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COVID-19 Impact on Global Power Train Components Market by Vehicle Type (Light Commercial Vehicle (LCV), Passenger Car, and Heavy Commercial Vehicle (HCV)); By Engine Type (Gasoline and Diesel) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Automobile power train is primarily responsible for the power transfer from the transmission to the wheels. The automotive power train is made up of many components including driveshafts, differentials, CV joints, U joints, and shafts with axles. All these are known as the vehicle's power train when mounted. The choice of the type of part for the automotive power train depends on the type of vehicle and the engine power output. Also, the type of automotive power train components to be chosen also depends on the drive configuration whether it is a rear-wheel drive, front-wheel drive, four-wheel drive, or the less common eight-wheel or six-wheel drive. To reduce the weight of such automotive power train components, numerous lightweight materials have been introduced, and aluminum is one such material that is gaining popularity in the automotive power train components industry. Components of the Automotive Power train are engineered to accommodate a wide range of operating temperatures, high shock resistance and vibration strength, high reliability, and long-term stability. Usually, these components are marketed through two distribution channels, including OEM and Aftermarket.
Global Power train Components Market size was registered at USD 631.74 billion in 2019 and is estimated to reach USD 1571.1 billion by 2030, registering a CAGR of 8.6% from 2020 to 2030. Growing demand for automatic transmission and an increasing trend for engine downsizing that reduces fuel emissions and consumption are projected to accentuate the growth of the market for automotive power trains. Growing need for enhanced traction, high towing capability, and improved vehicle acceleration for safe driving to pass unfavorable terrain and bad weather conditions are expected to drive demand over the forecast period. Strict government regulations for reducing carbon dioxide emissions are also projected to boost sales to prevent global warming. With the aid of turbochargers, car manufacturers are diverting to engine downsizing due to strict fuel efficiency and emission norms. Growing consumption spending, high demand for cars, and upgrading of the automotive system are also expected to be the significant drivers for growth in the industry.
Source: Fatpos Global
Power train Components Market is segmented based on vehicle type, engine type, and region.
By Vehicle Type (in %), Power train Components Market, 2019
The passenger car vehicle type segment is anticipated to register XX% of the market share during the forecasted period.
By vehicle type, the market can be segmented into Light Commercial Vehicle (LCV), passenger car, and Heavy Commercial Vehicle (HCV). The passenger cars segment is expected to hold the highest share in respect of the vehicle category. The type of front-wheel drive (FWD) is expected to dominate the market in the passenger car segment; while rear-wheel drive (RWD) is widely adopted in light commercial vehicles and heavy commercial vehicles. Due to the demand for comfort and protection, the all-wheel-drive (AWD) system is expected to replace the FWD and RWD systems in the coming years; along with the need for better acceleration, traction, and towing capability in vehicles.
By Engine Type (in %), Power train Components Market, 2019
The diesel type segment accounted for XX% of the nation’s volume in 2019
The engine type segment can be classified into gasoline and diesel. Gasoline engines have been widely adopted and are expected to be replaced by diesel engines due to the growing price gap between diesel and petrol. Because of these factors, hybrid power trains are introduced by component manufacturers to reduce the fuel consumption of vehicles.
Source: Fatpos Global
Growing demand for automatic transmission and an increasing trend for engine downsizing that reduces fuel emissions and consumption are projected to accentuate the growth of the market for automotive power trains. A growing need for enhanced traction, high towing capability, and improved vehicle acceleration for safe driving to pass unfavorable terrain and bad weather conditions are expected to drive demand over the forecast period. Strict government regulations for reducing carbon dioxide emissions are also projected to boost sales to prevent global warming. With the aid of turbochargers, car manufacturers are diverting to engine downsizing due to strict fuel efficiency and emission norms. Growing consumption spending, high demand for cars, and upgrading of the automotive system are also expected to be the significant drivers for growth in the industry. Advanced technologies, such as improvements to the combustion control applied to internal combustion engines, are expected to cause development. Also, the need for improved driving dynamics has forced the manufacturers to incorporate catering systems in the present environment to meet this requirement. Hence, the growing production of advanced automotive features in developing countries is expected to deliver lucrative market growth opportunities.
High reliance on vehicle production in the automotive power train industry may be a limiting factor, as the decline in vehicle production is expected to hamper the power train industry due to the economic downturn. Local governments with a plurality of high-population urban areas across the globe prioritize the adoption of public transport, which is also projected to hamper the automotive power train.
In terms of value and volume, APAC accounted for XX% of total market volume share in 2019
In terms of demand, the APAC region had the largest market for power trains. The key factors contributing to the growth of the region's power train market are the growing output of vehicles and the increase in penetration of passenger cars in the region. Growing demand for luxury cars is expected to drive the market studied in regions such as Europe and APAC. Sustainable growth in the market for all-wheel-drive systems is expected to rely largely on coming regulations in different countries. The APAC region's rising demand for AWD-equipped vehicles is anticipated to increase demand for the all-wheel-drive system market. The APAC area has experienced rapid growth in sales of new vehicles fitted with on-demand power train systems. Growing the use of all-wheel drive from this area in SUVs has been supporting market development. The APAC region is expected to increase consumer demand for the all-wheel-drive system.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
Global Power train Components Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities-o-Y Growth, CAGR – United States and Canada
The global pandemic COVID-19 has become global stress, not just for human lives, but also for industries across different industry verticals. The COVID-19 disease has infected several million people globally, with an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. In the space of only a few months, there has been a major decrease in vehicle sales, leading to shutdowns across regions as well as volatility in oil prices. Renowned car OEMs is pursuing various strategies to minimize the pandemic's detrimental effect on their companies by reviewing their dealerships to restore services. In the automotive sector, the short-term effect of COVID-19 has led to the shutdown of assembly plants in the United States, manufacturing interruptions across Europe, and cessation of exports of Chinese parts, in the face of the lockdown situation. On the bright side, the automotive industry will remain strong until a COVID-19 breakthrough is achieved, thanks to ongoing attempts by leading companies to curb sales losses through the implementation of turnaround strategies such as fusions and acquisitions and more. Despite the major impact the novel coronavirus has on the automotive industry, online vehicle sales may emerge as one of the growth boosters in the market.
New technological advancements in the power train components market, as well as large production output of the product by key players, are likely to increase the market growth. Moreover, the growing security and safety concerns among individuals and New Car Assessment Programs launched by companies around the globe are other factors that are fueling the market of the Power train Components Market.
Global Power train Components Market: Key players
The Power train Components Market report also contains analysis on:
Power train Components Market segments: -
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