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

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.