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Key Market Size Shifts in the Driveline Electric Vehicle Market: A Historical Perspective and beyond
The market size of driveline electric vehicles has experienced a significant expansion in the past few years. The market is projected to increase from $3.1 billion in 2024 to $3.38 billion in 2025, with a compound annual growth rate (CAGR) of 9.0%.
Factors contributing to this growth during the historical period include a rise in cardiovascular diseases, the growing demand for less invasive treatments, efforts towards the prevention of restenosis, clinical proof of efficacy, patient desire for improved treatment methods, and cooperative medical research and development.
Expectations are high for the driveline electric vehicle market, with a strong predicted growth in the coming years. The market size is projected to reach $4.61 billion by 2029, with a compound annual growth rate (CAGR) of 8.1%.
The expansion throughout the forecast period can be associated with factors such as the growing aging population, the broadening of its utilisation indications, the shift towards outpatient and ambulatory settings, a rise in adoption within emerging markets, and a focus on patient-centric healthcare trends. The forecast period is also likely to witness significant trends like the advent of bioresorbable drug-eluting balloons, advances in coating technologies, the tailoring of drug formulations for specific uses, the incorporation of nanotechnology in balloon coatings, emphasizing sequential drug delivery strategies, and the creation of drug-device combinations.
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What’s Driving the Continued Growth of the Global Driveline Electric Vehicle Market?
The surge in electric vehicle numbers is anticipated to foster the expansion of the driveline electric vehicle market. An electric vehicle (EV), capable of being driven by an electric motor that pulls electricity from a battery and can be charged externally, is what powers this growth.
Power from the electric motor is transmitted to the wheels by driveline systems in electric vehicles, which dictates the vehicle’s performance and efficiency.
For example, as reported by the International Energy Agency (IEA), a French-based intergovernmental body, by April 2023, 14% of all new cars sold globally in 2022 were electric vehicles, a significant hike from 9% in 2021.
Furthermore, over 2.3 million electric cars were traded in the first quarter of 2023, indicating a 25% surge from the corresponding period of the previous year. Remarkably, by the end of 2023, it is predicted that 14 million electric vehicles will be sold, indicating a 35% yearly growth.
As a result, the mounting number of electric vehicles is catalyzing the expansion of the driveline electric vehicle market.
Top Revenue-Generating Segments in the Driveline Electric Vehicle Market
The driveline electric vehiclemarket covered in this report is segmented –
1) By Product: Series, Parallel, Power Split
2) By Transmission Type: Automatic Transmission, Dual-clutch Transmission, Electric-continuously Variable Transmission
3) By Drive Type: Front-Wheel Drive (FWD), Rear Wheel Drive (RWD), All-Wheel Drive (AWD)
4) By Vehicle Type: Hybrid Vehicles, Plug-in Hybrid Vehicles, Battery Electric Vehicles
Subsegments:
1) By Series: Pure Electric Driveline, Extended Range Electric Driveline
2) By Parallel: Hybrid Electric Driveline, Plug-In Hybrid Electric Driveline
3) By Power Split: Series-Parallel Hybrid Driveline, Multi-Mode Hybrid Driveline
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Which Trends Will Guide the Development Path of the Driveline Electric Vehicle Industry?
Major corporations actively participating in the electric vehicle driveline marketplace are honing their focus to the creation of integrated e-powertrain systems to enhance their market revenues. An integrated E-Powertrain network is an extensive combination of the motor, power electronics, and energy storage components, all working together to efficiently power an electric vehicle.
For instance, in May 2023, a prominent Germany-based tech company known for supplying systems to passenger and commercial vehicles, ZF Friedrichshafen AG, introduced the AXTrax 2. The AXTrax 2 is a fully-integrated, modular e-powertrain system based on the axle, designed to facilitate the electrification of all forms of commercial vehicles.
It incorporates advanced digital and telematics systems and enables them to exchange information about the e-axle system through the controller area network bus. The AXTrax 2 functions by substituting the engine, transmission, driveshaft, differential, and traditional axle with an axle-based system to electrify a commercial vehicle.
The design is beneficial as it optimizes available battery space and offers manufacturers superior design adaptability for prospective vehicle ideas.
How Are Different Regions Contributing to the Driveline Electric Vehicle Market’s Growth?
Asia-Pacific was the largest region in the driveline electric vehicle market in 2024. The regions covered in the driveline electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which Firms Are Setting the Benchmark in the Global Driveline Electric Vehicle Market?
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.
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