Automotive Powertrain Market Expected to Exceed $437.8 Billion by 2030, MarkWide Research Reports
According to a new report published by MarkWide Research, titled, “Automotive Powertrain Market,” the global market for automotive powertrain systems is expected to exceed $437.8 billion by 2030, displaying a robust CAGR of 5.9% during the forecast period from 2023 to 2030.
Automotive powertrain systems are essential components in vehicles, responsible for transmitting power from the engine to the wheels. The market’s growth is driven by the increasing demand for fuel-efficient and eco-friendly vehicles, technological advancements, and the transition toward electric and hybrid powertrains.
Key findings from the report:
- E-Mobility Revolution: The shift toward electric and hybrid vehicles fuels innovation and investment in electric powertrain technologies.
- Fuel Efficiency: Stringent emission regulations and the quest for fuel efficiency drive advancements in conventional powertrain systems.
- Automated Transmissions: The adoption of automatic and semi-automatic transmissions enhances driving comfort and performance.
- Global Vehicle Production: The expansion of the automotive industry, particularly in emerging markets, boosts powertrain system demand.
- Market Competitors: Leading players in the automotive powertrain market include BorgWarner Inc., Continental AG, and ZF Friedrichshafen AG, who continually innovate to meet evolving industry demands.
The report predicts substantial growth in the global automotive powertrain market as automakers focus on improving vehicle efficiency and reducing environmental impact. MarkWide Research’s comprehensive analysis provides insights into the market’s current landscape and future trends, empowering industry stakeholders to make informed decisions and capitalize on opportunities in the automotive powertrain market.
MarkWide Research is a leading market research and consulting firm, providing in-depth analysis and strategic insights across various industries. With a team of experienced analysts, MarkWide Research is committed to delivering actionable intelligence, assisting clients in making informed business decisions and achieving sustainable growth.