New York, Dec. 13, 2021 (GLOBE NEWSWIRE) -- The International Organization of Motor Vehicle Manufacturers (OICA), in one of its statistics, stated that the production of vehicles around the globe increased from 77583519 units in the year 2010 to 91786861 units in the year 2019. Moreover, the statistics also stated that the production of vehicles between January and March of 2021 touched 21084417 units. Furthermore, according to the statistics by the International Energy Agency (IEA), the sales of electric cars in the year 2019 accounted for 2.6% of global car sales. Additionally, in the same year, the sales of electric cars around the globe registered 2.1 Million units, a growth of 6% than the year 2018.
Research Nester has recently released a report titled “Global Drive Assy Market” which focuses on the latest market developments and trends, along with the opportunities and the driving factors that are associated with the growth of the market during the forecast period, i.e., 2021-2030. Further, the report also includes a detailed analysis of the competitive players who are operating in the market and are offering different products and services.
The shift in preference towards electric vehicles (EVs) is rapidly growing worldwide owing to the increasing concern for vehicular pollution. By the end of 2021, the sales of EVs are projected to grow by around 170% than the previous year. Despite the growing sales of these vehicles, there is an increasing need for high-performance electric drive systems, which would allow the vehicle to run long distances and therefore lower the overall running costs. On the other hand, with the increasing demand for automated guided vehicles (AGVs) globally, the demand for efficient drive assy amongst AGV manufacturers is skyrocketing. By the end of 2018, it had been estimated that the sales of AGVs worldwide touched close to 111 Thousand units. On the other hand, according to the statistics by the International Trade Center (ITC), the value of imports of self-propelled trucks with lifting or handling equipment and are powered by an electric motor increased from USD 6346010 Thousand in the year 2016 to USD 8316528 Thousand in the year 2019.
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The increasing sales of EVs, and AGVs, followed by the rapid advancements in drive system technologies, are some of the major factors anticipated to drive the growth of the global drive assy market. The market garnered a revenue of USD 1089.3 Million in the year 2020 and is further expected to touch USD 1596.8 Million by the end of 2030, by growing with a CAGR of 3.95% during the forecast period. Besides this, in the year 2030, the market is projected to grow by 4.7% Y-o-Y than its previous year.
The global drive assy market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region, out of which, the market in the Asia Pacific is expected to hold the highest market share during the forecast period. The market in the region is expected to grow with the highest CAGR of 4.31% during the forecast period and further touch USD 791.7 Million by the end of 2030. Moreover, in the year 2020, the market in the region registered a revenue of USD 521.8 Million. The Asia Pacific drive assy market is further segmented by country into India, China, Japan, South Korea, Australia, and the Rest of Asia Pacific, out of which, the market in China is projected to garner the largest revenue of USD 346.5 Million by the end of 2030, up from USD 228.2 Million in 2020. The surge in sales of new energy passenger vehicles in the country, which is projected to reach around 8 Million units by the end of 2025, is one of the major factors anticipated to drive the market growth. Alternatively, the market in India is anticipated to grow with the highest CAGR of 5.29% during the forecast period.
The drive assy market in North America, on the other hand, is anticipated to hold the second-leading market share and further attain a market revenue of USD 397.9 Million by the end of 2030, up from USD 268 Million in 2020. The market in the region is further expected to grow with a CAGR of 4.09% during the forecast period. Based on country, the market in the region is segmented into the United States and Canada. Out of these, the market in the United States is projected to hold the highest market share by the end of 2030 and further grow with the highest CAGR of 4.21% during the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global drive assy market is segmented by component into chain & sprocket, gear & pinion, converters, motors, couplings, and others, out of which, the gear & pinion segment is projected to garner the largest revenue of USD 520.3 Million by the end of 2030, up from USD 328.0 Million in 2020. The segment is also anticipated to grow with the highest CAGR of 4.78% during the forecast period. In the Asia Pacific, the segment is projected to grow with the highest CAGR of 5.14% during the forecast period and further touch USD 257.7 Million by the end of 2030, while in North America, the segment registered the largest revenue of USD 80.9 Million and is further predicted to grow with the highest CAGR of 4.93% during the forecast period.
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The global drive assy market is also segmented on the basis of end-use industry into automotive, metals & heavy machinery, food & beverages, healthcare, logistics, aviation, automation & robotics, e-commerce, and others. Out of these segments, the automotive segment is anticipated to garner the largest revenue of USD 565.9 Million by the end of 2030 and further grow with a CAGR of 4.20% during the forecast period. In North America, the automation & robotics segment is anticipated to grow with the highest CAGR of 5.31% during the forecast period, while the automotive segment is anticipated to register the largest revenue of USD 141.7 Million by the end of 2030. On the other hand, in Europe, the automotive segment is projected to garner the largest revenue of USD 102.9 Million by the end of 2030, whereas the metals & heavy machinery segment is expected to hold the second-largest revenue of USD 52.4 Million by the end of 2030.
The global drive assy market is also segmented by distribution channel.
Global Drive Assy Market, Segmentation by Distribution Channel
- OEM
- Aftermarket
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Some of the prominent industry leaders in the global drive assy market that are included in our report are ABB, Robert Bosch GmbH, ThyssenKrupp AG, Continental AG, BorgWarner Inc., AISIN CORPORATION, ZF Friedrichshafen AG, DENSO Corporation, General Motors, and others.
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