The global automotive
powertrain market is projected to exceed over USD 650 billion by 2022 owing to
increasing vehicle production combined with growing awareness regarding
environmental pollution.
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.
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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Advanced technologies
such as combustion control improvements applied to internal combustion engine
are anticipated to trigger growth. Further, need for enhanced driving dynamics
has pushed the manufacturers to introduce systems catering to this demand in
the present environment. Increasing development of advanced automobile features
in emerging countries is anticipated to offer lucrative opportunities for the
market growth.
However, low customer
willingness to pay extra for sustainable powertrain system and high investment
cost associated with the system is projected to hamper the automotive
powertrain market.
Further, stringent emission norms across various countries
can act as a challenge for the demand.
On the basis of engine
type the industry can be bifurcated into gasoline and diesel. Currently,
gasoline engines have been adopted widely and are projected to be replaced by
diesel engines owing to the increasing difference between the diesel and
gasoline prices. Owing to these factors, component manufacturers are adopting
hybrid powertrains in order to reduce fuel usage in vehicles.
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