PORTLAND, Oregon, Jan. 28, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Automotive Drivetrain Technology Market by Vehicle Type (Passenger Car, Buses, and Trucks) and Technology Type (Central Motor, E-axle, and Wheel Hub Module): Global Opportunity Analysis and Industry Forecast, 2019–2030". According to the report, the global automotive drivetrain technology market was pegged at $17.94 billion in 2018 and is projected to reach $269.27 billion by 2030, registering a CAGR of 24.8% from 2019 to 2030.
Driving factors for the market
Surge in sale of electric and hybrid vehicles across the globe and rise in technological advancement have boosted the growth of the global automotive drivetrain technology market. However, high cost of electric vehicles and low economy of scale is hindering the market growth. On the contrary, stringent emission regulations to reduce vehicle weight and emission and increase in adoption of smart marketing strategy are expected to create lucrative opportunities in the near future.
Passenger car segment held the largest share
The passenger car segment held the largest share in 2018, contributing to nearly 88% of the global automotive drivetrain technology market, owing to increase in demand for passenger vehicles and upsurge in consumer demand for driving comfort in their vehicles. However, the truck segment is projected to register the fastest CAGR of 28.3% during the forecast period, owing to government initiative to reduce tailpipe emissions, increase in electrification of trucks and rise in introduction of electric trucks by key players.
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Wheel hub module segment to portray the fastest growth through 2030
The wheel hub module segment is anticipated to manifest the fastest CAGR 29.2% during the forecast period, owing to growing R&D activities on drivetrain technology. However, the central motor segment dominated the global automotive drivetrain technology market in 2018, contributing to nearly four-fifths of the market, due to the rise in pollution free vehicles, and developments of electric drives by the key players.
LAMEA to portray highest growth rate, North America to follow
The global automotive drivetrain technology market across the LAMEA region is expected to manifest the fastest CAGR of 27.7% during the forecast period. The economic development and developing automobile industrial scenario and rise in use of super, hybrid, and premium cars in emerging countries of this region have boosted the growth. On the other hand, North America is expected to portray the second highest growth rate of 26.2%. However, the market across Asia-Pacific held the largest share in 2018, contributing to nearly half of the market. This is due to the higher adoption rates of smart mobility services, increase in government regulations, surge in fuel prices, and rise in trend toward adopting non-fossil fuel-based vehicles. Moreover, increase in automotive manufacturing plants and rise in demand for the electric vehicles further boost the growth of automotive drivetrain technology market in the region.
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Major market players
- ZF Friedrichshafen AG
- Nidec Corporation
- Robert Bosch GmbH
- Schaeffler Technologies AG & Co. KG
- Borgwarner Inc
- Axletech International
- Dana Limited
- GKN Plc
- AVL List GmbH
- Continental AG
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SOURCE Allied Market Research