Global Automotive Powertrain Market

Automotive Powertrain Market Size, Share, Growth Analysis, By Vehicle Type(Passenger Vehicle and Commercial Vehicle), By Propulsion Type(ICE and BEV), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25C2066 | Region: Global | Published Date: March, 2024
Pages: 197 |Tables: 59 |Figures: 77

Automotive Powertrain Market Insights

Global Automotive Powertrain Market size was valued at USD 863.87 billion in 2022 and is poised to grow from USD 963.22 billion in 2023 to USD 2301.03 billion by 2031, at a CAGR of 11.5% during the forecast period (2024- 2031).

The rising use of electrical power in automobiles is a result of the demand for novel functions and new standards for improving the performance of traditional operations. 

Therefore, regulating automotive electronics like current electric power steering, the main inverter, the brake system, and others depends greatly on the use of powertrain electronics in automotive applications. 

Automotive alternators are given great temperature tolerance and high power, as well as enhanced efficiency and high-power density, by the powertrain electronics in the vehicle's power generation system. 

For Instance, A supplier of automobile parts named Bharat Forge stated in March 2021 that it has acquired a 100% share in Kalyani Powertrain KPPL. In the company's EV business, KPPL will function as a Special Purpose Vehicle (SPV) segment. 

A few of its essential parts are converters, electric motors, inverters, battery management systems, and others. The advantages of replacing mechanical systems with mechatronic systems or enhancing the current systems have led to a rise in the adoption of powertrain electronics.  

For Instance, Continental created a new third-generation power module that can support up to 650 amps of electricity, has new microchip technology inside, and can be utilised with a variety of electric vehicles. 

The shift towards electric and hybrid vehicles is accelerating, influenced by stringent emission regulations and a growing awareness of sustainability. Additionally, continuous innovations in powertrain components, such as engines and transmissions, are enhancing overall vehicle performance. 

The integration of smart technologies and connectivity features into powertrain systems is another notable trend, reflecting the broader automotive industry's move towards digitalization.

US Automotive Powertrain Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 863.87 billion

Largest Segment

ICE

Fastest Growth

BEV

Growth Rate

11.5% CAGR

Global Automotive Powertrain Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Automotive Powertrain Market Segmental Analysis

Global Automotive Powertrain Market is segmented on the basis of vehicle type, propulsion type and region. By vehicle type, the market is segmented into passenger vehicle and commercial vehicle. By propulsion type, the market is segmented into ICE and BEV. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Automotive Powertrain Market Analysis by Propulsion Type

In 2021, Almost 91% of the market's overall revenue was made up by the Internal Combustion Engine (ICE) segment. Natural gas, diesel, and gasoline-powered automobiles make up the ICE sector. As diesel prices continue to diverge from those of petrol, petrol engines, which are currently used widely, are expected to be phased out in favour of diesel engines. The main reasons for the continued use of ICE vehicles, however, are the price differential between ICEs and EVs and the inadequate charging infrastructure. These issues have led to the adoption of hybrid powertrains by component manufacturers as a way to cut down on fuel consumption in cars.

Over the forecast period, it is expected that the electric vehicle segment will grow at a CAGR of about 29.8%. The demand for electric vehicles has grown as a result of the decline in sales of internal combustion engine vehicles and constraints on CO2 targets. The widespread use of BEVs is a practical way to lower emissions while also shortening the overall cost of ownership. In addition, improvements in battery technology and a decline in the cost of lithium-ion batteries are also anticipated to increase demand for BEVs over the projection period.

Automotive Powertrain Market Analysis by Vehicle Type

Over 77% of the market in 2021 was made up of passenger vehicles, and it is predicted that this segment would continue to rule during the projection period. The automotive sector has been impacted by a lack of computer chips, which has slowed market expansion and production volumes. Furthermore, because of rising government expenditures in EV infrastructure and financial incentives provided to consumers, the market for passenger vehicles powered by diesel, oil, and petrol is transitioning away from these fuels.

Due to the rising demand for a coordinated supply chain network linking various modes of transportation, such as freight rail, air, and express delivery services, maritime transport, and truck transport, the commercial vehicle segment is anticipated to grow at a CAGR of over 11.7% over the forecast period. Global commercial vehicle production is anticipated to rise as a result of the entry of electric vehicles into the commercial vehicle market and the decentralization of production operations.

