The latest report on Automotive Electric Drive Axle Market by Infinium Global Research gives complete coverage of the Automotive Electric Drive Axle Market by type (electric axle, and hybrid axle), end-users (OEM, and aftermarket), vehicle type (passenger vehicles, and commercial vehicles) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and application trends in the regional markets of Automotive Electric Drive Axle such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Vehicle Electrification Increase the Demand for Hybrid and Electric Vehicles, Which Consequently Drives The Growth Of The Automotive Electric Drive Axle Industry
Leading automobile manufacturers including BMW and Audi are developing their fully electric cars. The cars incorporate electric axles, at the front as well as at the rear. Electric axles supply power to the wheel, which is generated by the electric motors there itself, i.e. these axels do not need a shaft or transmission. Leading auto component manufacturers including Robert Bosch GmbH, Schaeffler Technologies AG & Co. KG, Dana Incorporated, BorgWarner Inc. and Continental AG has made their electric axles commercially available.
Increasing pollution levels due to emissions for vehicles has made governments implement strict regulations to cut down on emissions. This, in turn, has obligated the automobile manufacturers to develop more electrically powered vehicles, which is the major factor driving the automotive electric drive axle market. The electric drive axle is a compact system consisting of components like power electronics, gear drive, and the electric motor, all in a single unit. Electric drive axles supply the power to the wheels generated by the electric motors. Electrification of vehicles improves their performance as the power is directly provided to wheels, which reduces the power loss.
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Market Is Expected to Provide A Boost to the Automotive Electric Drive Axle Market in the Future
These benefits of vehicle electrification increase the demand for hybrid and electric vehicles, which consequently drives the growth of the automotive electric drive axle market. Moreover, people are becoming more aware of the rising pollution level, which is changing their buying behavior to more environmentally friendly products. This change of the mindset of the customers has increased the demand for hybrid and electric vehicles, which in turn boosts the growth of the automotive electric drive axle market. However, the high cost of implementation of the automotive electric drive axle system is projected to hamper the market. Nevertheless, increasing research and development activities by the key players in the market is expected to provide a boost to the automotive electric drive axle market in the future.
In terms of region, Asia-Pacific generated the highest revenue from the automotive electric drive axles, dominating the global market. The large share of the Asia-Pacific region attributed to stringent government regulations to curb the emission level and consequently high intake of electric vehicles in countries like China, Korea, and Japan. Europe held the second-largest share in the global automotive electric drive axle market following the Asia-Pacific region. The significant share in the market attributes to the presence of major auto component manufacturers in the region and increasing awareness among the population regarding environment protection and electric vehicles.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Automotive Electric Drive Axle.
- Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.