The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The powertrain and powertrain parts market have exhibited robust growth, expanding from $417.67 billion in 2023 to $454.93 billion in 2024 with a Compound Annual Growth Rate (CAGR) of 8.9%. This surge is fueled by factors such as stringent emission regulations, the growing demand for automated transmission, engine downsizing trends, rising interest in hybrid powertrains, and increased demand for passenger cars. Looking ahead, the market is set for continued expansion, with a projected size of $625.25 billion in 2028, driven by electrification, hybridization, autonomous vehicles, energy efficiency, connectivity and IoT, and the growing importance of green energy and hydrogen.

1. Fuel Efficiency Drive:

• Catalyst for Advancements: The powertrain and powertrain parts market are witnessing a surge due to the increasing demand for enhanced fuel efficiency.
• Consumer Demand: Consumer Reports’ survey revealed that 85% of American adults are pushing for continuous improvements in fuel economy across all vehicle types.
• Market Impact: This demand has spurred the development of new powertrain systems focused on economy and fuel efficiency.

2. Punch Powertrain’s Innovative E-Propulsion Technology Kit:

• Technological Innovation: Major companies, including Punch Powertrain NV, are driving innovation with products like the E-Propulsion Technology Kit.
• Modular Electric Propulsion: The kit comprises a modular electric propulsion system with components like the transmission, electric motor, and power electronics forming an Electric Drive Unit (EDU).
• Versatile Applications: The E-Propulsion Technology Kit offers automakers diverse e-drive configurations, catering to unique propulsion applications, including electric outboard motors for various watercraft.

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3. Cummins Inc.’s Strategic Acquisition of Meritor:

• Strengthening the Portfolio: In 2022, Cummins Inc. acquired Meritor, a significant move to enhance its integrated powertrain solutions across internal combustion engines and electric motors.
• Diverse Solutions: Meritor, known for drivetrain, mobility, braking, aftermarket, and electric powertrain solutions, contributes to Cummins’ position in providing comprehensive solutions for commercial vehicles and industrial applications.
• Market Implication: The acquisition broadens Cummins’ capabilities, enabling a more comprehensive offering in the dynamic powertrain sector.

4. Market Segmentation:

• Components: Segmented into engine, transmission, drive shafts, differentials, and final drives.
• Technology: Classification includes hybrid and automated technologies.
• Vehicle Types: Segments cover passenger cars (PC), commercial vehicles (CV), off-road vehicles, construction equipment, defense vehicles, and agricultural vehicles.

5. Asia-Pacific Dominance:

• Largest Market: In 2023, Asia-Pacific emerged as the largest region in the powertrain and powertrain parts market, underscoring the region’s pivotal role in the global market dynamics.

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The Power Train And Power Train Parts Global Market Report 2024  provides an overview of the power train and power train parts market 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 and their market positions.

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