TOKYO, April 7, 2022 (GLOBE NEWSWIRE) — The global automotive market for e-axles Size is projected to grow at a CAGR of over 31.9% over the forecast period, reaching a market value of over $113.1 billion by 2030
Rapidly evolving technology and engineering is revolutionizing the automotive industry, paving the way for self-driving cars and increasing EV adoption. While self-driving cars are still a few steps ahead, the electric individual transport system in the form of hybrid vehicles, plug-in hybrid cars and electric cars is already a reality. In addition, future electric vehicles may also experience revolutionary changes as the electric axle becomes the norm, offering higher performance and the efficiency that comes with it.
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An electric axle (E-axle) supplies hybrid and electric vehicles with electricity. The system is fully embedded in the front or rear axle and offers the possibility to turn the wheels. The electric vehicle market is highly competitive and speed is key. However, car manufacturers can build electric vehicles in a very short time by using e-axles. In general, e-axles are fully enclosed units made from lightweight, high-strength materials such as aluminum, and they also have other components such as shafts, bearings, pinions, differential gears, and any upgrades requested by the automaker. Recently, Bosch has been working on electric axles, including joint development of e-axles for Nikola’s forthcoming single and dual fuel cell trucks.
Growth aspects of the global Automotive E-Axle market
Increasing sales of hybrid and electric vehicles around the world along with an increase in fossil fuel costs are two major factors driving the e-axle automotive market. In addition, the increase in CO2 emissions, the advancement of the automobile sector, as well as the depletion of fossil fuel resources have fueled the expansion of the global market. The global impact of the COVID-19 pandemic caused global auto sales to drop by 15%, while electric vehicle sales have continued to grow by more than 35% in recent years. However, the pandemic has accelerated the consumer shift towards electric mobility. These aspects will have a positive impact on market development. Accordingly, the governing bodies of several countries are banning the sale of fossil fuel passenger cars to reduce CO2 emissions, which has a positive impact on the global demand for e-axles as they help improve energy efficiency and performance in vibration, noise and to improve hardness.
The growing demand for electric vehicles is driving the market
Government programs, subsidies, tax refund schemes, and a growing charging infrastructure that encourages EV adoption will drive market growth. In addition, electric vehicles have several advantages over traditional vehicles in terms of maintenance and running costs, which will favor market growth during the projected period. However, increasing sales of electric and hybrid vehicles worldwide are driving the growth of the e-axle market. Electric vehicles are one of the most visible technologies helping to reduce air pollution. As a result, governments around the world have proposed tax break programs to encourage electric vehicle development.
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The Global Utility Terrain Vehicle (UTV) market. is expected to grow at a CAGR of around 9.5% over the forecast period.
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the regional classification of the global Automotive E-Axle Market. Throughout the forecast period, Asia-Pacific has had a significant share of the global automotive e-axle market owing to the availability of inexpensive labor and raw materials. In addition, the growing population and rising disposable incomes have led to an increase in automobile sales. Also, the consumption of premium and luxury electric cars, especially in the developing countries of India and China, is expected to drive the future growth of automotive e-axles in Asia-Pacific. Furthermore, favorable government initiatives, rapid deployment of charging stations, aggressive electrification of public transportation system and heavy-duty fleet will drive market growth in this region. Technological advances and Stage VI emissions regulations are expected to boost automotive manufacturing growth over the forecast period, particularly in China and India. This factor is expected to have a positive impact on the Asia-Pacific market growth.
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The global automotive e-axle market has been segmented by EV type, powertrain type, and vehicle type by Acumen Research and Consultancy. Based on EV type, the market is segmented into hybrid EV, battery EV and plug-in hybrid EV. Based on the type of drive, the market was divided into four-wheel drive, front-wheel drive and rear-wheel drive. Based on vehicle type, the market is segmented into passenger and commercial vehicles.
GKN Driveline, Dana and ZF are the main players in the field of electric axles for automobiles. According to Autoevolution, ZF is working closely with a German automaker on its electric powertrain that produces 204 horsepower and 280 pound-feet of engine power in rear-wheel-drive models. In addition, axle systems and battery packs offer industry the greatest potential for increasing efficiency and reducing costs.
Some major players present in automotive e-axle industry worldwide are Axletech International, ZF Friedrichshafen AG, Continental AG, Dana Incorporated, Borgwarner Inc, GKN plc, Schaeffler Technologies AG & Co. KG, Linamar Corporation, Robert Bosch GmbH, Nidec Corporation, AVL List GmbH and Magna International Inc.
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