The automotive drivetrain market is projected to grow at a CAGR of 6.18% during the forecast period, to reach a market size of USD 278.57 Billion by 2021. The market is driven by factors such as the increasing need for better acceleration, traction, and towing capabilities in vehicles and the growing demand for lightweight shafts and other drivetrain components.
The report “Automotive Drivetrain Market by Drive Type (AWD, RWD, FWD), Vehicle Type (Passenger car, LCV, Buses and Trucks), Electric Vehicle Drive type (BEV, PHEV, HEV), and Region – Global Forecast to 2021″, The automotive drivetrain market is projected to grow at a CAGR of 6.18%, to reach a market size of USD 278.57 Billion by 2021. The market is driven by factors such as the increasing need for better acceleration, traction, and towing capabilities in vehicles and the growing demand for comfort and safety in vehicles.
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“Increasing need for better acceleration, traction, and towing capabilities in vehicles is propelling the growth of the automotive drivetrain market”
Towing capability, traction, and acceleration play a crucial role in Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs). Generally, LCVs and HCVs are equipped with Rear Wheel Drive (RWD) for better towing capability. However, in terms of traction, All-Wheel Drive (AWD) systems are more effective than conventional RWD systems. Developments in the automotive drivetrain industry could lead to advanced drivetrain technology that meets the need for better acceleration and traction. The increasing need for better acceleration and traction has compelled Tier I companies to enhance the drivetrain system. The global demand for LCVs and HCVs is increasing at a promising rate; this is expected to drive the automotive drivetrain market in the coming future.
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“Growing demand for lightweight shafts to spur the growth of the automotive drivetrain market”
The heavy, rigid shafts used in Sports Utility Vehicles (SUVs)/Multi-Utility Vehicles (MUVs)/Multi-Purpose Vehicles (MPVs), LCVs, and some big saloon sedans contribute to the weight of the vehicle. The automotive industry is witnessing a growing trend of lightweight hollow shafts. The forged construction of hollow shafts, along with their drilling and heat treatment, significantly reduces the weight of the shaft without compromising its torsional stiffness. These shafts are 15% to 30% lighter than their rigid counterparts. The lightweight shafts are generally equipped in hatchbacks and small and mid-size sedans. OEMs are exhibiting a growing inclination towards lightweight hollow shafts, and are using them in SUVs/MUVs/MPVs. The global trend of vehicle weight reduction will likely propel the demand for hollow shafts, as these shafts help reduce vehicle weight. Stringent emission norms and standards are also driving the market for lightweight hollow shafts, as they help reduce emissions and increase fuel efficiency.
“Asia-Pacific to be the largest market for automotive drivetrains”
Asia-Pacific is estimated to dominate the automotive drivetrain market, and is projected to grow at the highest CAGR during the forecast period. The region has emerged as a hub for alternative fuel passenger cars in recent years, with China and Japan as the frontrunners. Governments in the region are also trying promote the sales of alternate fuel vehicles through incentives and tax deductions.
The automotive drivetrain market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are Aisin Seiki Co., Ltd (Japan), American Axle & Manufacturing (U.S.), BorgWarner Inc. (U.S.), GKN plc (U.K.), Magna International Inc. (Canada), Dana Holding Corporation (U.S.), JTEKT Corporation (Japan), Showa Corporation (Japan), and Schaeffler Group (Germany).
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