Drive System Market Analysis/Drive System Market Trends
The drive system market refers to the market for components and systems used in various applications to convert and control power in mechanical and electrical systems. Drive systems are used in a wide range of industries, including automotive, aerospace, industrial, and renewable energy.
The market for drive systems is expected to grow significantly in the coming years, driven by the increasing demand for energy-efficient and eco-friendly solutions. The rise of electric vehicles, the need for efficient industrial processes, and the adoption of renewable energy sources are some of the major factors driving the growth of the drive system market.
The global drive system market size will develop at a healthy CAGR during the forecast period 2022- 2030, states the latest Market Research Future (MRFR) analysis. The drive system is the type of system driving one’s car. Drive system manufacturers are competing to create fuel efficient systems sans compromising on the performance of the vehicle. The automatic transmission is highly preferred over manual transmission owing to its fuel efficiency, better comfort level, and increased power. AWD, RWD, and others are its different types that have wide applications in commercial vehicles and passenger vehicles.
Various factors are fuelling the global drive system market growth. As per the recent MRFR market estimates, such factors include the growing vehicle production, highly growing need for high fuel efficiency and transmission system, increasing use of alternative fuel like ethanol, increasing trend of engine downsizing, increasing demand for automobiles, and surging need for automatic manual transmission (AMT).
On the contrary, high cost of advanced transmission system may limit the global drive system market growth over the forecast period. Besides the halt in production of vehicles and closing of manufacturing facilities due to lockdowns and social distancing trends owing to the ongoing COVID-19 pandemic may also impact market growth.
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Drive System Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global drive system market based on operation, vehicle type, and type.
By operation, the global drive system market is segmented into manual and automatic.
By vehicle type, the global drive system market is segmented into commercial vehicle and passenger vehicle.
By type, the global drive system market is segmented into AWD, RWD, and others.
Drive System Market Regional Analysis
By region, the global drive system market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will head the market over the forecast period. Increasing demand for automobiles in the US, growing need for automatic manual transmission (AMT) across the region, sophisticated manufacturing market and hubs with regards to technology, immense demand for commercial vehicles in the US that in turn is increasing the demand for drive systems, major demand for fuel efficient cars, and heavy investment in the technological development are adding to the global drive system market growth in the region.
In the APAC region, the global drive system market is predicted to hold the second-largest share over the forecast period. Growth in the production of LCV and passenger cars in the developing economies, OEMs keen to open production facilities in the region particularly in India and China, rising sale of passenger cars, emerging economies where global players are shifting, technological advances, and rampant increase in vehicle production are adding to the global drive system market in the region.
In Europe, the global drive system market is predicted to have healthy growth over the forecast period for the presence of some major auto manufacturers that are chiefly focusing to meet the growing need for both commercial vehicles and passenger vehicles.
In RoW, the global drive system market is predicted to have sound growth over the forecast period.
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Drive System Key Players
- Continental AG (Germany)
- Delphi Automotive Plc.(U.K.)
- Denso (Japan)
- Bosch (Germany)
- Schaeffler (Germany)
- Johnson Electric (China)
- Mitsubishi Electric(Japan)
- Infineon (Germany)
- Hitachi Automotive Systems (Japan)
- Valeo (France)
- Mahle (Germany) and Cummins (U.S.).
The global drive system market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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