Drive Assy Market: Current Analysis and Forecast (2022-2028)
Vehicle Type (Passenger Vehicle, Commercial Vehicle); Component Type (Chain & Sprocket, Gear & Pinion, Converters, Motors, Couplings, and Others); End Users (Automotive, Healthcare, Logistics, Aviation, Automation & Robotics and Others) Region/Country.
Global Drive Assy is expected to grow at a significant rate of around 4% during the forecast period. 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. Drive assemblies, commonly referred to as drive assy, are crucial components of a vehicle’s wheel drive system. A lot of consumer goods, like washing machines, also employ this component. The market’s expansion is mostly attributable to the rising global demand for electric cars and the rapid uptake of autonomous guided vehicles (AGVs). The International Energy Agency (IEA) has figures showing that sales of electric vehicles will increase in 2019 globally, the demand for efficient drive assy amongst AGV manufacturers is skyrocketing. The International Energy Agency (IEA) reported that 2.1 million electric cars were sold in 2019 overall. This was an increase of 6% over the prior year. This can be linked to the expanding e-commerce market, the rapid development of automotive technology, and the rising use of Industry 4.0 procedures.
Insights Presented in the Report
“Amongst component type, motors category to witness higher CAGR during the forecast period”
On the basis of component type, the market is categorized into chain & sprocket, gear & pinion, converters, motors, couplings, and others. Motors category will have higher CAGR as compared to the other segments. Motors are used in electric and electronic components used in automation , robotics , and electric vehicles. Now, considering the negative impacts of combustion vehicles , governments are taking initiatives towards green energy which includes promotion of electric vehicles and machinery. Hence, the increased sales of electric machinery and vehicles have fueled the growth of this category.
“Amongst vehicle type, the commercial to have highest CAGR in the market in 2020”
On the basis of vehicle type, commercial vehicles are expected to dominate the market over the forecast period in terms of CAGR. This growth is due to the increasing integration of advanced electronic modules and connectivity features into vehicles, including data transfer on smartphones and synchronization with the Internet of Things (IoT) devices. All of these factors will increase the sales of commercial vehicles globally.
“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global drive assy market. This is mainly attributed to the high-income individuals reside in this region and it is one of the most developed regions. The share of sales of automotive vehicles of this region is significant when compared to another region. Additionally, consumers and industries heavily rely on automated machinery and equipment. Automated machinery is one of major area where consumption of drive assy is very high. Moreover, electric vehicles in this region are commonly used and sales in very high. For instance, The United States accounts for most Tesla sales globally. Sales in the US were up by 280% from 48,000 in 2017 to 197,517 in 2018, while its global sales were up by 138% from 2017 to 2018. Based on the information above, Tesla is by far the best-selling electric vehicle manufacturer in the US. It is the first electric vehicle manufacturer to have over 190,000 sales in a calendar year. Electric vehicles are one of major consumer of drive assy and propelling the share of drive assy market of this region globally.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global drive assy market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Drive Assy Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global drive assy market were the three major steps undertaken to create and analyze the adoption of drive assy in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global drive assy market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the drive assy market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the drive assy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, component type, and end users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the drive assy market. Further, we conducted factor analysis using dependent and independent variables such as various vehicle type, component type, and end users of drive assy. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the drive assy market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global drive assy market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the drive assy market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global drive assy market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global drive assy market. Data was split into several segments & sub-segments post studying various parameters and trends in the vehicle type, component type, and end users in the global drive assy market.
The main objective of the Global Drive Assy Study
The current & future market trends of the global drive assy market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the drive assy market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of vehicle type, component type, and end users.
- Define and analysis of the regulatory framework for the drive assy
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the drive assy market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the drive assy market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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