Global Power Train And Power Train Parts Market Size, Drivers, Trends, Opportunities And Strategies – Includes Power Train And Power Train Parts Market Share
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The increasing demand for improved fuel efficiency are expected to drive innovation in power train and power train parts manufacturing, thus driving the market during the forecast period.
The global power train and power train parts market is expected to grow from $385.88 billion in 2022 to $427.10 billion in 2023 at a compound annual growth rate (CAGR) of 10.7%. The global power train and power train parts market size is expected to grow to $616.99 billion in 2027 at a CAGR of 9.6%.
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- By Components: Engine, Transmission, Drive Shafts, Differentials, Final Drive
- By Technology: Hybrid, Automated
- By Vehicle Type: Passenger Car (PC), Commercial Vehicle (CV), Off-Road Vehicles, Construction Equipment, Defence Vehicles, Agricultural Vehicles
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global power train and power train parts market in 2021.
Major Market Players in the power train and power train parts market include Ford Motor Company, General Motors Company, Volkswagen AG, ZF Friedrichshafen AG, Delphi Technologies, Toyota Motor Corporation.
Powertrain and powertrain parts manufacturers are increasingly investing in the development of new engine management and optimization technology for powertrains. Advanced powertrain systems are being developed to increase the efficiency of the engine and reduce fuel combustion. The popularity of electric vehicles has resulted in the manufacturers of powertrains and powertrain parts investing in powertrains suitable for these electric vehicles. Following the trend, Tata Motors, in 2020, launched the updated electric vehicle, Tata Tigor EV with Ziptron technology. The Ziptron technology that Tata introduced with its vehicles had capabilities far greater than those of the earlier, Xpres-T’s powertrain. With Ziptron technology, the Tigor EV can be fast-charged from 0 to 80 percent in about an hour, a significant improvement over the Xpres-T’s powertrain.
The Power Train And Power Train Parts Global Market Report 2023 provides a power train and power train parts market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The power train and power train parts market forecast analyzes power train and power train parts market size, power train and power train parts market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The powertrain and powertrain components refer to the collection of each part that propels the vehicle forward. The powertrain in the vehicle uses the engine’s generated force to transmit it to the wheels on the ground.
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