New York, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global automotive drivetrain market size is predicted to expand at ~24% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 280 billion by the end of 2033, up from a revenue of ~USD 22 billion in the year 2022.The growth of the market can primarily be attributed to the growing number of automobiles as well as the rising production of passenger cars worldwide. For instance, it was found that in 2021, over 55 million passenger cars were produced across the globe. The automotive drivetrain is not a solitary part of any vehicle, it's a group of drivetrain parts that interact with the engine to move the wheels and numerous parts of the vehicle to push it into motion. These components consist of axles, transmission, differential, CV joints, driveshaft, and wheels. The power generated by the engine moves through the drivetrain to the wheels where they bolt to the wheel hub and rotate around the axles.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4521
For the wheels to turn and propel the car forward, the vehicle needs to have friction provided by the tires in direct and constant contact with the ground. With the recent advancements in tires as well as drivetrains, the demand for automotive drivetrains is on the rise amongst automotive manufacturers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive drivetrain market during the forecast period. For instance, a reduction of about 8% can be achieved in fuel consumption with green tires featuring the silica/silane system.
Increasing Electrification of Drivetrains across the Globe to Boost Market Growth
The automotive drivetrain market is currently undergoing a profound transformation, with the electrification of drivetrains emerging as the primary growth driver. The global push towards sustainable and environmentally friendly transportation solutions has propelled the rapid adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs), fundamentally reshaping the dynamics of the automotive industry. The rising awareness of environmental issues, coupled with stringent emissions regulations imposed by governments worldwide, has intensified the automotive industry's focus on reducing carbon footprints. The electrification of drivetrains presents a compelling solution to address these concerns, as electric vehicles produce zero tailpipe emissions during operation. According to a report by the International Energy Agency (IEA), global electric car sales reached 3.1 million units in 2020, marking a 41% increase compared to the previous year. This surge underscores the accelerating adoption of electric drivetrains, with consumers embracing electric vehicles as a mainstream choice. Changing consumer preferences, influenced by a growing environmental consciousness and a desire for cutting-edge technology, have shifted the automotive landscape towards electric drivetrains. Consumers increasingly perceive electric vehicles as a futuristic and sustainable alternative, contributing to the overall market demand.
Automotive Drivetrain Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Infrastructure Development for Electric Vehicles to Drive the Market Growth in Asia Pacific Region
The automotive drivetrain market in Asia Pacific region is estimated to garner the largest revenue by the end of 2033. A crucial factor influencing the growth of the market in Asia Pacific is the ongoing development of charging infrastructure for electric vehicles. Governments and private enterprises are investing in expanding charging networks to alleviate range anxiety and promote the widespread adoption of electric vehicles, thus supporting the growth of electric drivetrains. As of 2021, China had more than 808,000 public charging points for electric vehicles, making it the largest electric vehicle charging market globally, according to the China Electric Vehicle Charging Infrastructure Promotion Alliance. This extensive charging infrastructure is a key enabler for the adoption of electric drivetrains, providing convenience and accessibility for electric vehicle owners. Increasing awareness of environmental issues and a growing middle-class population in the Asia Pacific region have fueled consumer demand for sustainable transportation solutions. The desire for eco-friendly vehicles, coupled with an appreciation for advanced technologies, has contributed to the rising popularity of electric drivetrains. Consumers are becoming more receptive to electric vehicles as a viable and practical option for daily commuting.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4521
Stringent Emission Standards and Regulatory Push to Propel the Growth in the North America Region
The North America automotive drivetrain market is estimated to garner the highest CAGR by the end of 2033. In North America, the market has been significantly influenced by stringent emission standards and regulatory efforts aimed at reducing the environmental impact of vehicles. Government mandates and emissions regulations have incentivized automakers to invest in cleaner technologies, including advanced drivetrain systems. As of 2021, the U.S. Environmental Protection Agency (EPA) set standards requiring automakers to achieve a fleet-wide average fuel efficiency of approximately 36 miles per gallon (mpg) by 2025. This regulatory push has been a driving force behind the adoption of more fuel-efficient drivetrain technologies, such as hybrid and electric systems, in the North American automotive market. Technological innovation has been a key growth driver in the North American automotive drivetrain market. Automakers, in collaboration with technology companies, have been investing in research and development to enhance drivetrain efficiency, performance, and overall vehicle capabilities. This commitment to innovation has positioned North America as a hub for cutting-edge automotive technologies.
