“Factors driving the driveline market include growth in car production, urbanization, and an upsurge in hybrid and electric cars”.

Austin, Oct. 14, 2024 (GLOBE NEWSWIRE) — The Driveline Market Share was valued at USD 307.66 Billion in 2023 and is projected to reach USD 575.20 Billion by 2032, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2032.

Download PDF Sample of Driveline Market @ https://www.snsinsider.com/sample-request/3900 

Global Driveline Market Grows as Urbanization Fuels Demand for Advanced Vehicles and Record Electric Vehicle Sales

The Driveline market is growing substantially around the globe, with the number of car sales crossing nearly 75.3 million in 2023 against around 67.3 million in the previous year (2022). It has been due to rapid urbanization, with more than 57% of the world’s population or nearly 4.6 billion people now residing in an urban area. In consequence, the demand for technically advanced vehicle models that can work effectively in and around cities has increased. Such vehicles primarily focus on fuel efficiency and are supported with connectivity solutions so that their operation is convenient for the users. Second, in urban areas, upgrading infrastructure in terms of transportation, roads, highways, and public transit systems offers a benefit to the ownership of cars.
Electric vehicles witnessed a huge surge in 2023; the sales reached a new record high of 14 million units with 35% growth compared to the previous year. The percentage of total sales witnessed around 18% for EVs, which has almost doubled since last year, where it was 14% in 2022. This yet again proves that comfort and convenience are evolving as the new preferences for the consumer, and the most important features desired by consumers are safety, connectivity, and fuel efficiency.

Surging Demand for Passenger and Commercial Vehicles

A sharp rise in demand in passenger and commercial vehicles has been reported globally. The need for this type of vehicle is growing due to urban population growth as it accommodates both the transport of goods and people within and between cities. In 2023, light commercial vehicles accounted for around 80% of the global commercial vehicle production, surpassing 21.4 million units. Increased road, highway, and public transport infrastructure, on the other hand, fuels the demand for cars and thereby enhances the vehicle-owning experience even further. Consumer preferences change also towards greater comfort, convenience, and mobility; what tops a buyer’s list, going by its availability, are safety features, connectivity, and fuel efficiency.

Driveline Market Report Scope:

 If You Need Any Customization or Want to Schedule Analyst Call @ https://www.snsinsider.com/request-analyst/3900 

Automatic Transmission Leads Market; E-CVT Set for Strong Growth in Hybrid Vehicles

Automatic Transmission (AT) is the leader in the driveline segment at a 45% share due to an appropriate balance between performance, comfort, and fuel efficiency. The ease of use, reliable, and cost-effective nature of AT, besides offering varied driving conditions, makes it a favorite combination for both traditional internal combustion engines and hybrids. E-CVT, on the other hand, widely used by HEVs, will have the highest CAGR of 7.60% in the forecast period from 2024 to 2032. With consumers looking for high fuel efficiency and low emissions, the demand for E-CVT is rising with the technology providing seamless power and making it a hot product for hybrid vehicles, hence an important growth opportunity for the driveline market.

Rising Demand for Hybrid, Electric, and Plug-in Hybrid Vehicles Drives Market Expansion

Hybrid Electric Vehicles are witnessing tremendous growth, with around 30% of all vehicles sold being driven by strong consumer demand for more fuel-efficient solutions and government incentives geared toward greening the transportation base. Battery Electric Vehicles are also finding space fast, capturing a 25% market share and registering 25% CAGR growth backed by battery technology improvement and strong government support for zero-emission vehicles. PHEVs have a 15% market share, which is increasing mainly due to electric driving combined with gasoline backup, as well as progress in both electric range and charging infrastructure. In total, the components presented point toward the trend toward more sustainable and versatile types of vehicles.

North America Leads the Route Optimization Market in 2023, While Asia Pacific is Poised for Rapid Growth through 2032

North America saw exemplary sales in 2023 when the United States reported selling 15.5 million light vehicles, up 12.3% yearly. Electric vehicle sales spiked 52% in 2023 and topped one million units for the first time. Consumer demand for pickup trucks, SUVs, and light vehicles is leading to this growth and places North America firmly at the leading edge of the driveline market. AWD/4WD systems are very common, especially in winter regions. Hybrid and electric vehicle investments keep going up.

On the other hand, it was disclosed that Asia-Pacific will be one of the largest automobile markets with huge potential, with sales of about 42.6 million passenger cars in 2023, driven by China and India. From the earlier discussion, it is very clear that China is still the only largest market with 8.1 million electric vehicles sold in India. Preferences by the consumer in the various markets are quite diverse; in China and India, there’s a strong demand for low-cost, compact cars, while, in Japan and South Korea, there is upsurging demand for more advanced driveline technologies.

Key Developments in Route Optimization Software

• At the IAA Transportation 2024, an exhibition showcased both current and upcoming sustainable driveline solutions. Among these, the PACCAR MX engines are designed to run on HVO biodiesel, achieving a reduction in CO₂ emissions of more than 90% from a ‘well-to-wheel’ perspective.

• The ZF CeTrax Lite is an electric central drive driveline designed and adjusted specifically for light commercial vehicles, ground support equipment, and other special applications; it was brought to the market in 2024 and carries loads up to 7.5 tons and peaking at 150 kW.

Buy this Exclusive Report Which Includes @ https://www.snsinsider.com/checkout/3900 

BENEFITS:

1 No. Of Pages: 350 Pages Report

2 Regions/Countries:

• North America (3 Countries)

• Europe (~15 Countries)

• Asia Pacific (~10 Countries)

• Latin America (~5 Countries)

• Middle East & Africa (~5 Countries) (Include Israel)

3 ME Sheet: Market Estimation in Excel Format

4 Company Analysis:

5 Statistical Insights and Trends Reporting:

• Vehicle Production and Sales Volumes, 2020-2032, by Region

• Emission Standards Compliance, by Region

• Vehicle Technology Adoption, by Region

• Consumer Preferences, by Region

6 Buying Options

• Single User License: USD 3350

• Enterprise User License: USD 5350

• Excel Data Sheet: USD 2350

Read Full Report Description @ https://www.snsinsider.com/reports/driveline-market-3900 

SNS Insider Offering/ Consulting Services:

Go To Market Assessment Service

Total Addressable Market (TAM) Assessment

Competitive Benchmarking and Market Share Gain

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

CONTACT: Akash Anand – Head of Business Development & Strategy [email protected] Phone: +1-415-230-0044