The Global Driveline Market For Electric & Hybrid Vehicle Market is projected to reach USD 63.12 Billion by 2025 in value terms, growing at a CAGR of over 16% says the report of ResearchAndMarkets.com.
Stringent emission regulations set by the governments are force OEM’s to adopt the hybrid and electric vehicle technology which is positively impacting the growth of the market. Moreover, the increasing demand for better fuel efficiency and increasing sales of electric & hybrid vehicles are expected to push the driveline market for electric & hybrid vehicle in the coming years. However, novel COVID-19 disease is resulting in low vehicle sales which might hamper the growth of the market in 2020.
In terms of regional analysis, APAC is expected to be the largest market of the driveline market for electric & hybrid vehicle market during the forecast period due to heavy production and sales of hybrid and electric vehicles and the rising per capita income.
Some of the major players operating in the Global Driveline Market For Electric & Hybrid Vehicle Market are GKN PLC, Valeo, Hitachi Ltd, Denso Corporation, Continental AG, Robert Bosch GMBH, Borg Warner, Inc, Delphi Technologies, ZF Friedrichshafen AG, Schaeffler AG. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.