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Technological Transformations and New Product Innovations to Give an Elevation to the Automotive Powertrain Components Market
The automotive powertrain components market is expected to grow significantly with the emergence of new and improved mechanism and the evolving innovations in the automotive industry. Major market players are seen leveraging the benefits of the developments and advancements in technology to introduce new automotive components including the automotive powertrain components market. Tailored automotive powertrain components are seen unveiled in the market for application-specific delivery in the automotive industry. The automotive powertrain components market is, therefore, gaining significant traction owing to new product developments. In line with these developments, major industrial and automotive component manufacturing companies are seen innovating with new and improved automotive powertrain components for the next-generation automotive vehicles with the help of various ground-breaking technologies.
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With electric automotive powertrain components being the most talked about aspect of the market and the incidents of Cummins Inc. acquiring the Silicon-Valley-based Efficient Drivetrains, Inc., manufacturer of hybrid and fully- electric power solutions, the automotive powertrain components market is expected to gain greater elevation. With the transformations in the automotive industry, the automotive powertrain components market participants are indulging in extensive developments to cater to the changing needs.
Automotive Powertrain Components Market: Introduction
An automotive powertrain is mainly responsible for the transfer of power from the transmission to the wheels. The automotive powertrain consists of many components including drive shafts, differentials, CV joints, U joints and axle shafts. All these when assembled are known as the powertrain of the vehicle. The selection of the type of automotive powertrain component depends on the type of vehicle and the power output of the engine. Furthermore, the type of automotive powertrain components to be selected also depends on the type of drive — if it is a rear-wheel drive, front-wheel drive, four-wheel drive or the less common eight-wheel or six-wheel drive. Numerous lightweight materials have been introduced to reduce the weight of such automotive powertrain components and aluminum is one such material which is gaining popularity in the automotive powertrain components market. Automotive powertrain components are designed in such a way that they can incorporate a wide range of operating temperatures, high shock resistance and vibrational strength, high reliability and long term stability. These components are usually sold through two sales channels, these include: OEM and aftermarket. With advancements in technology, the key manufacturers are focusing on manufacturing lightweight automotive powertrain components with improved performance characteristics. This is expected to create opportunities for the augmentation of the automotive powertrain components market in the coming years.
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Automotive Powertrain Components Market: Dynamics
The growth of the automotive powertrain components market shares is directly dependent on the sales of automotive vehicles across the globe. With increasing disposable income of the population across the globe, the demand for passenger cars and other automotive vehicles as means of local commute is expected to increase significantly in the coming years. This is expected to positively affect the growth of the automotive powertrain components market in the coming years. Furthermore, the demand for automatic transmission has increased significantly and the rising trend of downsizing engine and reducing fuel consumption is expected to increase the demand of automotive powertrain components to cater to the advancing demands from the automotive industry.
The need for enhanced traction capabilities coupled with increased towing and acceleration capabilities in vehicles has increased considerably to increase the maneuverability of the vehicle in uneven terrains. This is expected to further boost the lightweight automotive powertrain components market to improve the performance of transmission systems, simultaneously promoting the growth of the automotive powertrain components market.
Moreover, stringent government regulations for reducing carbon dioxide emissions has increased the emphasis of manufacturers to increase the efficiency of the overall powertrain systems. This is expected to further boost demand in the automotive powertrain components market to accommodate these regulations and to improve the performance of vehicles.
However, high investment cost associated with powertrain systems is expected to somehow derail the growth of the lightweight automotive powertrain components market in the coming years. Furthermore, counterfeit automotive powertrain components in the market put extra baggage on the OEMs to offer the same product at a much reduced price, simultaneously squeezing the profit margins of the manufacturers.
Automotive Powertrain Components Market: Regional Outlook
The adoption of all-wheel drive vehicles is more in North America. This coupled with increasing preference for luxury and comfort cars will increase the demand in the advanced technology automotive powertrain components market. Asia pacific is expected to create immense growth opportunities in the coming years, this can be attributed to the increasing sales of vehicles in the region and increasing purchasing power of the population in the region. The Chinese government has launched various initiatives to promote the manufacturing of vehicles in the country, which will further create opportunities for the augmentation of the automotive powertrain components market. Europe is benefitting from the presence of numerous key manufacturers in countries, such as Germany, etc. Presence of numerous players in the region further increases the opportunities of augmentation of the automotive powertrain components market in the coming years.
Automotive Powertrain Components Market: Key Players
Some of the key players identified across the value chain of the Automotive Powertrain Components market are:
- Eaton Corporation
- Convertech, Inc.
- RSB Group
- American Axle & Manufacturing Holdings, Inc.
- IFA Rotorion – Holding GmbH
- Dana Incorporated
- GKN plc
- Guansheng automobile parts manufacture co., ltd.
- NTN Bearing Corporation
- Shou Chi Industry Co.
- Zhejiang Feizhou Vehicle Industry Co ,.Ltd.
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