Global Powertrain Market Expected to Reach US$524.60 Billion by 2020

Transparency Market Research (TMR), a market intelligence and research firm, has recently published a research study on the global powertrain market, estimating its market value by 2020 at US$524.60 billion, developing at a CAGR of 5.3% during the period from 2014 to 2020.The report, titled “Global Powertrain Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, determines the overall value of the global powertrain market in 2013 at US$365.67 billion. It analyzes the global market for powertrains on the basis of the vehicle type, component used, and the regional markets.On the basis of vehicle type, cars, ICV, LCV, HCV, construction equipment, farm tractors, off-road vehicles, and defense vehicles are the major segments of the global powertrain market. The cars market occupied the leading position in the overall market in 2013.

 

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Asia Pacific is reporting a rapid rise in the demand for cars, which is driving this market segment to a significant extent. Additionally, the market for construction vehicles is expected to witness a remarkable rise during the forecast period owing to the rise in the industrial and construction sectors in emerging economies, according to the report.Engine, drive shafts, transmission, final drive, and differentials are the key components of a powertrain. The report signifies that the engines segment occupies the biggest share in the global powertrain market owing to the rapidly developing automotive industry across the globe.According to the report, the powertrain market in Europe is dominating the global market. The presence of major automotive brands such as BMW, Volkswagen, and Mercedes, coupled with strict regulations to monitor environmental pollution in the region, has fueled this regional market significantly.