Global Driveline Market Assessment, By Component [Engine, Differential Units, Driveshafts, Hub Units, Propeller Shafts], By Applications [Passenger Vehicles, Commercial Vehicles, Others], By Type [Front-Wheel Drive, Rear-Wheel Drive, Four-Wheel Drive, All-Wheel Drive], By Distribution Channel [OEM, Aftermarket], By Region, Opportunities and Forecast, 2017-2031F

Driveline Market is anticipated to observe a CAGR of 17.59% during the forecast period 2024-2031, rising from USD 41.09 billion in 2023 to USD 150.21 billion in 2031.

Driveline Market Size, Share, Forecast, Report, 2031

Global driveline market&nbsp;is anticipated to observe a&nbsp;CAGR of 17.59%&nbsp;during the forecast period 2024-2031, rising from&nbsp;USD 41.09 billion&nbsp;in 2023 to&nbsp;USD 150.21 billion&nbsp;in 2031. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years due to an increase in the production of electric vehicles, technological innovations in chassis systems, growing demand for automobiles, and high purchasing power of consumers. Moreover, strict government regulatory compliance and fuel effectiveness demands are accelerating the global driveline market demand as the driveline system of a vehicle functions the dual operations of offering smooth coupling among the engine and the running wheels and of choosing gear ratios available.
A rapid trend of front-wheel drive and all-wheel drive has surged the requirement for drivelines across the globe. The corporation of electric control units, electric continuously variable transmission (E-CVT) and E-axle in automobiles to improve fuel efficiency is set to foster the requirement of driveline across the world. In addition, market players in the global driveline market are efficiently operating on advancing driveline performance and their principal components including torque converter according to the norms and regulations of the government. Also, they are announcing collaborations and partnerships with partners to expand their product portfolio and footprint.
For instance, in July 2023, Delphi Technologies Aftermarket announced a partnership with Platinum Driveline USA, Inc. located in Quer&eacute;taro, Mexico, to expand the presence of the Delphi brand within the Mexican automotive aftermarket.
<h2 style="text-align: justify;">Growing Demand for Advanced Features Electric Motor Technology Drives the Demand</h2>
A rapid trend of personalization and customization is shifting consumer preferences toward vehicles equipped with innovative features and technologies. Electric motors have been proven to be essential components in electric cars as they are efficient in improving vehicle performance. Continuous advancements and development of advanced features in vehicles lead to enhanced vehicle performance, extended-electric-only driving ranges, and increased power output, making automobiles more fascinating to customers. Also, these advanced features improve the overall driving experience of drivers and capture tech-enthusiastic customers who look for the latest innovations in their vehicles. Key participants in the global market are efficiently introducing new related products by establishing new facilities to enhance the functioning of automotive drivelines and address the rising demand for advanced products.
For instance, in April 2024, Sona BLW Precision Forgings Limited announced the inauguration of a new plant in Mexico, fostering the production of battery electric vehicles driveline. This announcement focused on expanding its product portfolio coupled with technological advancements in EVs.
<h2 style="text-align: justify;">Preference of Lightweight Driveline Components All-Wheel Drive System Accelerate Market Growth</h2>
All-wheel drive systems are better known for their potential to offer traction and control in a diverse range of weather conditions and uneven roads, attaining high prevalence among young drivers. In emerging countries, with continuous efforts to improve the performance of vehicles, producers are stressing the effective usage of lightweight driveline components significantly. The rising trend of preferring the adoption of lightweight driveline components and an increase in demand for all-wheel drive (AWD) systems have considerably led to growth in the driveline market. Manufacturers are aiming to enhance and develop driveline technologies, including instant torque, connectivity features, and regenerative braking, to address the growing requirements of the automotive industry as these lightweight driveline components and technologies are specialized to enhance vehicle performance and safety. Hence, these factors create new growth opportunities in expanding the driveline market globally. For instance, in February 2022, Honda Motor Europe Limited announced the launch of Honda Intelligent variable torque management all-wheel drive, which benefits the system with superior all-weather handling, accurate steering, exceptional performance in snow, sand, and mud, and supreme handling under power compared to rear-drive, front-drive, or conventional AWD systems
<h2 style="text-align: justify;">Government Regulations Driving the Global Driveline Market Growth</h2>
The governments are announcing different rules and regulatory compliance concerning carbon emissions and vehicle safety. Government norms compel manufacturers of vehicles to launch higher efficient vehicles concerning fuel and carbon emissions. Significant technological advancements in electric and hybrid vehicle drivelines, including E-axle, stop-start, regenerative brake, torque, and E-CVT, are increasing the demand for hybrid and electric drivelines. Governments across the globe often offer subsidies and incentives to motivate the adoption of electric and hybrid vehicles. These incentives can comprise rebates, tax credits, and others. Such measurements decrease the cost of vehicle ownership and encourage customers to opt for hybrid and electric drivelines. Also, governments are introducing initiatives and incentives to promote the adoption of hybrid and electric vehicles, propelling the need for drivelines.
For instance, the Government of California initiated a Zero Emission Vehicle (ZEV) Promotion Plan to have five million ZEVs on the road in California by 2050. By 2025, this program also plans to have 1.5 million ZEVs on the road in California, and clean, efficient automobiles will displace 1.5 billion gallons of petroleum fuels annually.
<h2 style="text-align: justify;">Hybrid Electric Vehicle Dominates the Largest Global Driveline Market Share</h2>
