A driveline electric vehicle (EV) refers to a system of automotive components that transmit power from the electric motor to its wheels, typically consisting of the motor, transmission, and axles, enabling the electric vehicle to move and control its speed. It is a simpler system with fewer components compared to vehicles powered by internal combustion engines,
Sizing and Forecast
The driveline electric vehicle market size has grown rapidly in recent years. It will grow from $2.8 billion in 2023 to $3.1 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increasing cardiovascular diseases, demand for minimally invasive procedures, focus on preventing restenosis, clinical evidence supporting efficacy, patient demand for enhanced treatment options, collaboration in medical research and development..
The driveline electric vehicle market size is expected to see strong growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to growing aging population, expansion of indications for use, shift towards ambulatory and outpatient settings, increased adoption in emerging markets, patient-centric healthcare trends.. Major trends in the forecast period include emergence of bioresorbable drug-eluting balloons, advancements in coating technologies, customization of drug formulations for specific applications, integration of nanotechnology in balloon coatings, focus on sequential drug delivery strategies, development of drug-device combinations..
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Segmentation & Regional Insights
The driveline electric vehicle market 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
Asia-Pacific was the largest region in the driveline electric vehicle market in 2023. 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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Major Driver Impacting Market Growth
The growing number of electric vehicles is expected to propel the growth of the driveline electric vehicle market going forward. An electric vehicle (EV) is a vehicle that can be powered by an electric motor that draws electricity from a battery and is capable of being charged from an external source. Driveline systems in electric vehicles transmit power from the electric motor to the wheels, enabling propulsion and determining the vehicle’s performance and efficiency. For instance, in April 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales accounted for 14% of all new cars sold globally in 2022, a considerable rise from 9% in 2021. Over 2.3 million electric vehicles were sold in the first quarter of 2023, representing a 25% increase from the same period of the last year. Additionally, 14 million electric cars are projected to be sold by the end of 2023, representing a 35% year-on-year increase. Therefore, the growing number of electric vehicles is driving the growth of the driveline electric vehicle market.
Key Industry Players
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.</b
The driveline electric vehicle market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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