Increasing electric vehicle ownerships and rising urbanizations are driving the market growth.
New York, USA, Dec. 05, 2024 (GLOBE NEWSWIRE) — Market Overview:
The global automotive powertrain systems market size was USD 1,038.75 billion in 2024, estimated at USD 1,197.57 billion in 2025, and is expected to reach around USD 4,377.24 billion by 2034, expanding at a CAGR of 15.5% from 2025 to 2034.
What are Automotive Powertrain Systems?
The powertrain is a structure of constituents that convey energy from the engine to the wheels to render a car move. The prominent constituents of a powertrain involve the engine, transmission, driveshaft, differential, and axles. The drivetrain is constituted of components of a powertrain not connected to the engine. There are several constituents that enhance a vehicle’s capacity to move from place to place. It is a system that is rendered of many constituents that operate to acquire energy conveyed from the engine to the wheels to make a car move. Powertrain systems transform the engine’s power into motion. The situation of the powertrain dominates how productively ths power transfer can take place.
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Key Takeaways from Report
- The market is expected to exhibit a CAGR of 15.5%.
- The market for automotive powertrain systems is expanding due to it playing a vital role in transforming engine power into vehicle motion.
- The automotive powertrain systems market analysis is primarily based on propulsion type, vehicle type, and region.
- Based on propulsion type, the electric vehicle segment dominated the market.
- Asia Pacific dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.
Automotive Powertrain Systems Market Dynamics
Growth Drivers
Surge in Popularity of Electric Vehicles: The automotive powertrain systems market size is expanding due to the surge in the approval of electric vehicles, which has caused an elevated requirement for automotive powertrain systems. With consumers categorizing ecological renewability and looking for environment-friendly transport alternatives, the demand for EVs has encountered a sizeable upswing, which is propelling the market growth. For instance, in June 2021, as per the International Council on Clean Transportation (IEA), global electric vehicle (EV) sales rose to 6.9 million units, labeling a 107% rise from the previous year.
Growing Urbanization: The growing urbanization pushes a notable shift in transportation needs causing an escalating demand for vehicles with progressive powertrains maximized for urban driving conditions. Several cities are applying low discharge zones and offering inducements for electric and hybrid vehicles additionally powering the acquisition. For instance, in October 2021, the Mayor of London expanded the Ultra Low Emission Zone (ULEZ) to the circumference of the North and South Circular roads.
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Trends and Opportunities
Technological Progressions: Progressive engine handling and conveyance technologies are maximizing presentation and fuel intake. Turbocharging and instant fuel administration have additionally enhanced productivity and power throughput which escalates their acquisition. For instance, in March 2023, Nissan initiated a contemporary policy for advancing electrified powertrains known as X-in-1 which suggests that automotive powertrain systems market demand is expanding.
Growing Stringent Emission Directives: The market is pushed by growingly strict discharge security directives and standards. Governments worldwide are inflicting growingly stringent caliber to diminish greenhouse gas discharge and confront air contamination. For instance, in December 2019, the European Commission declared the Green Deal, a complete policy targeted at obtaining climate neutrality by 2050.
Competitive Analysis
The market is a zestful and speedily developing ecology with many contenders struggling to invent and transformed from each other. Prominent global firms are influencing the market by influencing sizeable research and development potential, progressive manufacturing technologies, and a wide dissemination framework to sustain a competitive edge.
Major players operating in the automotive powertrain systems market are:
- BorgWarner Inc
- Continental AG
- Magna International Inc
- Marelli Holdings Co. Ltd.
- Mitsubishi Electric Corporation
- NIDEC CORPORATION
- Robert Bosch GmbH
- Schaeffler AG
- ZF Friedrichshafen AG
- VALEO
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Regional Insights
Asia Pacific: The augmentation of automotive manufacturing fulcrum in nations such as India, Japan, South Korea, and China fuelled by elements such as augmenting middle-class population, speedy urbanization, and escalated vehicle possession rates are the factors impeding the market growth.
North America: The speedy augmentation and surging acquisition of electric vehicles in the region is expected to drive the Asia Pacific automotive powertrain systems market with the highest CAGR during the forecast period.
Automotive Powertrain Systems Market Segmentation
By Propulsion Type Outlook
- Internal Combustion Engine
- Gasoline
- Diesel
- Natural Gas Vehicle
- Electric Vehicle
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
By Region Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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