The automotive powertrain market is estimated to grow at a CAGR of over 5% from 2014 to 2022. The powertrain of any vehicle defines its safety, performance and comfort. The transmissions and engine are the prime components of a powertrain along with other key components such as torque/clutch converter, propeller/drive shaft, axles and differential.
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Increasing demand for automated transmission and rising trend for engine downsizing which reduces fuel emission and consumption is projected to accentuate automotive powertrain market growth. Growing need for enhanced traction, high towing capacity and increased acceleration in vehicles for safe driving in order to pass through unfavorable terrain and poor weather conditions is expected to drive demand over the forecast period.
Stringent government regulations regarding the reduction of carbon dioxide emissions for preventing global warming are projected to boost sales. Owing to stringent fuel economy and emission norms, vehicle manufacturers are diverting towards engine downsizing with the assistance of turbochargers. Additionally, increasing consumption expenditure, high demand for automobiles and up-gradation of automobile system is expected to be the substantial drivers for industry growth.
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North America is projected to be the dominant region for the industry as the region is focused on luxury and comfort leading to the adoption of AWD vehicles over FWD and RWD in this region. Asia Pacific is expected to be an emerging region owing to increasing vehicle sale coupled with growing demand for automated transmission in countries such as China and India. Substantial rise in the purchasing power of consumers has augmented the demand for state-of-the-art motor vehicles, leading to a considerate demand for upgraded systems. Additionally, extensive industrial and infrastructural development in these regions is projected to drive the industry.
The key industry vendors include Ford Motor Company, GKN PLC, Toyota Motor Corporation, Jtekt Corporation, Aisin Seiki Co. Ltd, General Motors Company, Volkswagen AG, Hyundai Motor Corporation, Borgwarner Inc and ZF Friedrichshafen AG. The industry players are adopting new product launches, mergers and acquisitions and agreements to expand their industry presence.
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