The International Energy Agency (IEA) predicts that global stock of battery electric vehicle (BEV) trucks, plug-in hybrid electric vehicle (PHEV) trucks, and fuel cell electric vehicle (FCEV) trucks will expand from 30,872 units in 2020 to 860,942 units by 2030, 228 units in 2020 to 900,264 units by 2030, and 3,815 units in 2020 to 26,139 units by 2030, respectively. The organization also forecasts that BEV cars and PHEV cars sales will increase from 2,008,024 units in 2020 to 14,370,678 units by 2030 and 969,034 units in 2020 to 7,761,233 units by 2030, respectively.
Thus, the rising penetration of electric vehicles, owing to the escalating need to reduce greenhouse gas (GHG) emissions, will help the automotive drivetrain market progress in the foreseeable future. The U.S. Energy Information Administration (EIA) estimates that world carbon dioxide (CO2) emissions from fossil fuel combustion increased from 36.638 billion metric tons in 2018 to 36.912 billion metric tons in 2019. As per the organization, global atmospheric CO2 concentration surged from 409.28 parts per million in 2019 to 411.74 parts per million in 2020.
In contemporary times, automobile manufacturers are using drivetrain systems developed by ZF Friedrichshafen AG, Aisin Seki Co. Ltd., American Axle & Manufacturing Inc., GKN PLC, JTEKT Corporation, Borgwarner Inc., Dana Incorporated, Showa Corporation, Magna International Inc., and Schaeffler Group. Currently, these companies are focusing on manufacturing lightweight drivetrains to improve the overall performance of vehicles. Drivetrains offered by these manufacturers are used in passenger cars, EVs, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs).
According to P&S Intelligence, the Asia-Pacific (APAC) will lead the automotive drivetrain market in the forthcoming years. This will be on account of the increasing technological advancements in the automobile industry and the surging vehicle production in the region, especially in Japan, India, South Korea, and China. For example, the Society of Indian Automobile Manufacturers (SIAM) states that 3,062,221 passenger vehicles and 624,939 commercial vehicles were manufactured in India in the financial year (FY) 2020–2021.
Therefore, the surging production and adoption of automobiles, including EVs, will accelerate the deployment of automotive drivetrains in the foreseeable future.
