Electronics

Driveline Electric Vehicle Market Growth Trajectory Through 2024-2033

Uday Kiran

Driveline Electric Vehicle Market Growth Trajectory Through 2024-2033

The Driveline Electric Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Driveline Electric Vehicle Global Market Report 2024, 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 growth in the historic period can be attributed to increasing cardiovascular diseases, demand for minimally invasive procedures, focus on preventing restenosis, clinical evidence supporting efficacy, patient demand for enhanced treatment options, collaboration in medical research and development..

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%. The growth in the forecast period can be attributed to growing aging population, expansion of indications for use, shift towards ambulatory and outpatient settings, increased adoption in emerging markets, patient-centric healthcare trends.. Major trends in the forecast period include emergence of bioresorbable drug-eluting balloons, advancements in coating technologies, customization of drug formulations for specific applications, integration of nanotechnology in balloon coatings, focus on sequential drug delivery strategies, development of drug-device combinations..

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.

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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

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 report table of contents includes: