are responsible for transporting trailers and cargo within ports and terminals. For instance, Cummins Inc., a multinational corporation, unveiled the PowerDrive 8000 system in December 2021, addressing the distinct duty cycles and power requirements of distribution and port applications. This system is engineered to offer exceptional performance, compactness, and high efficiency.

In 2022, Cummins Inc. further solidified its market presence by acquiring Meritor for an undisclosed amount. This strategic acquisition positions Cummins as a leading provider of integrated powertrain solutions, encompassing both internal combustion engines and electric motors. Meritor, a supplier of drivetrain, mobility, braking, aftermarket, and electric powertrain solutions for commercial vehicles and industrial applications, strengthens Cummins' capabilities in delivering comprehensive powertrain solutions.

Major companies operating in the power train and power train parts market include Ford Motor Company, General Motors Company, Volkswagen AG, ZF Friedrichshafen AG, Delphi Technologies Inc., Toyota Motor Corporation, JTEKT Corporation, Allison Transmission Holdings Inc., BorgWarner Inc., Hyundai Motor Company, Aisin Seiki Co. Ltd., JTEKT North America Corporation, AW North Carolina Inc., Dexter Axle Company, Kyklos Bearing International LLC, Deere & Company (John Deere Coffeyville Works), Altra Industrial Motion Corp. (Warner Electric LLC), Fabco Automotive Corporation, American Axle & Manufacturing Holdings Inc., Cloyes Gear and Products Inc., Powertech America Inc., Reliance Electric Company LLC, thyssenkrupp Crankshaft Company LLC, BorgWarner Transmission Systems Inc., Capco Automotive Products Corporation, The Gleason Works, MAHLE GmbH, AVL List GmbH, American Axle & Manufacturing Inc.

Asia-Pacific was the largest region in the power train and power train parts market in 2023. Western Europe was the second largest region in the power train and power train parts market. The regions covered in the power train and power train parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the power train and power train parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The power train and power train parts market consist of sales of CV joints and the wheels. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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