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 observed in the historical period can be attributed to the increasing prevalence of cardiovascular diseases, the demand for minimally invasive procedures, a focus on preventing restenosis, clinical evidence supporting efficacy, patient demand for enhanced treatment options, and collaborative efforts 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 anticipated growth in the forecast period can be attributed to the growing aging population, the expansion of indications for use, a shift towards ambulatory and outpatient settings, increased adoption in emerging markets, and patient-centric healthcare trends. Major trends expected in the forecast period include the emergence of bioresorbable drug-eluting balloons, advancements in coating technologies, customization of drug formulations for specific applications, integration of nanotechnology in balloon coatings, a focus on sequential drug delivery strategies, and the development of drug-device combinations in the field of cardiovascular interventions.

The anticipated increase in the number of electric vehicles is set to drive the growth of the driveline electric vehicle market in the future. Electric vehicles (EVs) are powered by electric motors drawing electricity from batteries, with the capability of being charged from external sources. Driveline systems in EVs play a crucial role in transmitting power from the electric motor to the wheels, determining the vehicle's performance and efficiency. In April 2023, the International Energy Agency (IEA) reported that electric car sales constituted 14% of all new cars sold globally in 2022, a significant increase from 9% in 2021. The first quarter of 2023 witnessed a 25% rise in electric vehicle sales, totaling over 2.3 million units. Projections indicate the sale of 14 million electric cars by the end of 2023, marking a 35% year-on-year increase. Hence, the growing prevalence of electric vehicles is a driving force behind the expansion of the driveline electric vehicle market.

The increasing number of charging stations in workplaces and public areas is expected to further boost the growth of the driveline electric vehicle market. Charging stations, specialized infrastructure providing electric power for recharging electric vehicle batteries, play a vital role in supporting the driveline of electric vehicles. The expansion of charging station infrastructure enables sustainable and efficient electric transportation. According to the U.S. Department of Energy in January 2023, the Station Locator reported a 4% increase in the number of EV charging stations, with 3.4% more private and 4.1% more public ports. Notably, DC fast ports experienced the highest percentage growth at 6.1%, and public charging increased significantly in the Mid-Atlantic area by 7.1%. The growing availability of charging stations in workplaces and public areas contributes to the positive momentum of the driveline electric vehicle market.

Competition from conventional vehicles is anticipated to pose challenges to the growth of the driveline electric vehicle market. The significant impact of competition from traditional vehicles is evident in the sales of drivelines for electric vehicles. The higher costs associated with electric and hybrid drivelines, compared to conventional drivelines, affect the sales of drivelines for electric vehicles. Bluetti Power Inc. highlights the cost and range limitations of electric vehicles, as well as the scarcity of fast charging networks, contributing to the competition faced from conventional vehicles. Consequently, competition from traditional vehicles acts as a hindrance to the growth of the driveline electric vehicle market.

Major players in the driveline electric vehicle market are strategically focused on developing integrated e-powertrain systems to enhance their market revenues. Integrated e-powertrain systems combine the motor, power electronics, and energy storage components into a unified electric powertrain, optimizing the efficiency of electric vehicles. In May 2023, ZF Friedrichshafen AG launched AXTrax 2, a modular and integrated axle-based e-powertrain system designed for the electrification of various commercial vehicles. This system facilitates advanced communication and data exchange among digital and telematics systems through the controller area network bus. The axle-based design replaces conventional components such as the engine, transmission, driveshaft, differential, and axle in commercial vehicles. This innovative approach maximizes space for batteries and enhances design flexibility for future vehicle concepts.

In August 2022, Cummins Inc. acquired Meritor Inc. for approximately $3.7 billion, reinforcing Cummins' portfolio of powertrain components and accelerating the development of electrified power solutions. Meritor Inc., a manufacturer of driveline electric vehicles based in the U.S., complements Cummins' capabilities in the realm of electrification in the automotive industry.

Major companies operating in the driveline electric vehicle market report are Volkswagen AG, Ford Motor Company, General Motors Company, Mitsubishi Electric Corporation, Lion Electric Company, SAIC Motor Corp. Ltd., Robert Bosch GmbH, Hyundai Motor Company, Hitachi Automotive Systems, Tesla Inc., BYD Co. Ltd., Contemporary Amperex Technology Co. Limited, ZF Friedrichshafen AG, Continental AG, Magna International Inc., ABB Ltd., Beijing Automotive Group Co. Ltd., Zhejiang Geely Holding Group Co. Ltd., Valeo SA, BorgWarner Inc., Chang'an Automobile Co. Ltd., Samsung SDI, Dana Incorporated, GKN Drive Line Limited, Deutz AG, Rivian Automotive Inc., Schaeffler Technologies AG & Co. KG, Fisker Inc.

Asia-Pacific was the largest region in the driveline electric vehicle market in 2023. The regions covered in the driveline electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the driveline electric vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A driveline electric vehicle (EV) refers to a system of automotive components responsible for transmitting power from the electric motor to the vehicle's wheels. It typically includes the motor, transmission, and axles, enabling the electric vehicle to move and control its speed. This system is known for its simplicity, having fewer components compared to vehicles powered by internal combustion engines.

The main types of driveline electric vehicles are series, parallel, and power split. In a series drivetrain, the electric motor is the sole means of providing power to the wheels. Various transmission types, such as automatic transmission, dual-clutch transmission, and electric continuously variable transmission, may be included. Drive types can encompass front-wheel drive (FWD), rear-wheel drive (RWD), and all-wheel drive (AWD). These driveline electric vehicle configurations are utilized in various types of vehicles, including hybrid vehicles, plug-in hybrid vehicles, and battery electric vehicles.

The driveline electric vehicle market research report is one of a series of new reports that provides driveline electric vehicle market statistics, including driveline electric vehicle industry global market size, regional shares, competitors with a driveline electric vehicle market share, detailed driveline electric vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the driveline electric vehicle industry. This driveline electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The driveline electric vehicle market consists of sales of electric motors, inverters, power electronics, axles, differentials, drivetrains, and control systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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