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Global Powertrain Industry: Asia Pacific Emerging as the Most Lucrative Market for Powertrains
Global Powertrain Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Published 29 October 2015
The current boom in the global powertrain market is credited to the massive development of the global automotive industry. In any automotive unit, a powertrain refers to the key components that generate the power required for the vehicle to move over land, water, or air. At present, the powertrain industry is inclined towards reducing fuel consumption to make vehicles eco-friendly without downgrading the performance.
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At present, gasoline powertrains are the prevalent ones in the global automotive industry. However, these powertrains are likely to be substituted by their diesel counterparts owing to the increasing difference between their prices. The major factors behind the heightened demand for powertrains in the entire world are the rise in the demand for automated transmission and the increase in the trend of engine downsizing as it reduces fuel consumption and emissions, simultaneously providing the performance required from a larger engine. The increase in automotive manufacture is also a significant driving force behind the growth of the global powertrain industry.
The global powertrain industry’s future lies in the development of hybrid powertrains as these systems are extremely effective in lowering the fuel consumption and GHG emissions. Powertrain manufacturers are increasingly adopting hybrid powertrains in automotives.
The global market for powertrains reached a value of US$365.67 billion in 2013. Developing at a 5.3% CAGR during the period of 2014 to 2020, the market is expected to reach US$524.60 billion in 2020.
Engines, drive shafts, transmission, differentials, and final drive are the major components of a powertrain. In 2013, the engines market accounted for the biggest share in the overall powertrain market based on components.
The industries for cars, light commercial vehicles (LCV), infantry carrier vehicles (ICV), heavy commercial vehicles (HCV), off road vehicles, farm tractors, defense vehicles, and construction equipment are the key markets for powertrains based on the vehicle type. The cars segment accounted for the biggest share in the overall powertrain market in 2013.
The increase in the disposable income among emerging economies of Asia Pacific is one of the major reasons that propel the automobile industry, which in turn augments the demand for powertrain systems. China and India are the key markets for cars in the Asia Pacific region. In addition to this, rules and regulations aiming to produce a cleaner environment are likely to push the demand for hybrid powertrain systems during the period of 2014 to 2020.
Asia Pacific is one of the most lucrative automotive markets that cater for a huge demand for powertrains on the account of soaring demand for automobiles and rising consumption expenditure in the region. The rise in purchasing power of consumers in the region, thanks to increased income, has augmented the demand for automobiles, due to which automakers are compelled to introduce new vehicles as well as modify and upgrade their existing automobiles. This has led to the growing demand for upgraded powertrain systems. Apart from this, the rapid development in infrastructure is also propelling the automotive market in Asia Pacific as a whole and, by consequence, the powertrain industry. Furthermore, emerging economies such as China, Japan, and India are stimulating the development of the powertrain market thanks to the increasing automotive production in this region.
The powertrain industry in Asia Pacific was followed by the market in the Rest of the World in terms of the market attractiveness. The increased demand for automobiles from Brazil and the UAE has led to a significant growth of the powertrain market in the region. However, Europe is considered as the largest market for powertrains across the globe. This growth in the European powertrain market is fueled by the presence of major automotive brands such as Mercedes, BMW, and Volkswagen, coupled with the strict regulations to monitor the environmental pollution in the region.
General Motors, Magna International Inc., Denso Corporation, Valeo, Delphi Automotive PLC, Ford Motor, BorgWarner Automotive Powertrain Systems Corp., Hyundai Motor, ZF Friedrichshafen AG., and Continental AG are the major participants in the global market for powertrain.
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