Hybrid Electric vehicles dominate the market growth due to the government's strict regulatory compliance globally concerning emission reduction and energy conservation. With the growing stress on fuel efficiency and environmental concerns, automakers have been improving their systems by incorporating torque converters with enhanced mechanical lockup and neutral idle control applications. As these components are significantly used in HEVs substituting traditional gasoline direct injection systems with these components to decrease carbon emissions is projected to foster the driveline market size. The considerable increase in the production of HEV and the widespread implementation of driveline systems in these vehicles are projected to accelerate the global driveline market growth in the forecast period. In addition, manufacturers of HEVs are integrating drivelines in automobiles to ensure the driving mode and contribute to minimizing the emission of carbon.
For instance, in May 2022, Honda Cars India Limited announced the launch of its first mainstream string HEV &ndash; New City e: HEV to offer exhilarating performance and ultra-low emissions by integrating a driveline that further helpful in providing a multi-mode drive powertrain.
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<h2 style="text-align: justify;">North America Registers the Largest Market Share in the Global Driveline Market</h2>
North America registers the largest market revenue share due to the presence of giant market players across the North American region, significant technological innovations, and the high purchasing power of HEVs. In North America, the automotive industry is witnessing a considerable rise due to different factors, including rapid urbanization, industrialization, and growing demand for vehicles such as commercial and passenger vehicles. Governments across the North American region is introducing different regulatory compliance and norms to promote investment in the automotive infrastructure and manufacturing sector, propelling the production of vehicles, which further increases the demand for drivelines in the North American market. Moreover, the surging development of powertrains, the launch of HEVs, and the expanding automotive industry by market participants are leading to an increase in car production using drivelines for electric vehicles.
For instance, in February 2024, Kia Corporation announced the launch of Carnival HEV with a hybrid powertrain to offer better performance, contribute less carbon emission, and sell across the United States and other international markets.
Future Market Scenario (2024-2031F)
1.&nbsp;The significant acceleration in demand for vehicles, coupled with the growing adoption of EVs, is propelling the growth of the global driveline market.
2.&nbsp;The incorporation of autonomous driving and connected technology features is anticipated to further foster the requirement for driveline systems.
3.&nbsp;The growing demand for logistics services and transportation facilities, coupled with fuel-efficient regulations, propels the growth of driveline systems in the commercial segment.
4.&nbsp;The massive advancement of fuel injections and gasoline direct injections, coupled with other related equipment, also accelerated the global driveline market's growth in the forecast period.&nbsp;
Report Scope
&ldquo;Driveline Market Assessment, Opportunities, and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global driveline market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031F
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Projected Growth Rate
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CAGR of 17.59% between 2024 and 2031
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Revenue Forecast in 2031
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USD 150.21 billion
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Segments Covered
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Component, Applications, Type, Distribution Channel
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Borg-Warner Automotive Inc., Continental AG, DENSO Corporation, Ford Motor Company, GKN Automotive Limited, ZF Friedrichshafen AG, Mahindra &amp; Mahindra Ltd, Marelli Holdings Co., Ltd, Melrose Industries plc, Robert Bosch GmbH, Schaeffler Technologies AG &amp; Co. KG
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In this report, the&nbsp;global driveline market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Component
<ul>
<li>Engine</li>
<li>Differential Units</li>
<li>Driveshafts</li>
<li>Hub Units</li>
<li>Propeller Shafts</li>
</ul>
</li>
<li>By Application
<ul>
<li>Passenger Vehicles</li>
<li>Commercial Vehicles</li>
<li>Others</li>
</ul>
</li>
<li>By Type
<ul>
<li>Front-Wheel Drive</li>
<li>Rear-Wheel Drive</li>
<li>Four-Wheel Drive</li>
<li>All-Wheel Drive</li>
</ul>
</li>
<li>By Distribution Channel
<ul>
<li>OEM</li>
<li>Aftermarket</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Key companies in the global driveline market are considerably investing in different research and development companies to improve the effectiveness and performance of driveline systems. Companies are also working on expanding their market presence by developing the applications of drivelines in automotive. In addition, key participants are adopting different strategies including strategic collaboration, mergers and acquisitions, partnerships, amalgamation, and others to gain a competitive edge and expand their product portfolio.
In January 2024, Schaeffler Technologies AG &amp; Co. KG announced the launch of an electric axle, battery, and motor drivetrain package for North American commercial vehicles to compete with existing lithium-ion battery cell manufacturers.
In December 2023, ZF Friedrichshafen AG presented Intelligent System Solutions from conventional driveline to full vehicle electrification. This newly developed eTRAC drive system merges the productivity and performance found in traditional drivelines with essential advantages that electric systems can offer.
Key Players Operating in the Global Driveline Market are:
<ul style="text-align: justify;">
<li>Borg-Warner Automotive Inc.</li>
<li>Continental AG</li>
<li>DENSO Corporation</li>
<li>Ford Motor Company</li>
<li>GKN Automotive Limited</li>
<li>ZF Friedrichshafen AG</li>
<li>Mahindra &amp; Mahindra Ltd</li>
<li>Marelli Holdings Co., Ltd</li>
<li>Melrose Industries plc</li>
<li>Robert Bosch GmbH</li>
<li>Schaeffler Technologies AG &amp; Co. KG</li>
</ul>
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<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
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<li>What is the market potential of different product segments and their investment case?</li>
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Global Driveline Market Assessment, Opportunities and Forecast, 2017-2031F

The global driveline market is expected to grow due to the growing demand for hybrid and electric vehicles, strict government regulations, consumers' high purchasing power, and rising awareness of carbon emissions.

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