Commercial Vehicle Powertrain Systems Market to Grow with a CAGR of 5.68% through 2028
The growth of electric and hybrid
commercial vehicles, and increasing demand for advanced safety features are the
factors driving market in the forecast period 2024-2028
According to TechSci Research report, “Commercial
Vehicle Powertrain Systems Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Commercial Vehicle
Powertrain Systems Market stood at USD 267.21 billion in 2022 and is
anticipated to grow with a CAGR of 5.68% in the forecast period, 2024-2028
The Global Commercial Vehicle Powertrain Systems
Market is a dynamic and evolving sector that plays a pivotal role in the
transportation industry. Powertrain systems are the heart of commercial
vehicles, encompassing the engine, transmission, drivetrain components, and
various subsystems that collectively generate and transfer power to the wheels.
This market is driven by a confluence of factors that are reshaping the
commercial vehicle landscape.
One of the key drivers of this market is the global
push for environmental sustainability. Governments and regulatory bodies
worldwide are imposing stringent emissions standards to combat air pollution
and reduce greenhouse gas emissions. This has led to a significant shift
towards cleaner powertrain technologies, such as electric and hybrid systems,
as well as the development of advanced internal combustion engines that are
more fuel-efficient and emit fewer pollutants.
Furthermore, the rise of e-commerce, urbanization, and
changing consumer preferences are driving the demand for more versatile and
efficient commercial vehicles. Last-mile delivery services, urban logistics,
and the need for sustainable transportation solutions in densely populated
areas are fueling innovations in powertrain systems that cater to these
specific requirements. Electric commercial vehicles, in particular, are gaining
traction in urban settings due to their lower emissions, reduced operating
costs, and suitability for stop-and-go traffic.
In addition to environmental concerns, safety is a
paramount consideration in the commercial vehicle sector. Powertrain systems
are increasingly integrated with advanced safety features, including collision
avoidance systems, adaptive cruise control, and lane-keeping assistance,
enhancing the overall safety and efficiency of commercial vehicles.
Overall, the Global Commercial Vehicle Powertrain
Systems Market is marked by a shift towards cleaner and more efficient
technologies, driven by environmental regulations, changing market dynamics,
and the pursuit of safer and more sustainable transportation solutions. This
transformation is reshaping the way commercial vehicles are designed, manufactured,
and operated, with a strong focus on reducing environmental impact and
enhancing overall performance.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Commercial
Vehicle Powertrain Systems Market.”
The North American market, led by the United States,
is characterized by a significant demand for heavy-duty trucks and a growing
interest in electrification. Stricter emissions regulations, particularly in
California, are driving the adoption of cleaner powertrain technologies. The
region is witnessing increased investments in electric and hydrogen fuel cell
commercial vehicles, especially for urban delivery fleets.
Europe is a front-runner in emissions reduction
efforts, with rigorous Euro VI standards and city-specific regulations that
promote low-emission zones. Consequently, Europe is a hotbed for electric
commercial vehicles, particularly in urban settings. Manufacturers are actively
integrating advanced powertrain components to meet environmental targets.
Hybrid powertrains and natural gas options are also popular.
The Asia-Pacific region, with China at the forefront,
is experiencing rapid urbanization and a surge in e-commerce, boosting demand
for light-duty electric delivery vans. China is a major player in the electric
commercial vehicle market, with substantial investments in battery technology
and charging infrastructure. Hydrogen fuel cell development for commercial
vehicles is also gaining momentum in countries like Japan and South Korea.
The commercial vehicle market in Latin America is
influenced by economic factors and infrastructure development. Natural gas
powertrains are commonly used in some countries due to the availability of
resources. Meanwhile, electric and hybrid technologies are gradually gaining
ground, driven by the need for sustainable transportation solutions and a
desire to reduce operational costs.
This region is witnessing growth in construction and
mining sectors, driving demand for heavy-duty trucks and specialty vehicles.
Diesel powertrains continue to dominate due to their robustness, but there's a
growing interest in alternative fuels like natural gas. Hydrogen fuel cell
technology is also gaining attention, especially for applications in remote
areas.
Emerging markets in Southeast Asia, India, and South
America are undergoing a transformation in response to environmental concerns
and changing market dynamics. These regions are exploring electric, hybrid, and
natural gas powertrain options. Urbanization, infrastructure development, and a
focus on sustainable transportation are key drivers of this shift.
In summary, regional insights highlight the diverse
nature of the commercial vehicle powertrain market, with each region addressing
unique challenges and opportunities. The adoption of advanced powertrain
systems, including electric, hybrid, and hydrogen fuel cell technologies, is
increasingly influenced by local regulations, infrastructure development, and
the pursuit of more sustainable transportation solutions.
Major companies operating in Global Commercial Vehicle
Powertrain Systems Market are:
- Toyota Motor Corporation
- Hyundai Motor Company
- JTEKT Corporation
- ZF Friedrichshafen AG
- Volkswagen AG
- Ford Motor Company
- General Motors Company
- GKN plc
- Borgwarner Inc.
- Aisin Seiki Co. Ltd
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“The Global
Commercial Vehicle Powertrain Systems Market is poised for substantial
transformation, driven by an urgent need for cleaner and more efficient
transportation solutions. This transformation is catalyzed by stringent
emissions regulations, heightened environmental awareness, and technological
advancements. As the market evolves, electric and hybrid powertrains are
expected to gain prominence, offering reduced emissions and operational cost
benefits. Additionally, safety integration within powertrain systems will play
a pivotal role in enhancing overall vehicle performance and safety, further
shaping the future of commercial transportation,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Global
Commercial Vehicle Powertrain Systems Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028, Segmented By Drive Type
(Front-wheel Drive, Rear-wheel Drive, and All-wheel Drive), By Component Type (Engine,
Transmission, Differentials, and Driveshaft), By
Vehicle Type (LCV,
M&HCV), By Region and By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Commercial
Vehicle Powertrain Systems Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Commercial
Vehicle Powertrain Systems Market.
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