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Automotive Powertrain Manufacturers Focus on Innovation as Shift towards EV Gains Momentum
The latest survey by Fact.MR provides a compilation of first-hand information about the factors affecting the growth in automotive powertrain market. It also offers refines sales projection across various market segments in terms of position, vehicle type, and powertrain type. The report also offers detailed information about the price points of automotive powertrain manufacturers for coming decade..
NEW YORK, Sept. 16, 2022 /PRNewswire/ — The global automotive powertrain market, valued at US$ 435.3 Million in 2022, is likely to reach US$ 719.3 Million in 2032growing at a CAGR of 5.2% between 2022 and 2032. Increased spending on electric vehicles (EVs), combined with recovery in automotive production are likely to be the key factors that will drive the market during the assessment period.
Government’s introduction of pollution control norms and other stringent regulations for emission control are likely to necessitate the demand for powertrain systems. Furthermore, the rising need for advanced driving experience is influencing manufacturers to incorporate such systems in their business model to cater to the flourishing demand in the market.
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As automotive production is on an upswing, the US, Indiaand Mexico are expected to be the most lucrative countries with increasing number of automotive vehicles being manufactured. For instance, according to The Federal Reserveoverall industrial production increased 0.9% in March 2022. Further, Mexican automotive production went up 31% in August as per Administrative Registry of the Light Vehicle Automotive Industry.
Moreover, automotive industry players are focusing on developing more efficient engines, drivetrains, transmissions and drive shafts to reduce fuel consumption. Hence, leading manufacturers are introducing sophisticated emissions-control technologies that are being used in next generation automobiles.
Additionally, global initiatives such as the Paris Climate Accord have prompted various countries across the globe to enact stricter emission laws on new vehicles. Citing this trend, Fact.MR opines, the auto industry is likely to show a greater interest in electric mobility space over the next decade, which in turn, is likely to to augur well for the automotive powertrain manufacturers.
Key Takeaways:
- By position type, all-wheel drive is likely to remain the preferred option in the market, accounting for nearly …
Full story available on Benzinga.com
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