Global Automotive Powertrain Market

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

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

Global Automotive Powertrain Market News

  • 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.

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FAQs

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).

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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Global Automotive Powertrain Market

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