PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1311125
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1311125
Global Automotive Flywheel Market is valued at approximately USD 7.4 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 3.8% over the forecast period 2023-2030. The automotive flywheel is specifically designed for use in automotive applications, which store rotational energy and assist in the smooth operation and performance of the vehicle's engine and drivetrain. It consists of a heavy disc or wheel that is attached to a shaft and is used to smooth out the delivery of power from an engine or other power source. The Automotive Flywheel Market is being driven by factors such as increased manufacturing & sales of cars and an increase in demand for commercial vehicles.
The flywheel helps to maintain a constant speed and prevent fluctuations in torque, which can be especially important in applications in the automotive industry. According to the International Organization of Motor Vehicle Manufacturers total vehicle production in 2021 was 80,250,102 units and in 2022 was 8,50,16,728. Along with that increase production of commercial vehicles also driving the market, according to OICA, globally, 61,598,650 units of cars and 23,418,078 units of commercial vehicles were produced in the year 2022. In addition, in India 4,439,039 units of cars; in China 23,836,083 units of cars; and in the U.S., 1,751,736 units of cars were produced in the year 2022. Thus rising production in vehicle production fueling the growth of the market. In addition to Development of lightweight vehicle components to enhance fuel efficiency and continuous technology improvement create lucrative opportunities for the market. However, Rise in the trend for repair rather than replacing the flywheel hinders the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Automotive Flywheel Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the increasing number of 2-3 wheeled vehicles and passenger cars. Asia Pacific is also considered the fastest growing region during the forecasted period due to surge in the demand for electric & hybrid vehicles and Governments and consumers in the Asia Pacific region are increasingly concerned about energy efficiency and sustainability. Flywheel technology aligns with these objectives by enabling energy recovery, reducing fuel consumption, and supporting a cleaner and greener transportation ecosystem.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of tables and figures are dummy in nature, final lists may vary in the final deliverable