Electric Axle Drive Systems Market Overview
Market Research Future (MRFR), in its newly published research report, emphasizes that the global Electric Axle Drive Systems Market 2022 is flourishing and expected to grow exponentially over the review period, recording a substantial market valuation up to USD 8.3 billion by 2023 and a healthy 12.31% CAGR in the review period.
Drivers and Restraints
The rise in the inclination for SUVs and other passenger cars have driven the growth of the electric axle drive market. The upsurge in vehicle production at the global level favors the global electric axle drive market. The need for the global electric axle drive market is signifcantly driven by the automotive industries. The axle is used in numerous vehicles as a part of electrification. The need for the automotive electric axle drive market is fueled by global vehicle production and technological advancement.
The companies focus on the longer product life cycle, lightweight vehicles, cost advantages, and comfort level for the customers. The growing trend forcing the manufacturers to opt for the newest technology drives the global electric axle drive market in the forecast period. Furthermore, due to the advent of electric axle drive, the manufacturers offer minimum power losses, which otherwise could be caused by mechanical actions.The macroeconomic factors such as high spending power of the customers, standardized lifestyle, governmental rules, and regulation for the automakers all positively impact the demand for the electric axle drive market.
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On the other hand, aspects such as high sales price, relentless technical advancement, heavy presence of rivals forcing the manufacturers, among others, to opt for continuous process changes. The global demand in the electric axle drive market is affected.
Electric Axle Drive Systems Market Segmental Analysis
The global market is analyzed on the basis of system type and vehicle type.
On the basis of the system, the market is divided into electric systems and hybrid-electric systems.
On the basis of vehicle type, theelectric axle drive market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles.
Regional Analysis
The geographical analysis of the global electric axle drive systems market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.
The Asia Pacific is slated to gain traction in the review period owing to the rise in sales for the vehicles, substantial demand for aftermarket components, and a strong presence of OEM. The Asia Pacific is thus poised to secure a notable CAGR in the forecast period. The need for the electric axle drive market from the Western European countries creates the potential market for the electric axle drive market.
The Asia Pacific area is expected to lead the market for electric axle drive systems due to increased sales of electric cars in countries like China, South Korea, Japan and India. Many countries in the world are responding rapidly to the introduction of electric cars because they are less polluting and have minimized impact on the climate. This also helps them to address carbon emission problems and is also inspired by the generous electric car tax systems. The Asia Pacific region is closely followed by North America and Europe in the introduction of electric vehicles.The electric vehicles are increasingly becoming cheaper in these regions and are on par with the conventional gasoline vehicles for performance and range.
Competitive Analysis
The major market players in the global electric axle drive market as identified by MRFR areRobert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), American Axle & Manufacturing Holdings, Inc.(U.S.), GKN Plc (U.K.), Schaeffler Technologies AG & Co. KG (Germany), Magna International Inc. (Canada), Continental AG (Germany), Borgwarner Inc. (U.S.), BonfiglioliRiduttori S.P.A. (Italy), and ZiehlAbegg SE (Germany).
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