Automotive Drivetrain, Segmentation by Vehicle Type
- Passenger Cars
- Buses
- Trucks
Amongst these segments, the trucks segment is anticipated to hold the largest share over the forecast period. The integration of advanced safety technologies has been a key growth driver in the trucks segment. As safety
regulations become more stringent, truck manufacturers are incorporating features such as collision avoidance systems, lane departure warnings, and advanced driver-assistance systems (ADAS). The adoption of these technologies not only enhances overall safety but also attracts fleet operators looking to improve their safety records. The growth of the trucks segment is closely tied to infrastructure development and construction activities. As economies expand, there is an increased need for transporting materials, heavy equipment, and construction supplies. Trucks, especially those designed for heavy-duty applications, play a pivotal role in supporting construction projects and ensuring the efficient transportation of goods and equipment. Before 2022, the construction industry in the United States experienced steady growth, with a total construction spending of over USD 1.4 trillion in 2019, according to the U.S. Census Bureau. This extensive construction activity contributed to the demand for various types of trucks, including dump trucks and heavy-duty haulers, to transport construction materials and equipment.
Automotive Drivetrain, Segmentation by Technology Type
- Central Motor
- Wheel Hub Module
- E-axle
Amongst these segments, the wheel hub module segment is anticipated to hold a significant share over the forecast period. The incorporation of advanced technologies within wheel hub modules has been a significant growth driver. Manufacturers are integrating features such as anti-lock braking systems (ABS), traction control, and electronic stability control directly into the wheel hub assembly. This integration enhances vehicle safety, performance, and overall driving experience. As of 2021, the global automotive anti-lock braking system (ABS) sales were valued at approximately USD 13.8 billion. This growth indicates the increasing demand for advanced safety features, with ABS being a crucial component often integrated into wheel hub modules. The automotive industry's continuous emphasis on fuel efficiency and reduced emissions has driven the adoption of lightweight materials in wheel hub modules. Aluminum and other advanced alloys are increasingly used to manufacture lighter and more efficient wheel hubs, contributing to overall vehicle fuel efficiency. The rise of electric and hybrid vehicles has significantly impacted the wheel hub module segment. As these vehicles become more prevalent, manufacturers are developing specialized wheel hub modules to meet the unique requirements of electric drivetrains, including accommodating electric motors and regenerative braking systems.
Few of the well-known industry leaders in the automotive drivetrain market that are profiled by Research Nester are American Axle & Manufacturing, Inc., BorgWarner Inc., Aisin Corporation, Magna International Inc., ZF Friedrichshafen AG, and other key market players.
Recent Development in the Automotive Drivetrain Market
- American Axle & Manufacturing, Inc. – revealed that its electric driveline technology powers AMG's first plug-in hybrid electric (PHEV) model, the Mercedes-AMG GT 63 S E PERFORMANCE.
- ZF Friedrichshafen AG - presented a new modular drive system for special vehicles that guarantees manufacturers maximum flexibility and reliability for extreme use cases.
Read our insightful Blogs and Data-driven Case Studies:
- Autonomous Vehicles - A brief knowhow on the Future of Mobility
Explore autonomous vehicles - advanced technology powering them, their numerous benefits, and the future prospects. Discover possibilities in this disruptive market as we see infinite potential of self-driving vehicles.
https://www.researchnester.com/blog/automotive-and-mobility/autonomous-vehicles-future-of-mobility
- Electric Vehicles - A Boon or a Bane for the Manufacturers? How can the Supply & Demand Challenges be dealt with?
The study interprets the rising trend of electric vehicles. The company tried to comprehend the potential risks and deal with stagnant growth. After analyzing the trend thoroughly, the company might grow at better pace.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
