Global Drive Assy Market Highlights Over 2020 - 2030
The global drive assy market is estimated to garner a revenue of USD 1596.8 Million by the end of 2030, by growing at a CAGR of 3.95% over the forecast period, i.e., 2021 – 2030. Besides this, the market garnered a revenue of USD 1089.3 Million in the year 2020. Drive assy, also known as drive assembly, play a very important role in the wheel drive mechanism in vehicles. The component is also used widely in consumer appliances, such as washing machines. The growth of the market can primarily be attributed to the growing demand for electric vehicles worldwide and the surge in adoption of automated guided vehicles (AGVs). According to the statistics by the International Energy Agency (IEA), electric car sales in the year 2019 stood to 2.1 Million. This represented a growth by 6% from the previous year. The demand for AGVs have grown significantly over the past few years. This can be attributed to the growing e-commerce industry, surge in advancements in vehicle technology, and the increasing adoption of Industry 4.0 practices. The adoption of AGVs is also growing on account of the surge in advancements in sensors and vision technology, and for the rising need amongst warehouse owners to increase their productivity.
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Global Drive Assy Market Regional Synopsis
Regionally, the global drive assy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is projected to display significant growth opportunities and also hold the highest market share during the forecast period. In the year 2020, the market in the region garnered a revenue of USD 521.8 Million, and is further expected to garner USD 791.7 Million by the end of 2030 by growing with the highest CAGR of 4.31% during the forecast period. The market in the region is segmented by country into India, China, Japan, South Korea, Australia, and the Rest of Asia Pacific. Out of these, the market in China is expected to garner the largest revenue of USD 346.5 Million by the end of 2030, up from USD 228.2 Million in 2020. The growth of the market in the country can primarily be attributed to the growing sales of electric vehicles, new energy vehicles, and alternative energy vehicles. For instance, the sales of new energy passenger vehicles in the country is expected to touch close to 8 Million units by the end of 2025.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Drive Assy Market
Growth Drivers
- Rapidly Growing Demand for Electric Vehicles
- Surge in Adoption of Automated Guided Vehicles (AGVs)
Challenges
- Declining Production Rate of Vehicles
Global Drive Assy Market Segmentation Synopsis
The global drive assy market is segmented by component into chain & sprocket, gear & pinion, converters, motors, couplings, and others. Out of these, the gear & pinion segment is anticipated to hold the highest market share during the forecast period and further attain the largest revenue of USD 520.3 Million by the end of 2030, up from USD 328.0 Million in 2020. The segment is also anticipated to grow with the highest CAGR of 4.78% during the forecast period. On the basis of distribution channel, the market is segmented into OEM and aftermarket. Out of these segments, the OEM segment registered the highest market share in the year 2020 and is further projected to retain this position throughout the forecast period. The aftermarket segment, on the other hand, is projected to grow with the highest CAGR of 4.61% during the forecast period. Further, the market is segmented by end-use industry into automotive, metals & heavy machinery, food & beverages, healthcare, logistics, aviation, automation & robotics, e-commerce, and others. The automotive segment, amongst all the other segments, is projected to attain the largest market revenue of USD 565.9 Million by the end of 2030 by growing with a CAGR of 4.20% during the forecast period.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global drive assy market that are included in our report are ABB, Robert Bosch GmbH, ThyssenKrupp AG, Continental AG, BorgWarner Inc., AISIN CORPORATION, ZF Friedrichshafen AG, DENSO Corporation, General Motors, and others.
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