Automotive Electric Drivetrain System Market Growth insights 2022, Business Prospects, Industry Size, Share, Revenue, Development Status, by Regions 2030
Research Reports
Apr 11, 2022
Automotive Electric Drivetrain System Market Overview
According to Market Research Future (MRFR), the Global Automotive Electric Drivetrain System Market is projected to reach USD 256 billion at a CAGR of 5.98% from 2017 to 2023 (forecast period). The study offers a broad analysis of the effects of the COVID-19 pandemic on the global automotive electric drivetrain system market.
In the automotive industry, multiple industry players are shifting to electrification technology usage recently. Consumers are growing more environmentally conscious, and awareness for environmental protection is high in the market. Climate change, in particular, is a major concern in industries; this has prompted the adoption of the automotive electric drivetrain system. Thus, multiple automotive manufacturers are focusing on the development of electric and hybrid drivetrains with electrification technology. In multiple industries, drivetrains are called powertrain trains. The latter mainly has a full system contributing to the wheel power. However, drivetrains comprise specific parts that connect the wheel and driveline.
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The components provide the transmission power for wheel movement. It is expected that the Automotive Electric Drivetrain System Industry would overtake the manual transmission market share within few years. This is due to its eco-friendly structure and high-efficiency potential. The driveshaft is a tubular-shaped long steel structure that is present at the vehicular gearbox. The automotive drivetrain system overall includes drive shafts, transmission, axles, wheel, CV joints, and U joints. Key players in the market focus on the manufacturer of these components to ensure higher efficiency of automotive electric drivetrain system. This has contributed to the rise in drive train sales globally and electric drivetrain usage in multiple vehicles.
The Automotive Electric Drivetrain System Market includes multiple drivers, challenges, restraints, and trends. Common drivers include the increase in the number of EV models for CO2-neutral balance control. The rules and regulations for global carbon emission rates are more strict. This is a contributing factor for the increased development and adoption of electric vehicular systems. Many governments globally are supportive of the shift to electric vehicles, which has increased the Automotive Electric Drivetrain System Market Size. Countries are following their governmental initiatives for emission rate reduction to improve the environmental condition and adapting to EVs. Plus, advancements in technology, growing consumer interest in health, and advanced hybrid and electric vehicle types have promoted the growth of the electric drivetrain market.
Key Players
The key participants in the global automotive electric drivetrain system market are Aisin Seiki Co., Ltd. (Japan), TM4 (Canada), American Axle & Manufacturing, Inc. (U.S.), Magna International Inc. (Canada), BorgWarner Inc. (U.S.), GKN plc. (U.S.), Dana Holding Corporation (U.S.), AVTEC LTD (India), JTEKT Corporation (Japan), Delphi Automotive LLP (U.K), Visedo (Finland), Parker Hannifin Corp (U.S.), Magtec (U.K.), Punch Powertrain Nv (Belgium), AxleTech International SAS (U.S.).
Primary Drivers and Main Challenges
The move towards electrification has been one of the most noteworthy changes in the automotive industry. It is safe to say that the chief reason behind the switch to electrification has been environmental. The mounting concerns regarding the climate change drove the automotive industry’s interest in electricity. Bosch has been one of the leading companies with expertise in electrification and is currently working on developing hybrid and electric drivetrains for various renowned manufacturers, including Audi, Volkswagen, Porsche, Fiat and BMW, to name a few.
Electric drivetrain is anticipated to replace manual transmission drivetrain in the next couple of years, thanks to its high efficiency as well as eco-friendliness. Strict rules and regulations pertaining to the carbon emission surge have helped boost the sale of electric driven vehicle, leading to automotive electric drivetrain market expansion around the world.
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Various government bodies are giving strong support to the automotive industry’s transition to electric vehicles. They are implementing several initiatives that back the sale of electric vehicles, with the main objective of curbing the emission from vehicles and improve the health of the environment. On top of that, the surge in research and development (R&D) activities to make electric & hybrid vehicles more advanced, rapid increase in technological advancements, and the tremendous growth in effective marketing strategies offer lucrative opportunities for the automotive drivetrain technology market expansion.
Automotive Electric Drivetrain System Market Segmentation
The research on the automotive electric drivetrain system market covers segments like types, electric drivetrain types and vehicle type.
The segments, with respect to the type, include rear wheel drive, front wheel drive and all-wheel drive. The highest growth can be exhibited by all-wheel drive in the market, given its ability to offer power to every type of vehicle. Front-wheel-drive can be the second most lucrative segment, among all the types, since it helps offer fuel efficiency while bringing down the carbon emission.
The electric drivetrain types studied are PHEV, HEV and BEV. BEV or Battery Electric Vehicle is all set to gain the highest share in the automotive electric drivetrain market because of their low cost and tendency to bring down the CO2 emission. The rising sale of electric vehicles can lead to excellent growth for battery electric vehicles in the coming years.
Vehicles types covered by MRFR experts are commercial and passenger.
Regional Outlook
The regional outlook of the automotive electric drivetrain system market covers Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW).
APAC has the highest chance of gaining the top spot in the automotive electric drivetrain system market, on account of the increasing production of front wheel vehicles, given their ability to facilitate higher fuel efficiency as well as performance. The front wheel drive mostly exists in passenger cars that are extremely popular among families. Apart from this, more and more automotive manufacturers are coming up with a variety of technologies that offer high efficiency in all-wheel-drive. In China and India, numerous renowned vendors are planning to develop integrated e-axle systems for passenger vehicles and commercial vehicles at minimum cost, in order to expand their customer base, which also benefits the market.
Europe, with the second largest share, is a strong contender in the global market. A huge number of automotive manufacturers in the region are busy developing cutting-edge electric, fuel cell and hybrid technology for vehicles to offer better efficiency. In addition this factor, the regional market also gains from the increasing pollution, the progressing automobile industry, and depletion of fossil fuel reserves.
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