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Driveline market size was valued at $19.45 billion in 2019, and it is estimated to grow at a CAGR of 15.88% during 2020-2025. Trend towards all-wheel drive (AWD) from front-wheel drive (FWD) has increased the demand for drivelines. Additionally, integration of electronic control unit, E-CVT E-axle in vehicles for enhanced fuel efficiency is set to boost the demand of driveline market growth. Driveline systems are part of powertrain used for power control and movement of vehicles. With the increasing sales of electric and hybrid vehicles, the driveline market is witnessing huge growth. Growing norms and regulations for the adoption of plug-In electric hybrid (PHEV), battery electric vehicles (BEV) pushing the market growth. Moreover, public interest towards sustainable and environment-friendly vehicles will further enhance the overall demand for Driveline market size during the forecast period 2020-2025.
Vehicle Type – Segment Analysis
Hybrid Electric Vehicle (HEV) has been the primary market for Driveline and held major share 38.14% in 2019. Emissions reduction and energy conservation have become increasingly significant for vehicles due to the severity of the current energy situation. With the rising focus on fuel efficiency and environmental concerns, automobile and other vehicle manufacturers have been developing and updating the system with torque converter with improved mechanical lockup, and neutral idle control features. As these components are highly used in HEVs, replacement of gasoline direct injection system or fuel vehicles with these components in order to reduce carbon emission is set to fuel the driveline market. Increase in production of hybrid electric vehicles (HEVs) and high adoption of driveline systems in these vehicles set to drive the driveline market growth.
Transmission Type – Segment Analysis
Automatic Transmission is the key transmission type and expected to grow at a CAGR of 16.99%. Automatic transmissions use hydraulics in order to select gears rather than using a clutch. There has been increase in adoption of automatic transmission over manual transmissions owing to the benefits such as easier usage, less manually restrictive, better for hilly areas, reduced risk of stalling, and easy usage in heavy traffic. This is poise to provide opportunities for the driveline market during forecast period.
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Geography – Segment Analysis
APAC dominated the Driveline market with a market share of 42.88% in 2019, followed by North America and Europe. According to International Energy Agency, in 2018, around 2.1 million electric cars were sold in China. China is the major country in production and consumption of electric cars compared to other countries. The Chinese government has spent nearly $60 billion in the last decade to create an industry that builds electric cars, while also reducing the number of licenses available for gasoline-powered cars to increase demand for electric cars. China now has more than 100 electric-car manufactures and hundreds of additional companies that supply components for electric cars. In 2018, Indian government has created momentum through its faster adoption and manufacturing of hybrid and Electric Vehicles schemes. This has created demand for the adoption of electric vehicles (EV), with a goal of reaching 30% EV penetration by 2030. These schemes create demand for electric vehicles which further boost the demand of driveline systems.
Drivers – Driveline Market
The electric vehicles market has witnessed a healthy growth in recent years 2018. For instance, in the U.S., the number of electric vehicles that have been sold increased from 0.89 million to 1.18 million during 2018-2019 period in U.S. There has been 32.58% increase in sale of electric vehicles during 2018-2019 period. This spike in sales is attributable to the regulatory norms imposed by various organizations and governments to control emission levels and propagate zero-emission vehicles. Government regulations have forced the automotive OEMs to increase the production of electric vehicles and this has created demand for drivelines. This strategy had a strong impact on people, as there was a considerable change in the purchase pattern from conventional Internal Combustion (IC) engine vehicles to electric vehicles. Thus, the shift towards electric vehicles in the developed and developing nations would positively impact the Driveline market over the forecast timeframe.
Governments across the global level have initiated various schemes and initiatives, which encourage consumers to choose electric vehicles over conventional vehicles. For instance, in 2018, China Government had announced its New Energy Vehicle (NEV) program. With this initiative, automotive OEMs had planned to sell over 4.6 million electric vehicles by 2020. Another such initiative is California (Zero Emission Vehicle) ZEV program. In this program, the California government had planned to have 1.5 million electric vehicles on road by 2025. Increasing government initiatives, norms across the globe set to drive the driveline market for electric vehicles.
Challenges – Driveline Market
Challenges associated with the integration of the different components that have been encountered in the development of electric vehicle drive units. For instance, reducing noise from gearboxes and motors to an acceptable level in electric vehicles has resulted in expensive delays in development. The high cost of electric vehicles is a major challenge for OEMs. However, governments of various countries in Asia Oceania offer incentives to increase the adoption of green technologies, which is expected to drive the demand for driveline systems. Going forward, the increasing trend of electrification and hybridization will increase the demand for electric and hybrid drivelines which further creates opportunities for drivelines.
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Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Driveline market. In 2019, the Driveline market top 10 companies include ZF Friedrichshafen AG, Schaeffler AG, GKN Automotive Limited, BorgWarner Inc, Robert Bosch GmbH, Volkswagen, Volkswagen, Ford Motors, Toyota Motors, Continental, and among others.
Acquisitions/Technology Launches
Key Takeaways
Related Reports :
https://www.industryarc.com/Research/Driveline-Additives-Market-Research-501510
https://www.industryarc.com/Report/19/global-electric-vehicles-market-analysis-report.html
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