Commercial Vehicle Powertrain Systems Market Growth Trends Starting from USD 267.21B

By | May 21, 2024
The Commercial Vehicle Powertrain Systems Market reached USD 267.21 billion in 2022 and is expected to grow at a 5.68% CAGR from 2024 to 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.

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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 the 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 the 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 the Global Commercial Vehicle Powertrain Systems Market.

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Table of Content-Commercial Vehicle Powertrain Systems Market

  1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

  1. Research Methodology

2.1. Objective of theStudy

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

  1. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

  1. Impact of COVID-19 on Global Commercial Vehicle Powertrain Systems Market
  2. Global Commercial Vehicle Powertrain Systems Market Outlook

5.1. Market Size & Forecast

5.1.1. By Volume & Value

5.2. Market Share & Forecast

5.2.1. By Drive Type Market Share Analysis (Front-wheel Drive, Rear-wheel Drive, and All-wheel Drive)

5.2.2. By Component Type Market Share Analysis (Engine, Transmission, Differentials, and Driveshaft)

5.2.3. By Vehicle Type Market Share Analysis (LCV, M&HCV)

5.2.4. By Regional Market Share Analysis

5.2.4.1. Asia-Pacific Market Share Analysis

5.2.4.2. Europe & CIS Market Share Analysis

5.2.4.3. North America Market Share Analysis

5.2.4.4. South America Market Share Analysis

5.2.4.5. Middle East & Africa Market Share Analysis

5.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)

5.3. Global Commercial Vehicle Powertrain Systems Market Mapping & Opportunity Assessment

5.3.1. By Drive Type Market Mapping & Opportunity Assessment

5.3.2. By Component Type Market Mapping & Opportunity Assessment

5.3.3. By Vehicle Type Market Mapping & Opportunity Assessment

5.3.4. By Regional Market Mapping & Opportunity Assessment

  1. Asia-Pacific Commercial Vehicle Powertrain Systems Market Outlook

6.1. Market Size & Forecast

6.1.1. By Volume & Value

6.2. Market Share & Forecast

6.2.1. By Drive Type Market Share Analysis

6.2.2. By Component Type Market Share Analysis

6.2.3. By Vehicle Type Market Share Analysis

6.2.4. By Country Market Share Analysis

6.2.4.1. China Market Share Analysis

6.2.4.2. India Market Share Analysis

6.2.4.3. Japan Market Share Analysis

6.2.4.4. Indonesia Market Share Analysis

6.2.4.5. Thailand Market Share Analysis

6.2.4.6. South Korea Market Share Analysis

6.2.4.7. Australia Market Share Analysis

6.2.4.8. Rest of Asia-Pacific Market Share Analysis

6.3. Asia-Pacific: Country Analysis

6.3.1. China Commercial Vehicle Powertrain Systems Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Volume & Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Drive Type Market Share Analysis

6.3.1.2.2. By Component Type Market Share Analysis

6.3.1.2.3. By Vehicle Type Market Share Analysis