According to Market Research Future (MRFR), the global automotive electric drivetrain system market is projected to reach USD 256 billion at a CAGR of 5.98% from 2017 to 2023 (forecast period). The study offers a broad analysis of the effects of the COVID-19 pandemic on the global automotive electric drivetrain system market.
The switch from a manual transmission to electrification is one of the most significant developments in the automotive industry. The electric vehicle drivetrain system is a vehicle component that includes drive shafts, wheel, axles, U joints, CV joints, and transmission. All parts of the drivetrain are responsible for providing the transmission to move the wheels of the vehicle forward. In other words, it's transferring power to the wheels of the vehicle. The driveshaft is the long steel structure in a tubular form attached to the vehicle gearbox to provide a rotary movement in the wheel. The universal joint is the key component that allows the wheel to move at various angles. The axle is the connected shaft between the wheels and the drive system and provides the transmitting power to the wheel to make it rotate. The drivetrain is also known as the powertrain train. The only variation is that the powertrain consists of a complete system that provides power to the wheels while the drivetrain consists of components that connect the driveline and wheel. In the future, the electric drivetrain will replace the manual drivetrain because of its improved efficiency and environmental friendliness.
The factors impelling the growth of the automotive electric drivetrain market are strict emission regulations, increased sales of electric driven vehicles, and increased fuel efficiency of vehicles. Governments around the globe are actively promoting the transition to electric vehicles. The International Energy Agency has taken a significant initiative to promote electric vehicles in order to minimize emissions from vehicles that can harm the environment. The increase in the sale of electric vehicles will lead to the rise in the sale of the drivetrain, which will ultimately increase the demand for the electric drivetrain. The electric drivetrain offers improved performance, which will expand the use of the electric drivetrain in all types of vehicles.
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The global Automotive Electric Drivetrain System Market has been segmented based on types, electric drivetrain types, and vehicle type.
Based on type, the global automotive electric drivetrain system market has been segmented into the all-wheel drive, rear-wheel drive, and front-wheel drive. All-wheel drive is expected to experience the fastest growth in the forecast period as it provides power to all vehicles. Front-wheel-drive is expected to be the second-largest segment because it offers fuel efficiency and lowers carbon dioxide emissions. In the rear-wheel-drive, all power is transferred to the rear wheel, and there is no power in the front wheels that makes it less efficient.
Based on the electric drivetrain type, the global automotive electric drivetrain system market has been segmented into BEV, PHEV, and HEV. Battery Electric Vehicle (BEV) is anticipated to dominate the automotive electric drivetrain market as the battery electric vehicle has low vehicle costs and reduces emissions. The increase in the sale of electric vehicles will increase the battery of electric vehicles, which will fuel the growth of electric drivetrains in the battery of electric vehicles.
Based on regions, the global Automotive Electric Drivetrain System Market Growth has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World.
The Asia Pacific region is projected to dominate the automotive electric drivetrain market due to a rise in vehicle production. The Asia Pacific region is dominated mainly by the front-wheel vehicle segment because of its ability to offer better fuel efficiency and performance. In the Asia Pacific, front-wheel drive occurs mostly in passenger cars driven by families. In addition, automotive manufacturers are developing various technologies to increase performance in all-wheel drive (AWDs). AWD is anticipated to dominate the market in China and India due to the launch of compact crossovers that provide a sport utility feature to the vehicle.
Europe is projected to be the second-largest region in this market. According to the European Commission, most automobile manufacturers are working on producing a state-of-the-art hybrid, electrical, and fuel cell technology for vehicles that can offer better performance. This will fuel the development of the European market.
The key participants in the global automotive electric drivetrain system market are Aisin Seiki Co., Ltd. (Japan), TM4 (Canada), American Axle Manufacturing, Inc. (U.S.), Magna International Inc. (Canada), BorgWarner Inc. (U.S.), GKN plc. (U.S.), Dana Holding Corporation (U.S.), AVTEC LTD (India), JTEKT Corporation (Japan), Delphi Automotive LLP (U.K), Visedo (Finland), Parker Hannifin Corp (U.S.), Magtec (U.K.), Punch Powertrain Nv (Belgium), AxleTech International SAS (U.S.).
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