Global Passenger Car Powertrain Systems Market to Grow with a CAGR of 7.72% through 2028

Shift toward cleaner and more sustainable technologies like hybrid and electric powertrains and driving the development of advanced powertrain options are the factors driving market in the forecast period 2024-2028

According to TechSci Research report, “Passenger Car Powertrain Systems Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Passenger Car Powertrain Systems Market stood at USD 298.37 billion in 2022 and is anticipated to grow with a CAGR of 7.72% in the forecast period, 2024-2028

The Global Passenger Car Powertrain Systems Market is undergoing a significant transformation driven by several key factors. Stringent emissions regulations imposed by governments across the globe are pushing automakers to rethink their powertrain strategies. As a result, there is a growing emphasis on reducing carbon emissions and improving fuel efficiency. This shift has led to the development and adoption of cleaner technologies such as hybrid powertrains and electric vehicles (EVs).

The dominant trend in the Global Passenger Car Powertrain Systems Market is the rapid shift toward electrification. Electric vehicles (EVs) and hybrid powertrains are gaining widespread adoption as automakers respond to stringent emissions regulations and growing consumer demand for sustainable transportation options. This trend encompasses the proliferation of EV models with improved range and charging capabilities, advancements in battery technology, expansion of charging infrastructure, supportive government regulations, and a shift in consumer preferences towards eco-friendly vehicles.

Consumer preferences are also evolving rapidly. Customers are increasingly looking for vehicles that offer a balance between fuel efficiency and performance. This has led to innovations in powertrain systems, including downsized turbocharged engines, direct fuel injection, and advanced transmission technologies. These advancements not only improve fuel economy but also enhance the overall driving experience.

Moreover, technological innovation is a driving force in the industry. Automakers are investing heavily in research and development to stay competitive in the rapidly changing market. Hybrid powertrains are becoming more sophisticated, with plug-in hybrid electric vehicles (PHEVs) offering extended electric-only driving ranges. Pure electric vehicles are also gaining traction, with advancements in battery technology enabling longer ranges and faster charging times.

The transition toward electric powertrains is accelerating, with numerous automakers announcing plans to phase out internal combustion engines (ICEs) in the coming years. This shift is not only driven by emissions regulations but also by consumer demand for environmentally friendly vehicles. As a result, the passenger car powertrain landscape is witnessing a surge in electric and electrified options.

In conclusion, the Global Passenger Car Powertrain Systems Market is experiencing a paradigm shift. Emissions regulations, changing consumer preferences, and technological advancements are reshaping the industry. The future promises a diverse range of powertrain options, including hybrids, PHEVs, and fully electric vehicles, as automakers strive to meet the demands of both regulators and consumers for cleaner, more efficient, and high-performance vehicles.

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APAC is the largest and most dynamic region in the global automotive industry. China, in particular, is a powerhouse both in terms of vehicle production and consumption. Government policies promoting electric vehicles (EVs) have resulted in a significant EV market share. Japan and South Korea are leaders in hybrid technology, with Toyota and Hyundai/Kia being prominent players. India is witnessing the gradual adoption of cleaner powertrains due to environmental concerns and regulatory changes.

In North America, the United States remains a key market with a strong focus on pickup trucks and SUVs. While internal combustion engines (ICEs) dominate, automakers are increasingly investing in hybrid and electric technologies. California stands out with aggressive emissions reduction targets and a higher proportion of EVs on its roads.

Europe is at the forefront of emissions reduction efforts. European countries are accelerating the shift to hybrid and electric powertrains to meet strict emissions targets. Germany, with its robust automotive industry, is a leader in developing advanced powertrain technologies. Norway has achieved one of the highest EV adoption rates globally, primarily due to government incentives.

Emerging markets in Latin America, Africa, and the Middle East present unique challenges and opportunities. While these regions still have a significant share of older ICE vehicles, they are also witnessing increased sales of more fuel-efficient and environmentally friendly powertrains. The affordability of vehicles is a crucial factor in these markets.

Major companies operating in Global Passenger Car 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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“In the evolving landscape of the Global Passenger Car Powertrain Systems Market, experts emphasize the pivotal role of electrification and emissions reduction. The consensus is that electric and hybrid powertrains will continue to gain prominence, driven by stringent emissions regulations and consumer demand for sustainable mobility. Advanced technologies, including battery innovation and charging infrastructure development, are expected to accelerate the adoption of electric vehicles (EVs). However, experts also highlight the importance of a diversified powertrain portfolio to cater to varying market needs, ensuring a smooth transition toward a more sustainable and efficient automotive future,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Global Passenger Car 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 (SUV, Sedan, Hatchback, MUV), By Region and By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Passenger Car 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 Passenger Car Powertrain Systems Market.

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