Growing Automotive Ecosystem Boosts Drive System Usages
New York, US, Aug. 10, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Drive System Market Analysis by Type Operation, Vehicle Type, Type (RWD, AWD and Others), and Regions - Global Forecast To 2030” valuation is poised to reach USD 3900 Million by 2030, registering an 8.40% CAGR throughout the forecast period (2022–2030).
Drive System Market Overview
The global drive system market is garnering rapid revenue growth. Augmenting demand for additional stability, control, and safety in vehicles improves the driving experience. Drive system systems are primarily used in CUVs, SUVs, luxury cars, electric vehicles (EVs), and high-end sports cars to meet the growing demand for additional vehicle stability, control, and safety along with an improved driving experience.
Drive System Market Report Scope:
Revenue Forecast by 2030
USD 3900 Million
Market Growth 2022 - 2030
2022 - 2030
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Innovative industry players are increasingly adopting online lead generation models to engage prospective buyers through digital channels. The rise in road accidents increases the adoption of drive systems, increasing the awareness of vehicle safety and stability. Stringent government norms regarding vehicle safety increase the drive system market size.
Moreover, market growth is influenced by the demand for higher stability in off-road terrain vehicles and extreme road conditions. Many major automotive component manufacturers and OEMs invest substantially in developing advanced drive systems. Rapid economic growth worldwide, increasing consumer purchasing power, and product development activities positively impact the drive system market, boosting automotive sales.
Drive System Market Segments
The global drive system market is segmented into types, operations, vehicle types, and regions. The type segment is sub-segmented into front-wheel drive (FWD), rear-wheel drive (RWD), and all-wheel drive (AWD). The operation segment is sub-segmented into automatic and manual. The vehicle type segment is sub-segmented into passenger and commercial vehicles. By regions, the market is sub-bifurcated into the Americas, Asia-Pacific, Middle East & Africa, Europe, and the rest of the world.
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Drive System Market Regional Analysis
North America is the dominant market for drive systems globally. The increasing uses of all-wheel drive systems in vehicles used in forestry, agriculture, and varied terrains increase the market size. Moreover, the augmenting demand for vehicle stability and torque distribution foster the region’s market shares. Augmenting demand for fuel-efficient vehicles and heavy investment to drive technological developments, boost the region’s market shares.
Additionally, the presence of major auto manufacturers focusing on meeting the increasing demand for passenger and commercial vehicles influences the market growth. With the rising production and sales of commercial vehicles, the US drive system market leads the regional market. The North American drive system market is expected to grow at a rapid pace during the assessment period.
Europe stands second in the global drive system market. The region holds a prominent market for luxury autonomous vehicles. Besides, EU regulatory laws for vehicle emissions and demand for low emission vehicles create vast market demand. Rising sales of all-terrain vehicles and the constant rise in the automotive industry help the regional market gain the highest market share.
The Asia Pacific is an emerging drive system market with high technological advancements. Increasing production and sales of innovative luxury vehicles influence the region’s market shares. Furthermore, the well-established automobile industry creates substantial opportunities for the drive system industry in this region. The APAC drive system market is expected to demonstrate promising growth during the forecast period.
Powering electrified vehicles is crucial to making the automotive industry more sustainable. As demand for more sustainable transport continues to accelerate, the market is expected to witness significant growth in the upcoming period. Most industry players are concentrating on developing eDrive technologies to meet the growing demand for innovative next-generation drive systems.
Innovative eDrive systems enable faster charging times, increased vehicle range, and improved performance for electric vehicles of the future. The market witnesses vast demand for optimal vehicle efficiency and performance, offering complete flexibility for customers by enabling them to select the best solution suiting their requirements. The growing needs for improved efficiency encourage manufacturers to reduce the weight, complexity, and cost of their electric powertrains without sacrificing performance.
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Drive System Market Competitive Analysis
The global drive system market appears extremely fragmented, with the large presence of well-established manufacturers and distributors. Market players seek opportunities to integrate across the extensive value chain while focusing on R&D investments, production facility expansion, and M&A activities.
New manufacturers enter the market with aggressive pricing to undercut the competition and gain footholds in international markets. Players focus on product development & expansion plans. With their highly skilled and motivated team, leading players set up and develop forward-looking & customer-oriented ventures and products with intelligent design, sophisticated technology, and outstanding performance.
For instance, on August 02, 2022, Porsche eBike Performance GmbH announced its collaboration with Ponooc Investment BV to develop an e-bike drive system. In the next few years, Porsche will develop an e-bike drive system, including motors, batteries, and software. Stuttgart-based P2 eBike GmbH, powered by Porsche, will use the new drive systems to create a new generation of Porsche e-bikes.
In addition to Fazua compact drive systems, Porsche will develop and produce particularly powerful e-bike drive systems. Porsche sees great potential in the e-bike segment and consistently expands its activities in this area. Both product categories will be distributed to e-bike manufacturers worldwide, with the newly founded joint venture (JV) acting as a technology partner.
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Dominant Key Players on Drive System Market Covered are:
Delphi Automotive Plc. (UK)
Continental AG (Germany)
Johnson Electric (China)
Hitachi Automotive Systems (Japan)
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