Press release
Driveline Electric Vehicle Global Market Projected to Reach $4.41 Billion by 2028, Registering a CAGR of 9.2% | Volkswagen AG, Ford Motor Company, Tesla Inc., ABB Ltd., Samsung SDI
Driveline Electric Vehicle Market
As per the report, the driveline electric vehicle market size has grown rapidly in recent years. It will grow from $2.8 billion in 2023 to $3.1 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The driveline electric vehicle market size is expected to see strong growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
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Rising Electric Vehicle Adoption Fuels Growth in Driveline Electric Vehicle Market
The growing number of electric vehicles is expected to propel the growth of the driveline electric vehicle market going forward. An electric vehicle (EV) is a vehicle that can be powered by an electric motor that draws electricity from a battery and is capable of being charged from an external source. Driveline systems in electric vehicles transmit power from the electric motor to the wheels, enabling propulsion and determining the vehicle's performance and efficiency. For instance, in April 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales accounted for 14% of all new cars sold globally in 2022, a considerable rise from 9% in 2021. Over 2.3 million electric vehicles were sold in the first quarter of 2023, representing a 25% increase from the same period of the last year. Additionally, 14 million electric cars are projected to be sold by the end of 2023, representing a 35% year-on-year increase. Therefore, the growing number of electric vehicles is driving the growth of the driveline electric vehicle market.
Integrated E-Powertrain Systems To Drive Driveline Electric Vehicle Market Revenues
Major companies operating in the driveline electric vehicle market are focused on developing integrated e-powertrain systems to drive their revenues in the market. An integrated E-Powertrain system is a comprehensive, unified electric powertrain that combines the motor, power electronics, and energy storage components to propel an electric vehicle efficiently. For instance, in May 2023, ZF Friedrichshafen AG, a Germany-based technology company that supplies systems for passenger and commercial vehicles, launched AXTrax 2, a modular and integrated axle-based e-powertrain system that enables electrification of all types of commercial vehicles. It allows advanced digital and telematics systems to communicate and exchange data about e-axle systems through the controller area network bus. The AxTrax 2 is an axle-based system that replaces the engine, transmission, driveshaft, differential, and conventional axle to electrify a commercial vehicle. This design helps to maximize the available space for batteries and enhances the manufacturer's design flexibility for future vehicle concepts.
The driveline electric vehicle market covered in this report is segmented -
1) By Product: Series, Parallel, Power Split
2) By Transmission Type: Automatic Transmission, Dual-clutch Transmission, Electric-continuously Variable Transmission
3) By Drive Type: Front-Wheel Drive (FWD), Rear Wheel Drive (RWD), All-Wheel Drive (AWD)
4) By Vehicle Type: Hybrid Vehicles, Plug-in Hybrid Vehicles, Battery Electric Vehicles
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Major companies operating in the driveline electric vehicle market report are Volkswagen AG, Ford Motor Company, General Motors Company, Mitsubishi Electric Corporation, Lion Electric Company, SAIC Motor Corp. Ltd., Robert Bosch GmbH, Hyundai Motor Company, Hitachi Automotive Systems, Tesla Inc., BYD Co. Ltd., Contemporary Amper*ex Technology Co. Limited, ZF Friedrichshafen AG, Continental AG, Magna International Inc., ABB Ltd., Beijing Automotive Group Co. Ltd., Zhejiang Geely Holding Group Co. Ltd., Valeo SA, BorgWarner Inc., Chang'an Automobile Co. Ltd., Samsung SDI, Dana Incorporated, GKN Drive Line Limited, Deutz AG, Rivian Automotive Inc., Schaeffler Technologies AG & Co. KG, Fisker Inc.
Contents of the report:
1. Executive Summary
2. Driveline Electric Vehicle Market Report Structure
3. Driveline Electric Vehicle Market Trends And Strategies
4. Driveline Electric Vehicle Market - Macro Economic Scenario
5. Driveline Electric Vehicle Market Size And Growth
…..
27. Driveline Electric Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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