Driveline Market for Electric & Hybrid Vehicle to Grow with a CAGR of 7.2% Globally through to 2028
The
Global Driveline Market for Electric & Hybrid Vehicles is primarily driven
by stringent environmental regulations and sustainability concerns, compelling
automakers to adopt electric and hybrid driveline technologies to reduce
emissions and enhance fuel efficiency. Additionally, rising consumer demand for
eco-friendly vehicles, fueled by a desire for environmental responsibility and
cost-effective driving, is a pivotal driver for this market's growth.
According to
TechSci Research report, “Global Driveline Market for Electric & Hybrid
Vehicle - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Driveline Market for Electric & Hybrid
Vehicle stood at USD 32 Billion in 2022 and is anticipated to grow with a CAGR
of 8.6% in the forecast period, 2024-2028. The Global Driveline Market for
Electric & Hybrid Vehicles is experiencing significant growth due to
several key factors. Firstly, the growing concern about environmental pollution
has prompted governments worldwide to impose stringent emission norms. This has
not only created a demand for cleaner and more sustainable transportation
options but has also fueled the adoption of electric and hybrid drivetrain
systems.
Moreover, there
have been remarkable technological advancements in the field of electric and
hybrid vehicles. These advancements have resulted in improved performance,
efficiency, and a range of electric and hybrid driveline systems. As a result,
there is a growing public awareness and acceptance of such vehicles, further
boosting market growth.
Furthermore, the
surge in fuel prices has made consumers more inclined towards electric and
hybrid vehicles as a cost-effective alternative. Additionally, the parallel
decrease in the cost of electric vehicle components has made these vehicles
more affordable and accessible to a broader consumer base. This has not only
expanded the market but has also accelerated the transition towards sustainable
transportation solutions.
In summary, the
combination of increasing environmental concerns, significant technological
advancements, growing public acceptance, and economic factors has contributed
to the expansion of the Global Driveline Market for Electric & Hybrid
Vehicles. These factors, together with ongoing research and development
efforts, are expected to further propel the growth of this market in the
foreseeable future.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on
"Driveline Market for Electric & Hybrid Vehicle”
In recent years,
the global driveline market for electric and hybrid vehicles has witnessed a
remarkable transformation within the automotive industry landscape. With
growing environmental concerns and increasingly stringent regulations, the
demand for electric and hybrid vehicles has soared, leading to a substantial
surge in the driveline market. This surge is primarily driven by consumers'
escalating preference for eco-friendly transportation options, compelling
automakers to heavily invest in advanced electrified driveline technologies.
As the world
embraces a more sustainable future, the driveline market continues to evolve
with innovative solutions. Automakers are focusing on developing cutting-edge
driveline systems that offer improved efficiency, enhanced performance, and extended
range. These advancements not only address the pressing environmental
challenges but also provide consumers with an elevated driving experience.
Moreover, the
electrification of drivelines is not limited to passenger vehicles alone. Commercial
vehicles, including buses and trucks, are also experiencing a gradual
transition toward electric and hybrid drivetrain systems. This shift is driven
by the benefits of reduced emissions, lower operating costs, and quieter
operation, making electric and hybrid drivelines an attractive choice for fleet
operators and logistics companies.
In summary, the
driveline market for electric and hybrid vehicles is undergoing a profound
shift, driven by environmental concerns, regulatory measures, and the growing
preference for eco-friendly transportation. This shift is leading to
significant advancements in electrified driveline technologies, offering
improved efficiency, performance, and range. With the continued investment and
innovation in this sector, the future of electric and hybrid vehicles looks
promising, paving the way for a greener and more sustainable automotive
industry.
The market's
expansion is also spurred by a confluence of factors, including stringent
emissions regulations enacted by governments worldwide and various incentives
designed to encourage the adoption of electric and hybrid vehicles.
Additionally, ongoing advancements in battery technology and electric motor
systems have contributed to the market's development, facilitating extended
driving ranges and enhanced energy efficiency.
The key market
segments within the driveline market for electric and hybrid vehicles are
characterized by distinct powertrain configurations. Battery Electric Vehicles
(BEVs), which exclusively rely on electric power for propulsion, have gained
prominence as consumers seek zero-emission driving solutions. Meanwhile, Hybrid
Electric Vehicles (HEVs), which combine internal combustion engines with
electric drivelines, represent a transitional technology that enhances fuel
efficiency and reduces emissions. Plug-In Hybrid Electric Vehicles (PHEVs) have
emerged as a popular choice, featuring the ability to recharge from external
power sources and providing extended electric-only driving ranges compared to
traditional HEVs. These segments collectively shape the market's diverse
landscape, offering consumers a range of electrified options to meet their
specific needs and preferences.
As the
electrification trend continues to gain momentum, the global driveline market
for electric and hybrid vehicles is poised for further expansion. This dynamic
landscape reflects the industry's commitment to sustainability and the growing
demand for environmentally responsible mobility solutions, heralding a
transformative era in the automotive sector.
With
advancements in battery technology, the range and performance of electric
vehicles are improving, making them increasingly attractive to consumers.
Additionally, governments around the world are implementing policies and
incentives to support the adoption of electric and hybrid vehicles, further
driving the market growth.
Furthermore,
automotive manufacturers are investing heavily in research and development to
enhance the efficiency and reliability of driveline systems, optimizing power
delivery and ensuring a seamless transition between electric and hybrid modes.
This continuous innovation is not only improving the driving experience but
also contributing to reducing emissions and minimizing the carbon footprint of
vehicles.
In conclusion,
the electrification of drivelines is not just a trend but a necessary step
towards a more sustainable and eco-friendly future. The global driveline market
for electric and hybrid vehicles is anticipated to witness significant growth,
driven by technological advancements, supportive government policies, and the
increasing environmental consciousness of consumers. The automotive sector is
entering an exciting era of transformation, where clean and efficient mobility
solutions are set to revolutionize the way we drive and interact with our
vehicles.
Major companies
operating in Global Driveline Market for Electric & Hybrid Vehicle
are:
- Robert Bosch GmbH
- Delphi Technologies
- DENSO Corporation
- Continental AG
- Borg Warner Inc.
- ZF Friedrichshafen AG
- Valeo SA
- Schaeffler AG
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“The major
drivers for the Global Driveline Market for Electric & Hybrid Vehicle
include increasing concerns about environmental pollution and the consequent
stringent emission norms imposed by governments worldwide. Additionally,
technological advancements in electric and hybrid drivetrain systems, coupled
with the growing public awareness and acceptance of such vehicles, are
bolstering market growth. The surge in fuel prices and the parallel decrease in
the cost of electric vehicle components also significantly contribute to the
market expansion.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Driveline
Market for Electric & Hybrid Vehicle – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028, Segmented By
Architecture (Series, Parallel, Power split), By Transmission (Automatic
Transmission (AT), Dual Clutch Transmission (DCT), Electronic Continuously
Variable Transmission (E-CVT)), By Motor Output (45-100 kW, 101-250 kW,
and250kW), By Vehicle Type (Hybrid Vehicles, Plug-In Electric Hybrid, Battery
Electric Vehicle), By Region, Competition”,
has evaluated the future growth potential of Global Driveline Market for
Electric & Hybrid Vehicle and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Driveline Market for Electric &
Hybrid Vehicle.
Contact
Mr. Ken Mathews
708 Third
Avenue,
Manhattan, NY,
New York 10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com