At what pace is the power train and power train parts market growing, and what is its estimated value?
The power train and power train parts market size has grown strongly in recent years. It will grow from $455.51 billion in 2024 to $496.6 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to stringent emission regulations, rising demand for automated transmission, growing trend of engine downsizing, rising demand for hybrid powertrains, increasing demand for passenger cars.
The power train and power train parts market size is expected to see strong growth in the next few years. It will grow to $678.29 billion in 2029 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to electrification and hybridization, autonomous vehicles, energy efficiency, connectivity and iot, green energy and hydrogen. Major trends in the forecast period include lightweighting, advanced materials and composites, digitalization and ai, remanufacturing and circular economy, modular powertrain systems.
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What are the top drivers to the rising demand in the power train and power train parts market?
The power train and power train parts market are driven by the increasing demand for improved fuel efficiency. The amount of fuel consumed depends on the engine, the type of fuel used, and the efficiency with which the output of the engine is transmitted to the wheels. The powertrain system transmits the engine energy to the wheels of the vehicle and helps in reducing the speed of the engine to save fuel. According to a survey by Consumer Reports, 85% of American adults demanded that automakers should continue to improve fuel economy for all types of vehicles. The need to increase fuel efficiency promotes the development of new power train systems that are both economical and more fuel-efficient.
How is the power train and power train parts market segmented?
The power train and power train parts market covered in this report is segmented –
1) By Components: Engine, Transmission, Drive Shafts, Differentials, Final Drive
2) By Technology: Hybrid, Automated
3) By Vehicle Type: Passenger Car (PC), Commercial Vehicle (CV), Off-Road Vehicles, Construction Equipment, Defense Vehicles, Agricultural Vehicles
Subsegments:
1) By Engine: Internal Combustion Engine (ICE), Electric Motor, Hybrid Engine (Combination Of ICE And Electric Motor), Fuel Cell Engine
2) By Transmission: Manual Transmission (MT), Automatic Transmission (AT), Continuously Variable Transmission (CVT), Dual-Clutch Transmission (DCT), Semi-Automatic Transmission
3) By Drive Shafts: Front Drive Shafts, Rear Drive Shafts, Propeller Shafts, Half Shafts
4) By Differentials: Open Differential, Limited-Slip Differential (LSD), Locking Differential, Electronic Differential
5) By Final Drive: Front Final Drive, Rear Final Drive, All-Wheel Drive (AWD) Final Drive, Four-Wheel Drive (4WD) Final Drive
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Who are the top competitors in the power train and power train parts market?
Major companies operating in the power train and power train parts market include Ford Motor Company, General Motors Company, Volkswagen AG, ZF Friedrichshafen AG, Delphi Technologies Inc., Toyota Motor Corporation, JTEKT Corporation, Allison Transmission Holdings Inc., BorgWarner Inc., Hyundai Motor Company, Aisin Seiki Co. Ltd., JTEKT North America Corporation, AW North Carolina Inc., Dexter Axle Company, Kyklos Bearing International LLC, Deere & Company (John Deere Coffeyville Works), Altra Industrial Motion Corp. (Warner Electric LLC), Fabco Automotive Corporation, American Axle & Manufacturing Holdings Inc., Cloyes Gear and Products Inc., Powertech America Inc., Reliance Electric Company LLC, thyssenkrupp Crankshaft Company LLC, BorgWarner Transmission Systems Inc., Capco Automotive Products Corporation, The Gleason Works, MAHLE GmbH, AVL List GmbH, American Axle & Manufacturing Inc.
What are the most influential trends expected to drive the power train and power train parts market forward?
Major companies operating in the power train and power train parts market focus on developing PowerLine transmissions to improve fuel efficiency, reduce emissions, enhance performance, and meet the growing demand for advanced automatic transmission systems in vehicles. PowerLine transmission refers to an advanced automatic transmission system designed primarily for commercial vehicles, offering improved fuel efficiency, enhanced driving comfort, and better performance. This new 8-speed automatic transmission is designed to enhance fuel efficiency and performance for medium-heavy trucks, pickups, and buses. For instance, in February 2024, ZF Friedrichshafen AG, a Germany-based company, launched PowerLine CV transmissions, an automatic transmission. The PowerLine transmission can improve fuel consumption by up to 10% compared to existing systems. This is achieved through a consumption-reducing overall ratio spread of 7.64 and an early closing of the torque converter, which optimizes power delivery and efficiency. It supports engines with torque outputs up to 1200 Nm, making it suitable for vehicles with a gross vehicle weight of up to 26 tons.
What are the major regional insights for the power train and power train parts market, and which region holds the top position?
Asia-Pacific was the largest region in the power train and power train parts market in 2023. Western Europe was the second largest region in the power train and power train parts market. The regions covered in the power train and power train parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The Power Train And Power Train Parts Market Report 2025 Offer?
The power train and power train parts market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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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