Europe & US Construction & Agriculture Equipment Drivetrain Component Market Research Report Information by Component Type (Transmission, Differential, Driveshaft, Axles, and Others), By Drive Type [Two-Wheel Drive (2WD) and Four-Wheel Drive (4WD)], by Pr

Europe & US Construction & Agriculture Equipment Drivetrain Component Market Research Report Forecast to 2032- Information By Component Type (Transmission, Differential, Driveshaft, Axles, and Others), By Drive Type [Two-Wheel Drive (2WD) and Four-Wheel Drive (4WD)], by Propulsion (ICE and Electric), By Application (Wheeled Equipment and Tracked Equipment), By End Use (Construction Equipment and Agriculture Equipment)

The Construction & Agriculture Equipment Drivetrain Components Market in Europe and the United States was valued at USD 5,738.4 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% to reach USD 8,398.5 million by 2032. Europe held 62.4% of the market share, with the United States following at 37.6%. The increasing demand for improved acceleration, traction, and towing capabilities in construction and agricultural vehicles, stringent emission regulations and fuel efficiency standards, and the growing investment in infrastructure projects are all market drivers. Additionally, the adoption of precision agriculture is on the rise. Furthermore, the demand for wheeled construction axles is on the rise.

Nevertheless, the market is impeded by a number of factors, including the high initial cost of powertrain components, the ongoing necessity for inspections and maintenance in construction equipment, and fluctuations in raw material prices. Technological advancements, such as advanced materials and manufacturing processes, have created opportunities in the market. The primary objective of European Original Equipment Manufacturers (OEMs) is to export construction machinery to emerging economies. The demand for agricultural equipment is anticipated to be stimulated by government subsidies and financing options, including the Common Agricultural Policy (CAP) in Europe and the US Department of Agriculture.. Additionally, the market presents a variety of obstacles, such as the necessity to preserve cost-effectiveness, the complexity of powertrain component installation, and compatibility and integration issues. Advanced transmission systems, smart and connected components, a growing emphasis on sustainability and environmental compliance, the increasing popularity of four-wheel drive (4WD) equipment, and a transition toward electrification are among the market and technology trends.

Various factors, including infrastructure investments, regulatory requirements, technological advancements, and shifting industry trends, are propelling the development of the Construction & Agriculture Equipment Drivetrain Components Market in Europe and the United States. The construction and agriculture sectors' evolving demands, cost-effectiveness, and innovation should be the primary focus of stakeholders in this market.

Market Segmentation

In this report, the Europe & US Construction & Agriculture Equipment Drivetrain Components market has been segmented by Component Type into Transmission, Differential, Driveshaft, Axles, and Others.

In this report, the two-wheel drive (2WD) and four-wheel drive (4WD) drive types have been used to segment the market.

In this report, the market has been segmented into ICE and Electric based on propulsion.

This report has segmented the Europe and US Construction & Agriculture Equipment Drivetrain Components market by Application into Wheeled Equipment and Tracked Equipment.

In this report, the Construction & Agriculture Equipment Drivetrain Components market in Europe and the United States has been segmented by End Use into Construction Equipment and Agriculture Equipment.

The market is segmented into the United States and Europe based on region/country.

Major Players

These companies include ZF Friedrichshafen AG, Deere & Company, JTEKT Corporation, Danfoss, Dana Limited (Dana Incorporated), AAM Europe, Carraro SpA, Turner Powertrain Systems ltd (Turner Powertrain), Bondioli & Pavesi S.p.A., AGCO Corporation, CNH Industrial NV (CNH Industrial), and Volvo Construction Equipment Others.