Electric Axle Drive Systems Industry: 2019 Global Market, Trends, Size, Growth, Share, And 2025 Fore

Electric axle drive systems, also known as propulsion systems, constitute an electric motor, power electronics, and transmission that are combined in a compact unit that directly powers the vehicle's axle which aids in making electric vehicle handling less complicated. With these drive systems, electric vehicles (EV) become more compact, efficient, and more cost attractive.

These compact electric drive solutions systems are developed for all vehicle segments and applicable in both front and rear wheel drives. However, these systems are majorly used in the electrical and hybrid electric applications (vehicles). Moreover, the electric axle drive systems also incorporate several drive components which increases safety, enabling smooth drivability of vehicles.

Acknowledging the increasing traction, this market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the electric axle drive systems market will reach USD 8,226.3 Mn by 2023 at a CAGR of 12.31% during the forecast period (2017-2023). Accelerating sales of electric vehicles, fuel cell vehicles, and hybrids and the huge uptake of these systems is a key driving force behind the market growth.

Additional factors substantiating the market growth include the expansion of global auto-manufacturers into new emerging markets, and the increasing investments transpired into the development of these systems. Moreover, the factor that acts as a key driving force behind the market growth is the unique ability of these drive systems to integrate wheel hub and all components required for a drive such as an axle and deceleration, driving safety into single a unit.

Global Electric Axle Drive Systems Market

• Regional Analysis

The Asia Pacific region is forecasted to retain its dominance over the global electric axle drive systems market throughout the forecast period. Factors such as the increased electric car sales in countries such as China, Japan, South Korea, and India are predominantly propelling the market growth in the region.

The North American and European regions follow the Asia Pacific region closely in terms of adoption of electric vehicles. Electric vehicles are increasingly becoming affordable in these regions and are on par with the conventional gasoline vehicles for performance and range.

In the North American region factors such as the rising technological enhancements and increasing focus of the government towards the use of eco-friendly, electric vehicles that leave a lesser impact on the environment. Furthermore, the well-established infrastructure in the region supports the market growth, allowing faster implementation of electric vehicles. Additionally, the growing number of manufacturers providing electric axel drive systems at comparatively lower prices is another key factor driving the market growth in the region.

The European region is emerging as another lucrative market for electric axle drive systems, showing considerable growth. Countries such as the U.K., Germany, Sweden, and Italy are contributing to the growth in the regional market. Undoubtedly, the resurging economy is supporting the market growth in the region, boosting the demand for these axle drive systems in the aftermarket.

Key Players:

Some of the market leaders profiled in the analysis include American Axle & Manufacturing Holdings, Inc. (U.S.), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Magna International Inc. (Canada), GKN Plc (U.K.), Schaeffler Technologies AG & Co. KG (Germany), Bonfiglioli Riduttori S.P.A. (Italy), Continental AG (Germany), Ziehl Abegg SE (Germany), and Borgwarner Inc. (U.S.).

Related news: Electric Axle Drive Systems Market – 2018 Global Industry Trends, Size, Share, Growth, Opportunity, Key Company Analysis And Regional Forecast To 2023

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

At Market Research Future (Mrfr), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (Crr).