The latest report on Automotive Electric Drive Axle Market by Infinium Global Research gives complete coverage of the 0 Market by 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 applications trends in the regional markets of 0 such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Increasing Pollution Levels Due to Emission for Vehicles has Made Governments Implement Strict Regulations to Cut Down on Emissions
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 emission 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. 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.
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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
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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