Global Automotive Powertrain Market By Propulsion Type (%), 2023 (%)

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Automotive Powertrain Market Regional Insights

In terms of market share among the key market regions, the Asia Pacific region is expected to have the biggest share, at 60.0%, in 2021. among the main markets and countries for the manufacture of automobiles, along with Japan, China, and India. The Asia Pacific area's expansion is mostly attributed to rising disposable income, accelerating urbanization, and a fiercely competitive market that encourages car ownership throughout the region.

The projected period is expected to see the greatest CAGR of 12.8% in the European area. The rapidly growing automotive powertrain market in the region can be attributed to the region's increasing demand for electric vehicles as a result of the adoption of carbon emissions restrictions by the European Union and other national governments.

Global Automotive Powertrain Market By Region, 2024-2031
  • Largest
  • Fastest

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Automotive Powertrain Market Dynamics

Automotive Powertrain Market Drivers

Growing demand for Fuel-Efficient Vehicles to Bolster Market Growth

  • With the rising cost of fuel and concerns about environmental sustainability, there is a growing demand for vehicles that are more fuel-efficient and emit fewer emissions. Powertrain technologies such as hybrid powertrains, electric powertrains, and turbocharged engines are becoming increasingly popular as they offer improved fuel economy and reduced emissions.
  • With the increasing demand for electric and hybrid vehicles, the automotive powertrain market is experiencing significant growth. Electric powertrains offer several advantages over traditional combustion engines, including improved efficiency, reduced emissions, and lower maintenance costs.

Automotive Powertrain Market Restraints

Expensive Production Costs to Hinder Market Growth

  • Developing and manufacturing powertrain systems requires significant investment in research and development, as well as in production facilities and equipment. These costs can be a major barrier to entry for new companies in the market and can limit the ability of existing companies to invest in new technology.

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Automotive Powertrain Market Competitive Landscape

For both ICE and electric vehicles, these players provide a wide selection of automobile powertrains. The businesses' main goal is to expand their product offers by supplying cutting-edge, technologically advanced goods. These top suppliers are also concentrating on strategic activities including regional expansions, acquisitions, mergers, partnerships, and collaborations to boost their market positions

Top Player’s Company Profiles in Automotive Powertrain Market

  • BorgWarner Inc. (United States)
  • Continental AG (Germany)
  • Dana Incorporated (United States)
  • Delphi Technologies (United Kingdom)
  • DENSO Corporation (Japan)
  • Eaton Corporation plc (Ireland)
  • Faurecia SA (France)
  • GKN plc (United Kingdom)
  • Hitachi Automotive Systems, Ltd. (Japan)
  • JATCO Ltd. (Japan)
  • Magna International Inc. (Canada)
  • MAHLE GmbH (Germany)
  • Mitsubishi Electric Corporation (Japan)
  • Ricardo plc (United Kingdom)
  • Robert Bosch GmbH (Germany)
  • Schaeffler AG (Germany)
  • Tenneco Inc. (United States)
  • Valeo SA (France)
  • ZF Friedrichshafen AG (Germany)

Automotive Powertrain Market Recent Developments

  • In January 2024, Vietnamese electric vehicle producer VinFast marked a memorandum of understanding with the Tamil Nadu state government to lay out electric vehicle fabricating manufacturing offices in India. This essential move means entering the world's third-biggest vehicle market and growing VinFast's presence in the Indian automotive industry.

     

  • In February 2024, Arval, a prominent vehicle leasing supplier and mobility arrangements, uncovered a strategic partnership with BYD (Build Your Dreams), a global leader in electric vehicle production. This organization, formalized through a Reminder of Figuring Out (MoU), highlights Arval's devotion to upgrading its electric vehicle (EV) renting contributions for corporate armadas and individual clients.

     

  • In December 2023, Chinese automakers Geely and Nio produced a strategic partnership understanding focused on battery-swapping technology. The understanding involves broad cooperation enveloping battery guidelines, battery swapping technology, extension and activity of battery swapping organizations, advancement of swappable models, and the management of battery assets.

Automotive Powertrain Key Market Trends

  • The trend toward electrification of vehicles is one of the most significant trends in the automotive powertrain market. Automakers are investing heavily in electric powertrain technologies to meet consumer demand for more environmentally friendly vehicles. This has led to the development of new electric powertrains, including battery-electric and plug-in hybrid systems.

  • The industry had been witnessing a growing demand for electric vehicles (EVs) and hybrid vehicles, driven by environmental concerns and the push for reduced carbon emissions. Major automotive manufacturers had been investing significantly in the development of electric powertrains, aiming to enhance battery technology, increase driving range, and improve overall vehicle performance. Additionally, advancements in artificial intelligence and connectivity were playing a crucial role in optimizing powertrain efficiency, with smart technologies being integrated to enhance fuel economy and provide a more seamless driving experience.

