The global Drive System Market Size’s growth during the forecast period (2016-2023) is imminent, reveals Market Research Future (MRFR). MRFR identifies the rising vehicle production across the globe to be the chief factor backing the said market growth.
Market Boosters and Key Restraints
The Drive System Market Size has gained massively in recent years, backed by several factors. The surge in vehicle production all over the world adds to the market strength. Moreover, stringent regulatory norms, particularly in Europe, has resulted in market growth. Quickly increasing demand for high fuel efficiency as well as transmission system has led to enhanced vehicle performance.
Drive systems manufacturers are striving to develop fuel-efficient systems without putting the performance of the vehicle at stake. Automatic transmission has more buyers compared to manual transmission, since the automatic transmissions ensure fuel efficiency, better comfort level, and increased power. A majority of leading manufacturers are taking up advanced technologies to elevate their position in the automotive industry. This has benefited the market for drive system to a great extent and could elevate its demand further in the coming years.
Additional factors inducing market growth can be the rising use of alternative fuel like ethanol along with the growing trend of engine downsizing. Surge in investments in the automotive industry all over the world is promoting several manufacturers to operate in the automotive industry. Additionally, strict emission norms also work in favor of the worldwide Drive System Market Size.
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The worldwide Drive System Market Size has been segregated with respect to the operation, type and vehicle type.
Depending on the operation, the market is split into automatic and manual.
Type-wise, the segments in the market are all-wheel drive vehicle (AWD), rear-wheel drive (RWD), and others.
The vehicle types mentioned in the report include passenger vehicle and commercial vehicle.
North America, Asia Pacific, Middle East & Africa (MEA) and Europe are the prominent regions where the latest trends in the Drive System Market Size have been studied.
The drive system systems market in North America and Europe is expected to gain exceptionally with the boost in the demand for automobiles in the upcoming years. North America, however, is the largest market for drive system as the region notes strong demand for automatic manual transmission (AMT). The presence of renowned manufacturing hubs as well as market, and high technological advancement also uplifts the market position. Most profitable markets in North America are Canada and the United States of America (USA). In the US, the robust demand for commercial vehicles has led to the hike in demand for the drive system systems market. Massive investment, as well as high demand for fuel-efficient vehicles, also stimulates market growth in the region.
Market growth in Europe is evident owing to the presence of leading auto manufacturers that are making efforts to meet with the mounting demand for passenger and commercial vehicles. Prevalence of strict laws focusing on eliminating carbon emissions to save the environment has resulted in strong demand for eco-friendly vehicles in the region. The Drive System Market Size in Europe is highly concentrated in Germany, France, Spain, the United Kingdom (UK) and Italy.
Asia Pacific is ranked among the elite regional markets based on the high production of passenger cars as well as light commercial vehicles (LCV) in the developing countries. Several Original equipment manufacturers (OEMs) are interested in establishing their production facilities in the region, mostly in India and China as these are fastest expanding economies at present. The regional market also profits from the surge in the sales of passenger cars and increasing investment from international players. The mounting vehicle production coupled with increasing disposable income leads to market growth. Other than India and China, some of the most lucrative markets in the region are South Korea and Japan.
MEA is a slow but steady climber in the global market, on account of lack of awareness and less literacy level. Also, slow technological development along with political instability works against the regional market.
Significant vendors that form an integral part of the worldwide Drive System Market Size are Bosch (Germany), Cummins (USA), Mahle (Germany), Hitachi Automotive Systems (Japan), Infineon (Germany), Johnson Electric (China), Denso (Japan), Continental AG (Germany), Mitsubishi Electric (Japan), Delphi Automotive PLC (UK), Schaeffler (Germany), Valeo (France), to name a few.
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