Automotive Flywheel Market Size Worth USD 16.27 Billion, Globally, by 2030 at a CAGR of 2.0%
Fortune Business Insights
7 min read
Fortune Business Insights
Automotive Flywheel Market to Experience Gradual Growth over 2023 to 2030; ZF Aftermarket Advocates Flywheel Inspection for Clutch Replacement
Pune, India., Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global automotive flywheel market size was valued at USD 13.79 billion in 2022. The industry is expected to expand from USD 14.13 billion in 2023 to USD 16.27 billion by 2030, exhibiting a CAGR of 2.0% over the study period.
The expansion can be credited to the growing usage of composite materials in the manufacturing of automotive flywheels. These materials weigh less than steel and iron, and offer several benefits in comparison to conventional materials which helps reduce the automotive flywheel’s weight.
Drivers & Restraints-
Surging Adoption of Hybrid Vehicles Drives Automotive Flywheel Market
A major factor driving the automotive flywheel market growth is a surge in the uptake of hybrid vehicles. These vehicles have now become competitive with regard to safety, connectivity, and comfort due to the incorporation of advanced technological features. This factor is expected to increase the sales of hybrid vehicles, fueling market growth.
Despite such growth opportunities, the rising popularity of battery electric vehicles may impede market growth.
Industry's Strategic Innovations Pave the Way for Future Growth
In the automotive flywheel industry, key players are adopting strategies such as new product development, diversified sales networks, partnerships, and material advancements to enhance competitiveness and expand their customer reach. Anticipated advancements in flywheel construction materials are expected to drive significant growth in the industry.
Iron Segment Dominates Owing to its Superior Properties over other Materials
In terms of material, the market is subdivided into steel, iron, and others. The iron segment holds the largest automotive flywheel market share. The segment’s expansion is driven by iron’s durability, robustness, and its ability to withstand high temperatures and stress.
Dual Mass Flywheels Lead Market with Advanced Vibration Dampening
Based on type, the market is classified into dual mass and single mass. The dual mass segment held a significant market share in 2022. The segment’s dominance is attributed to the advanced designs and materials deployed in modern dual mass flywheels and its superior vibration dampening and shock absorption capabilities.
Passenger Cars Segment to Lead Driven by Eco-Friendly Tech Innovations
On the basis of vehicle type, the market is bifurcated into passenger cars and commercial vehicles. The passenger cars segment will lead during the forecast period. The growth is driven by consumer preferences for fuel efficiency, eco-friendliness, and tech advancements, pushing manufacturers to innovate new models aligning with these preferences. From the regional perspective, the market has been analyzed across North America, Asia Pacific, Europe, and the rest of the world.
Asia Pacific Dominates as Increasing Income Fuels Market Growth
Asia Pacific automotive flywheel market share is projected to witness fastest-growth over the forecast period. The region’s expansion can be attributed to the rising disposable income in India, China, and Southeast Asian countries, which is expected to increase vehicle demand.
Europe's market is poised for substantial growth, buoyed by positive trends in the automotive sector and the region's innovation prowess. The region’s focus on sustainability, driven by strict emission regulations, is fostering technological advancements in vehicle manufacturing
Report Coverage:
The report offers comprehensive coverage of the latest trends, key segments, and the COVID-19 impact on the market. Other aspects of the report include the driving and restraining factors affecting the market growth. It further provides vital insights into the competitive strategies deployed by major industry players.
Quick Buy - Automotive Flywheel Market Research Report:
During the pandemic the market witnessed a decline in vehicle production volumes due to temporary factory closures attributed to supply chain upheavals and lockdowns. Moreover, shortage of raw materials and components due to pressure on just-in-time manufacturing systems slowed down market growth.
Notable Industry Development:
• July 2021 - ZF Aftermarket recommended careful inspection of the flywheel when changing the clutch to ensure the safest drive.
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