Automotive Powertrain Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global automotive powertrain market is a vital component of the automotive industry, responsible for delivering power to the wheels of vehicles. It includes a range of components such as the engine, transmission, drivetrain, and other associated systems that are essential for the movement of a vehicle. The market for automotive powertrains is expected to grow steadily in the coming years due to several factors, including the increasing demand for fuel-efficient and low-emission vehicles, government regulations aimed at reducing carbon emissions, and the growing popularity of electric vehicles. The market is also being driven by the need for improved driving experience, enhanced vehicle performance, and increased reliability. Asia-Pacific is the largest market for automotive powertrains, accounting for a significant share of global demand. This can be attributed to the high production of vehicles in countries such as China, India, and Japan. The North American and European markets are also significant, driven by the presence of major automotive OEMs and suppliers in the regions. The global automotive powertrain market is expected to experience steady growth in the coming years, driven by the demand for more fuel-efficient and environmentally friendly vehicles. This growth is likely to be supported by ongoing advancements in powertrain technology and the increasing adoption of electric powertrains.

Report Metric Details
Market size value in 2023 USD 863.87 billion
Market size value in 2031 USD 2301.03 billion
Growth Rate 11.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Vehicle Type
    • Passenger Vehicle and Commercial Vehicle
  • Propulsion Type
    • ICE and BEV
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BorgWarner Inc. (United States)
  • Continental AG (Germany)
  • Dana Incorporated (United States)
  • Delphi Technologies (United Kingdom)
  • DENSO Corporation (Japan)
  • Eaton Corporation plc (Ireland)
  • Faurecia SA (France)
  • GKN plc (United Kingdom)
  • Hitachi Automotive Systems, Ltd. (Japan)
  • JATCO Ltd. (Japan)
  • Magna International Inc. (Canada)
  • MAHLE GmbH (Germany)
  • Mitsubishi Electric Corporation (Japan)
  • Ricardo plc (United Kingdom)
  • Robert Bosch GmbH (Germany)
  • Schaeffler AG (Germany)
  • Tenneco Inc. (United States)
  • Valeo SA (France)
  • ZF Friedrichshafen AG (Germany)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Automotive Powertrain Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Automotive Powertrain Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Automotive Powertrain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Powertrain Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Powertrain Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Automotive Powertrain Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Automotive Powertrain Market size was valued at USD 863.87 billion in 2022 and is poised to grow from USD 963.22 billion in 2023 to USD 2301.03 billion by 2031, at a CAGR of 11.5% during the forecast period (2024- 2031).

For both ICE and electric vehicles, these players provide a wide selection of automobile powertrains. The businesses' main goal is to expand their product offers by supplying cutting-edge, technologically advanced goods. These top suppliers are also concentrating on strategic activities including regional expansions, acquisitions, mergers, partnerships, and collaborations to boost their market positions 'Aisin Seiki Co., Ltd. (Japan)', 'American Axle & Manufacturing Holdings, Inc. (United States)', 'AVL List GmbH (Austria)', 'BorgWarner Inc. (United States)', 'Continental AG (Germany)', 'Dana Incorporated (United States)', 'Delphi Technologies (United Kingdom)', 'DENSO Corporation (Japan)', 'Eaton Corporation plc (Ireland)', 'Faurecia SA (France)', 'GKN plc (United Kingdom)', 'Hitachi Automotive Systems, Ltd. (Japan)', 'JATCO Ltd. (Japan)', 'Magna International Inc. (Canada)', 'MAHLE GmbH (Germany)', 'Mitsubishi Electric Corporation (Japan)', 'Ricardo plc (United Kingdom)', 'Robert Bosch GmbH (Germany)', 'Schaeffler AG (Germany)', 'Tenneco Inc. (United States)', 'Valeo SA (France)', 'ZF Friedrichshafen AG (Germany)'

With the rising cost of fuel and concerns about environmental sustainability, there is a growing demand for vehicles that are more fuel-efficient and emit fewer emissions. Powertrain technologies such as hybrid powertrains, electric powertrains, and turbocharged engines are becoming increasingly popular as they offer improved fuel economy and reduced emissions.

In terms of market share among the key market regions, the Asia Pacific region is expected to have the biggest share, at 60.0%, in 2021. among the main markets and countries for the manufacture of automobiles, along with Japan, China, and India. The Asia Pacific area's expansion is mostly attributed to rising disposable income, accelerating urbanization, and a fiercely competitive market that encourages car ownership throughout the region.

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