Global Automotive Drivetrain Market to Grow at 5.5% During 2024-2032, Impelled by the Expanding Automotive Industry

According to the latest report by IMARC Group, titled “Automotive Drivetrain Market Report by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others), Drive Type (All Wheel Drive, Front Wheel Drive, Rear Wheel Drive), and Region 2024-2032,” the global automotive drivetrain market reached a value of US$ 213.1 Billion in 2023. An automotive drivetrain is an integral part of a vehicle and provides power or torque to move the driving wheels. It consists of various components, namely driveshaft, which assists in rotary movement; transmission that helps in transferring power from the engine to the driveshaft and rear wheels; constant velocity (CV) joints, which are designed to be able to bend in any direction to turn the wheels at a constant velocity, and universal (U) joints that transmit power to the wheels to navigate in various angles. Nowadays, automatic drivetrains are gaining traction across the world due to the increasing production of automobiles.

Global Automotive Drivetrain Market Trends: 

The global automotive drivetrain market is primarily driven by the rapid growth of the automotive industry and electrification of drivetrain components. The increasing demand for comfort and safety in vehicles for better control under unfavorable terrain and weather conditions has increased the need for automotive drivetrains. They offer enhanced traction and high towing capacity to navigate long distances. Besides this, technological advancements have enabled manufacturers to introduce automatic drivetrains that offer increased fuel efficiency and improved vehicle performance. They also provide improved combustion control for internal combustion engines. Furthermore, with the increasing use of hybrid and electric vehicles (EVs/HEVs), automobile manufacturers are widely employing high-quality drivetrains to improve the safety of the passengers. On account of these factors, the market is expected to grow at a CAGR of 5.5% during 2024-2032.

Market Summary: 

• Based on the vehicle type, the market has been segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and others.
• On the basis of the drive type, the market has been classified into all wheel, front wheel, and rear wheel.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has been examined, with some of the key players being Aisin Seiki Co. Ltd., American Axle & Manufacturing Inc., Borgwarner Inc., Dana Incorporated, ZF Friedrichshafen AG (9Zeppelin-Stiftung), GKN Automotive Limited (Melrose Industries PLC), JTEKT Corporation, Magna International Inc., Schaeffler Technologies AG & Co. KG, and Showa Corporation.

Report Scope:

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