Automotive Power train engines produce a lot of heat energy by internal combustion of fossil fuels like coal, petroleum etc. This heat may damage and corrode the engine and due to which cost of maintenance will be high. So the power train cooling system is used for maintaining the temperature by cooling overheated engine by transferring heat to atmosphere. The Global Automotive Power train Cooling System Market is expected to grow at a CAGR of 6.41% during the forecast period.
Growth by Region
Asia Pacific region has the largest market in the Global Automotive Power train Cooling System Market followed by Americas and Europe & Middle East Africa regions. The increase in the spending and high purchasing capabilities in Asia Pacific region contribute to the high sales of passenger cars which lead to growth in this region.
Drivers vs. Constraints
The preference of internal combustion engine vehicles because of the high prices for electric and hybrid vehicles is one of the drivers for Global Automotive Power train Cooling System market.
One reason that limits the growth of this market is growing usage of electric vehicles due to awareness for environment and depleting fossil fuels.
Industry Structure and Updates
Governments of China, European Commission and US are supporting the developing electric vehicle market over internal combustion engine vehicle market due to environmental effects and declining fossil fuel resources.
European commission is providing tax incentives to buyers who are opting electric vehicles over normal fuel combustion vehicles.