Drive System Market Analysis From 2018 To 2023. Global Drive System Market by Operation (Automatic and Manual), Vehicle Type (Passenger Vehicle and Commercial Vehicle), Type (RWD, AWD and Others), and Regions-Global Forecast To 2023. The global drive system market is growing due to various factors. Its significant growth is primarily due to the growth of vehicle production. Other factors include better vehicle performance due to transmission system & rapidly rising demand for high fuel efficiency, stringent regulatory norms in many countries regarding the environment, and increased investment in the automotive industry across the globe. However, the high cost of advanced transmission systems can obstruct market growth.
The key players of global drive system market are 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.).
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Global Drive System Market Highlights:
The global market for drive system has been witnessing significant growth in recent times. The growing vehicle production across the globe has been aiding the market. In addition, stringent regulatory norms, especially in Europe has fueled the growth of the market. Rapidly rising demand for high fuel efficiency and transmission system has evolved to provide better vehicle performance. Manufacturers of drive systems are competing to develop fuel efficient systems without compromising on the performance of vehicle. Automatic transmission is preferred over manual transmission, and the reason behind the inclination towards automatic transmissions, is fuel efficiency, increased power, and better comfort level.
With major manufacturers adopting advanced technologies to keep pace with the leading manufacturers in the automotive industry, the market for drive system is poised for rapid growth during the forecast period. Factors such as increase in use of alternative fuel such as ethanol and the increasing trend of engine downsizing, are driving the market of drive system for automotive. Increased investment in the automotive industry across the globe encourages various manufacturers operating in the automotive industry. The stringent emission norms are also driving the market for drive system market.
The growth of the Europe region is being driven by the presence of major auto manufacturers that trying their best to meet the increasing demand for both, passenger as well as commercial vehicles. The laws aimed to prevent carbon emissions and save the environment are stricter in Europe than they are in North America. Therefore, the demand for eco-friendly vehicles is rising. The cream of the European market comprises of France, Germany, Italy, Spain, and the United Kingdom (UK).
Asia Pacific is a significant regional market due to factors including the production of passenger cars and light commercial vehicle (LCV) in the developing economies. Many Original equipment manufacturers (OEMs) are keen to open their production facilities, in this region, especially in China and India, which are the fastest growing economies in this region. In this region, the market is growing due to some other factors like rising sales of passenger cars, investment from global market players. The rise in vehicle production and increasing disposable income among consumers are also aiding the market growth. Apart from China and India, the other important country-specific markets are Japan and South Korea, followed by the rest of Asia Pacific.
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