The powertrain and powertrain parts market consists of sales of powertrain and powertrain parts and connected services. The powertrain refers to a system that transforms power of the engine into vehicle’s movement. The powertrain parts involve the engine, transmission, the driveshaft, differentials, and axles amongst others. The vehicle’s performance and proficiency are defined by its powertrain system and its connected parts.
According to the report analysis, ‘Powertrain And Powertrain Parts Global Market Report 2020’ states that in the powertrain and powertrain parts global market there are several corporates which presently operating more significantly for registering the handsome value of market share and leading the highest market growth while implementing the profitable strategies, employing the young work force, decreasing the linked prices, analyzing and studying the strategies of the competitors and government, delivering the better consumer satisfaction, decreasing the linked prices, spreading the awareness related to the applications of such and enhancing the specifications of the production technologies includes Ford Motor Company, General Motors Company, Volkswagen AG, ZF Friedrichshafen AG, Delphi Technologies, Toyota Motor Corporation, JTEKT Corporation, Allison Transmission, BorgWarner Inc., and Hyundai Motor Company.
The worldwide powertrain and powertrain parts market was worth USD 607.1 billion in 2019. It is probable to grow at a compound annual growth rate (CAGR) of 8.76% and reach USD 849.38 billion by 2023.The powertrain and powertrain parts market has been geographically classified into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the greatest region in the powertrain and powertrain parts market during 2019.
In addition, during 2019, MAHLE Powertrain Ltd, a UK based merchant of internal combustion engine (ICE) and electrical powertrain, obtained ZG-Zahnrader und Getriebe GmbH for an amount unidentified. Through this acquisition, MAHLE focuses to augment its internal combustion engine (ICE) while aiming on new developments in powertrain producing. ZG-Zahnrader und Getriebe GmbH, founded during 2008, is a German based merchant of powertrain engineering and gearing technology.
Powertrain and powertrain parts producers are progressively investing towards the enhancement of new engine management and optimization technology for the powertrains. Advance powertrain systems are being improved to augment the proficiency of the engine and decreasing the fuel combustion. The acceptance of electric vehicles has resulted in the producers of powertrain and powertrain parts to invest in powertrains suitable for such electric vehicles. Following the trend, TATA motors during 2019, proclaimed its new powertrain utilizing Ziptron technology to power all its electric cars. The electric vehicles along Ziptron technology will have a range of up to 250kms.TATA plans to establish its first electric car fortified with new powertrain system during Q4FY20.
The powertrain and powertrain parts market is propelled by the increasing requirement for enhanced fuel efficiency. The amount of fuel consumed based on the engine, the type of fuel optimized, and the efficiency with which the output of the engine is communicated to the wheels. The powertrain system conveys the engine energy to the wheels of the vehicle and supports in deducting the speed of the engine to save fuel. According to a survey by Consumer Reports during 2018, 85% of American adults demanded that automakers should continue to develop fuel economy for all forms of vehicles. The need to augment the fuel efficiency encourages the advancement of new powertrain systems that are economical and more fuel effective. Therefore, in the near years, it is probable that the market of powertrain and powertrain parts will increase around the globe more effectively over the inflowing future.
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Ankur Gupta, Head Marketing & Communications