Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Automotive Drivetrain Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
Global Industry Analysis Indicates Accelerated Demand for Electric and Hybrid Vehicles Spurs Advancements in Automotive Drivetrain Technology
The automotive industry stands at a transformative juncture with the release of a comprehensive global industry trends analysis, spotlighting the automotive drivetrain market. The riveting insights indicate a progressive growth from US$ 200.4 Billion in 2022 to an expected US$ 289.2 Billion by 2028. This robust growth, characterized by a CAGR of 6.3% during 2022-2028, is propelled by the burgeoning sales of electric vehicles, relentless technological evolution, and a marked preference for lightweight drivetrain components.
Impressive Automation and Technological Innovations Foster Growth
Embracing a cutting-edge automotive future, the report showcases the surge within the drivetrain sector as a pivotal component of modern vehicles. The drivetrain—comprising pieces like the driveshaft, transmission, CV joints, and U joints—is instrumental in power delivery from engine to wheels, ensuring seamless vehicular movement. The global automotive drivetrain space is witnessing a surge, attributed to the exponential increase in automobile production and the swift adoption of automatic drivetrains. Current trends reveal a significant shift towards electric and hybrid vehicles, a segment energized by stringent emission norms and attractive EV incentives. Major industry players are thus channeling investments towards tailoring drivetrains to EV requirements, influencing the market positively.
Innovations in Drivetrain Technology Sharpen Competitive Edge
The report underscores pivotal advancements such as All-Wheel Drive (AWD) systems for passenger cars and SUVs, which amplify the market's growth trajectory. Furthermore, substantial R&D investments in developing sophisticated powertrains, fuel cell drivetrains, and autonomous vehicle technologies have bolstered the market. Consumer demand sways heavily towards vehicles that promise superior fuel efficiency and performance while maintaining minimal environmental impact. Additionally, safety and comfort have become non-negotiable in diverse terrain and weather conditions, reinforcing market expansion.
Strategic Market Segmentation Unveiled
- Passenger Cars Lead Vehicle Type Segment: The report presents an elaborate analysis based on vehicle type, with passenger cars emerging as the frontrunners.
- Front Wheel Drive Dominates Drive Type Segment: In the drive type category, front wheel drive systems command the market share, according to research findings.
Geographical Landscape: Asia Pacific at the Forefront
A regional analysis evidences Asia Pacific as the market hegemon, steered by relentless technological enhancements and ambitious R&D efforts. A detailed evaluation indicates a strong performance in the North American and European regions, delineating a global market influenced by evolving consumer preferences and automotive industry dynamics.
What Does the Future Hold?
The automotive drivetrain market is poised for an era of unprecedented growth as it pivots towards a more sustainable, efficient, and technologically advanced horizon. The detailed report offers a penetrating look into what drives the market and the dynamic forces steering its trajectory through to 2028. With comprehensive analyses and forecasts, industry stakeholders can anticipate market shifts and align strategies with upcoming trends and opportunities in the automotive drivetrain landscape.
Companies Mentioned
- Aisin Seiki Co. Ltd.
- American Axle & Manufacturing Inc.
- Borgwarner Inc.
- Dana Incorporated
- ZF Friedrichshafen AG (9Zeppelin-Stiftung)
- GKN Automotive Limited (Melrose Industries)
- JTEKT Corporation
- Magna International Inc.
- Schaeffler Technologies AG & Co. KG and Showa Corporation
For more information about this report visit https://www.researchandmarkets.com/r/9g4rl6
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