Global Power Train And Power Train Parts Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
24 Aug, 2021
The powertrain and powertrain parts market consist of sales of powertrain and powertrain parts and related services. The powertrain refers to a system that converts power of the engine into vehicle's movement. The powertrain parts include the engine, transmission, the driveshaft, differentials, and axles among others. The vehicle's performance and efficiency are defined by its powertrain system and its related parts.
Global Power Train And Power Train Parts Market Size And Drivers:
The global power train and power train parts market is expected to grow from $577.95 billion in 2020 to $605.94 billion in 2021 at a compound annual growth rate (CAGR) of 4.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $811.83 billion in 2025 at a CAGR of 8%. The powertrain and powertrain parts market is driven by the increasing demand for improved fuel efficiency.
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Trends In The Global Power Train And Power Train Parts Market
Powertrain and powertrain parts manufacturers are increasingly investing in the development of new engine management and optimization technology for powertrains. Advance powertrain systems are being developed to increase the efficiency of the engine and reducing fuel combustion. The popularity of electric vehicles has resulted in the manufacturers of powertrain and powertrain parts to invest in powertrains suitable for these electric vehicles.
Global Power Train And Power Train Parts Market Segments:
The global power train and power train parts market is further segmented based on components, technology, vehicle type and geography.
By Components: Engine, Transmission, Drive Shafts, Differentials, Final Drive
By Technology: Hybrid, Automated
By Vehicle Type: Passenger Car (PC), Commercial Vehicle (CV), Off-Road Vehicles, Construction Equipment, Defense Vehicles, Agricultural Vehicles
By Geography: The global power train and power train parts market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Power Train And Power Train Parts Market At:https://www.thebusinessresearchcompany.com/report/power-train-and-power-train-parts-global-market-report
Power Train And Power Train Parts Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides power train and power train parts market overviews, analyzes and forecasts market size and growth for the global power train and power train parts market, power train and power train parts market share, power train and power train parts market players, power train and power train parts market segments and geographies, power train and power train parts market’s leading competitors’ revenues, profiles and market shares. The power train and power train parts market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.