Global Powertrain Market: Snapshot
The global powertrain market is likely to grow at a healthy pace in the next few years. A significant rise in the number of players expected to enter the market is projected to offer promising growth opportunities for the market players in the coming few years. According to the market research study by Transparency Market Research, the global market for powertrain is projected to reach a value of US$524.6 bn by the end of 2020. The market is estimated to register a strong growth rate in the next few years.
Technological Advancements to Drive Global Powertrain Market
The growing demand for environment-friendly vehicles is one of the major factors projected to encourage the growth of the global powertrain market in the next few years. The growing focus of the key players on technological advancements and research and development activities is further predicted to support the growth of the market in the near future. In addition to this, the stringent government rules and regulations and the advent of new technologies in order to enhance the fuel efficiency are some of the other factors that are predicted to accelerate the growth of the global powertrain market in the coming few years. On the flip side, the high cost of powertrain systems is estimated to hamper the growth of the overall market in the next few years.
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The global powertrain market has been categorized on the basis of component into drive shafts, final drive, differentials, engine and transmission. Furthermore, on the basis of vehicle type, the global powertrain has been classified into defense vehicles, farm tractors, HCVs, LCVs, ICVs, off-road vehicles, cars, and construction equipment. Among these, the cars segment is projected to hold a major share of the market in the next few years, thanks to the rising popularity of rear-wheel drive models.
Europe Powertrain Market to Register Strong Growth in Coming Few Years
Among the key regional segments, Europe is expected to witness a promising growth in the next few years. This region is projected to account for a large share of the market and register a strong growth rate in the next few years. The high growth of this region can be attributed to the presence of several leading automobile companies. Furthermore, North America and Asia Pacific are estimated to observe a healthy growth in the coming few years. The developing nations are expected to offer lucrative growth opportunities, which is expected to support the growth of the powertrain market across Asia Pacific in the next few years.
The global market for powertrain is competitive in nature and is likely to witness a substantial rise in the level of competition in the next few years. The rising focus on the research and development activities and technological advancements activities is projected to generate opportunities for the market players in the next few years.
In addition to this, the rising number of mergers and acquisitions and strategic collaborations are predicted to enhance the growth of the global powertrain market in the next few years. Some of the key players operating in the powertrain market across the globe are Valeo, Magna International Inc., Denso Corporation, General Motors Company, and Ford Motor Company.