Global Automotive Drivetrain Market 2019-2023 | Electrification of Automotive Drivetrain Components to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 7, 2019--
The global automotive drivetrain market is expected to post a CAGR of nearly 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive drivetrain market 2019-2023. (Graphic: Business Wire)
Factors such as growing industrialization, rapid urbanization, and rising disposable incomes have influenced the adoption of passenger cars in developing countries such as China and India. The automotive industry is also witnessing considerable growth in the Americas. Automobile manufacturers in the region are introducing new car models with innovative features to attract customers from various income groups. Vehicle manufacturers are also introducing various models of SUVs to boost sales. The surge in the demand for automobiles is one of the key factors driving the growth of the global automotive drivetrain market.
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As per Technavio, the electrification of automotive drivetrain components will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automation Drivetrain Market: Electrification of Automotive Drivetrain Components
Vehicle manufacturers are increasingly focusing on the development of electric drive axles. This eliminates the use of heavy propeller shafts, thereby enhancing the fuel efficiency of the vehicle. Many OEMs are introducing Intelligent-AWD (i-AWD) systems for passenger cars and commercial vehicles to improve drivability and safety. The introduction of i-AWD also turns a 2WD into a hybrid i-AWD system. In addition, the rising stringency around vehicle emission regulations and fuel efficiency standards, the demand for such drivetrains will increase significantly during the forecast period.
“The use of carbon fiber for making drivetrain components and hollow drivetrain components are some other major factors that will boost the market growth during the forecast period”, says a senior analyst at Technavio.
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Global Automotive Drivetrain Market: Segmentation Analysis
This market report segments the global automotive drivetrain market by application (2WD, AWD/4WD, and others) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the increasing sales of compact crossovers and mini SUV models in the region.
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Five Forces Analysis
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INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING MANUFACTURING AUTOMOTIVE ALTERNATIVE VEHICLES/FUELS
SOURCE: Technavio Research
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PUB: 11/07/2019 06:00 PM/DISC: 11/07/2019 06:00 PM