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Automotive Powertrain Manufacturers Focus on Innovation as Shift towards EV Gains Momentum
The latest survey by Fact.MR provides a compilation of first-hand information about the factors affecting the growth in automotive powertrain market. It also offers refines sales projection across various market segments in terms of position, vehicle type, and powertrain type. The report also offers detailed information about the price points of automotive powertrain manufacturers for coming decade..
NEW YORK, Sept. 16, 2022 /PRNewswire/ — The global automotive powertrain market, valued at US$ 435.3 Million in 2022, is likely to reach US$ 719.3 Million in 2032, growing at a CAGR of 5.2% between 2022 and 2032. Increased spending on electric vehicles (EVs), combined with recovery in automotive production are likely to be the key factors that will drive the market during the assessment period.
Government’s introduction of pollution control norms and other stringent regulations for emission control are likely to necessitate the demand for powertrain systems. Furthermore, the rising need for advanced driving experience is influencing manufacturers to incorporate such systems in their business model to cater to the flourishing demand in the market.
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As automotive production is on an upswing, the U.S., India, and Mexico are expected to be the most lucrative countries with increasing number of automotive vehicles being manufactured. For instance, according to The Federal Reserve, overall industrial production increased 0.9% in March 2022. Further, Mexican automotive production went up 31% in August as per Administrative Registry of the Light Vehicle Automotive Industry.
Moreover, automotive industry players are focusing on developing more efficient engines, drivetrains, transmissions and drive shafts to reduce fuel consumption. Hence, leading manufacturers are introducing sophisticated emissions-control technologies that are being used in next generation automobiles.
Additionally, global initiatives such as the Paris Climate Accord have prompted various countries across the globe to enact stricter emission laws on new vehicles. Citing this trend, Fact.MR opines, the auto industry is likely to show a greater interest in electric mobility space over the next decade, which in turn, is likely to augur well for the automotive powertrain manufacturers.
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Key players are expanding their presence in the global automotive powertrain market by engaging in mergers and acquisition activities or establishing new facilities. Further, leading players are partnering with pioneers in electric vehicle technology to consolidate their position.
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More Valuable Insights on Automotive Powertrain Market
In its latest study, Fact.MR offers a detailed analysis of the global automotive powertrain market for the forecast period of 2022 to 2032. This study also divulges key drivers and trends promoting the sales of automotive powertrain through detailed segmentation as follows:
By Position Type:
By Powertrain Type:
By Vehicle Type:
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Key Questions Covered in the Automotive Powertrain Market Report
Explore Fact.MR’s Coverage on the Automotive Domain
Hybrid Powertrain Systems Market: A combination of an electrical powertrain and a gasoline powertrain is another way to describe hybrid powertrain systems. Recent market growth has been boosted by the introduction of new prototypes due to the use of improved technology in hybrid powertrain systems, which have led to product acceptance by end users.
Automotive Electric Power Steering Market: The worldwide automobile electric power steering market is anticipated to experience a significant boost in sales due to improved fuel economy and low emissions. Additionally, the global automotive electric power steering market will benefit from significant growth in the Asian and European auto industries as well as technological advancements in traditional vehicle steering.
Automatic Train Protection Signaling Market: Rising automation in the train, metro, and other sectors is anticipated to fuel demand for autonomous train protection signaling. By the end of 2028, it is predicted that factors including train detection, train separation, route interlocking, and over speed protection will present a lucrative potential for the global market for autonomous train protection signaling.
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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
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