Automotive Powertrain Market is likely to grow at a 5.7% CAGR by 2027 | Market Research Future (MRFR)
Added 04-27-21 02:04:02pm EST - “Key companies profiled include Toyota Motor Corporation (Japan), General Motors Company (US), Hyundai Motor Company (South Korea), Aisin Seiki (Japan)), Borgwarner (US), Ford Motor (US), Delphi Automobile (UK), Magna Powertrain (US),…” - Finance.yahoo.com
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Key companies profiled include Toyota Motor Corporation (Japan), General Motors Company (US), Hyundai Motor Company (South Korea), Aisin Seiki (Japan)), Borgwarner (US), Ford Motor (US), Delphi Automobile (UK), Magna Powertrain (US), Denso Corporation (Japan), GKN PLC (UK), Jtekt Corporation (Japan), and ZF Friedrichshafen (Germany)., among others.
The automotive powertrain systems market is likely to grow at a 5.7% CAGR over the forecast period (2020 - 2027), reveals the current Market Research Future (MRFR) report. The powertrain system is a key element of an automobile. It comprises of every component which produces power for the car and transfers the same to the wheels, allowing vehicle movement. The powertrain is at the vehicle design’s heart, the engine, be it an electric design, hybrid, or conventional, and offers the motive power that is managed and controlled with the transmission and final drive components. The overall powertrain system thus defines the vehicle’s character and dynamic performance. Drive shafts, differentials, transmission, engine, and others are its different components that are widely used in gasoline and diesel engines. Owing to its alluring features and benefits, it has wide applications in commercial and passenger vehicles.
As per the MRFR report, there are numerous factors that are propelling the automotive powertrain systems market share. Some of these entail growing sales of new cars, improved fuel efficiency, and low emission, the growing need for gasoline vehicles, increasing disposable income in different countries, rapid increase in the demand from the APAC region, continuous advances being made in the field of technology, developing economies playing a crucial role in the market expansion, and rising need for an automated transmission. The additional factors adding market growth include growing trend of engine downsizing as this can reduce emissions and fuel consumption, increasing vehicle production, growing need for electronic components in vehicles that include sensors and electronic control unit, rising need for hybrid vehicles and electric vehicles, technological improvements in powertrain systems, increasing need for eco-friendly cars, and stringent government regulations.
On the contrary, increased cost of powertrain systems and lack of awareness may limit the global automotive powertrain systems market growth over the forecast period.
The global need for automotive powertrain sensors faced an immense downfall owing to the worldwide shutdown of different automobile manufacturing facilities. The fall in the export of motor cars and declining consumer buying power owing to the economic downfall of the pandemic has severely impacted the market. The outbreak has hugely impacted the automotive supply chain owing to lockdowns imposed by the government in most regions across the globe. The supply chain of the powertrain sensor industry has faced a lack of raw material, cash crises, a shift of manufacturing facilities to other countries, and declined customer demand. Overall, the powertrain systems market has experienced a noteworthy downfall owing to low demand for cars and supply chain disruptions. All these are likely to have a negative impact on the automotive powertrain systems market.
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