Research Nester published a report titled “Drive Assy Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global drive assy market in terms of market segmentation by component, distribution channel, end-use industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global drive assy market is anticipated to grow with a CAGR of 3.95% during the forecast period, i.e., 2021-2030. The market is segmented by component into chain & sprocket, gear & pinion, converters, motors, couplings, and others, out of which, the gear & pinion segment garnered the highest market share in the year 2020 and is further expected to attain the largest market revenue of USD 520.3 Million by the end of 2030, by growing with the highest CAGR of 4.78% during the forecast period. Moreover, in the year 2020, the segment attained a revenue of USD 328.0 Million.
The global drive assy market is estimated to garner a revenue of USD 1596.8 Million by the end of 2030, up from a revenue of USD 1089.3 Million in the year 2020. Growing utilization of drive assemblies in vehicles as well in consumer appliances, such as washing machines, followed by the increasing advancements in engineering technologies, and the skyrocketing sales of electric vehicles, are some of the major factors anticipated to drive the market growth. On the basis of region, the global drive assy market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in the Asia Pacific region registered the largest revenue of USD 521.8 Million in the year 2020 and is further projected to touch USD 791.7 Million by the end of 2030. In addition to this, the market in the region is also predicted to grow with the highest CAGR of 4.31% during the forecast period.
Growing Adoption of Electric Vehicles Worldwide
In the year 2019, the sales of electric cars around the world grew by 6% from 2018 and further stood to 2.1 Million units, according to the statistics by the International Energy Agency (IEA).
The sales of electric cars is growing at a significant pace worldwide, backed by the rising concern for environmental pollution and for the increasing awareness amongst individuals for the numerous benefits associated with the adoption of these vehicles. The modern electric cars are equipped with advanced drive assembly systems, which is one of the major factors expected to contribute to the demand for drive assy, and in turn drive the market growth.
However, the declining production rate of vehicles is expected to operate as key restraint to the growth of global drive assy market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global drive assy market which includes company profiling of ABB, Robert Bosch GmbH, ThyssenKrupp AG, Continental AG, BorgWarner Inc., AISIN CORPORATION, ZF Friedrichshafen AG, DENSO Corporation, General Motors, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global drive assy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.