Global Driveline Systems for Electric Vehicle Market - Segmented by Architecture Type, Transmission Type, Motor Type, Drive Type, Vehicle Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for driveline systems for electric vehicles, which includes front wheel drive (FWD) and all-wheel drive (AWD), is expected to register a CAGR of over 10% during 2018-2023 (the forecast period). This growth is attributable to the favorable government policies, increasing incentives, declining lifetime cost of ownership, and falling battery prices.
On the other hand, a major factor hindering the market growth is the higher cost of electric and hybrid driveline when compared to the conventional driveline.
E-axle Technology is Expected to Grow at the Fastest Pace
E-axles and differentials are used in a driveline as the end components, to transmit the motor power to wheels. E-axle reduces the weight and improves the efficiency of electric vehicles. Although the market for e-axle is at a nascent stage, it is expected to gain the highest traction during the forecast period, as e-axles offer numerous advantages over other types. However, the high production cost associated with e-axle can add a lot to the final price of the vehicle, which may become a huge challenge for car manufacturers.
Growing Demand for Electric Vehicles is expected to drive the Driveline Systems Market
The electric vehicles market has witnessed a healthy growth in the recent years, in terms of the number of vehicles sold, which was 890,470 in 2012 and reached ~ 2,447,807 in 2016. This spike in sales is attributable to the regulatory norms imposed by various organizations and governments to control emission levels and propagate zero-emission vehicles.
Automakers are planning to increase their R&D expenditure of electric vehicles, due to a consistent demand pattern for conventional IC engine vehicles. Therefore, the electric vehicle manufacturers are focusing on raising awareness among customers about electric vehicles, through their continuous marketing strategies aiming to meet the standards set by the governments and other associations.
However, consumers still prefer IC engine vehicles, due to the limited or no availability of charging stations and high cost associated with electric vehicles. However, with the growing environmental concerns and increasing pollution, along with the rising awareness regarding electric vehicles (through EV manufacturers marketing strategies), the future of the electric vehicles looks promising in the coming years.
The market study on driveline systems for electric vehicles is segmented by type of architecture (series, parallel, and power split), transmission type (automatic transmission, dual-clutch transmission, and electric-continuously variable transmission), motor type (45-100 kW, 101-250 kW, and >250 kW), drive type (forward wheel drive, rear wheel drive, and all-wheel drive), and vehicle type (hybrid vehicles, plug-in hybrid vehicles, and battery electric vehicles). This study covers all the major countries of North America, Europe, Asia-Pacific, and Rest of the World (which includes South America and the Middle East & Africa).