ALBANY, N.Y., Dec. 2, 2021 /PRNewswire/ — The prospects of increasing popularity of electric vehicles are anticipated to create opportunities in the car powertrain market. The role of some large automakers to engage in innovations to align the production of electric vehicles in the assembly of conventional automobiles is likely to stimulate the car powertrain market. This is facilitated by the deployment of AI in engineering simulation and design software to improve powertrains in electric vehicles.
Stringent emission regulations in place in some developed countries are compelling automakers to adopt fuel-efficient technologies in new vehicle models. The manufacture of lightweight vehicles and lightweight components that help improve fuel efficiency is undertaken by automakers, which requires lightweight automotive components. This is likely to create demand for improved car powertrain components for new vehicle models.
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Europe is the leading region in the car powertrain market. The presence of a highly developed auto industry in the region, with high rate of adoption of advanced automotive technologies for the design and development of new vehicle models, is creating the demand for powertrain components. Stringent emission regulations in some countries of the region that have set permissible levels of CO2 emissions and strict ban on the internal combustion technology are paving the way for the popularity of electric vehicles. This, in turn, is creating opportunities in the car powertrain market of the region.
The car powertrain market is estimated to Expand at CAGR of 3.68% during forecast period.
Car Powertrain Market – Key Findings of Report
Manufacturers Leverage Next-gen Technologies to Develop Powertrain for Electric Vehicles
The development of next-gen e-powertrains is eliminating the need of internal combustion engines in vehicles. Next-gen e-powertrains are lightweight and compact systems that lead to extremely low vibrations and generate instant torque.
The role of manufacturers to develop e-powertrain for electric vehicles is favorable for the growth of car powertrain market. This includes development of e-powertrains with motors that generate power for moving and regenerative braking power during deceleration of vehicles.
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Use of Novel Materials Helps Reduce Vehicle Weight for Emission Control
The use of novel materials, such as aluminum alloys, magnesium alloys, titanium alloys, and hybrid materials to reduce the weight of powertrain components in order to reduce weight of vehicles is a phenomenon that has come to the fore. This has opened lucrative opportunities for raw material suppliers in the car powertrain market.
Continued Improvement in EV Battery Technology to Offer New Opportunities
The long-term value of electric vehicles, in terms of cost savings, is leading to their increasing popularity. This is driving manufacturers of car powertrain to engage in R&D in new battery chemistries and other technologies to be in line with increasing popularity of electric vehicles. Resultantly, car powertrains will adapt to a range of environments and at the same time, display high performance and durability. This collectively will favor the growth of the car powertrain market.
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Car Powertrain Market – Growth Drivers
- Digitization of the automotive industry and adoption of ML and Big Data analysis tools in supply chain of the automotive industry provide impetus to the car powertrain market
- Rising popularity of electric vehicles for long-term cost savings and to curb CO2 emissions to offer significant opportunities for manufacturers of drivetrains of electric vehicles
Car Powertrain Market – Key Players
Some of the key players operating in the car powertrain market are Mahle GmBH, Tenneco Inc., ThyssenKrupp, Sanjo Machine Works, Bharat Forge, Continental AG, Denso Corporation, Magna International Inc., Michelin, Clarios, American Axle & Manufacturing, Linamar, Rheinmetall AG, Yasunaga, art Metal Mfg. Co. Ltd., Robert Bosch GmbH, and ZF Friedrichshafen.
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The car powertrain market is segmented as follows;
Car Powertrain Market, by Car Type
- Compact
- Midsize
- Luxury
- SUV
Car Powertrain Market, by Category
- Engine and Main Parts
- Valve Train System
- Fuel System
- Starter / Battery System
- Ignition and Injection System
- Exhaust System
- Forced Induction System
- Lubrication System
- Cooling System
- Drivetrain
- Suspension/Subframe
- Wheel, Tire, Brake and Steering
- Axle Shaft
- Small Parts
Car Powertrain Market, by Region & Country
- North America
- Europe
- Asia Pacific
- Central & South America
- Morocco
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