According to Acumen Research & Consulting, the global automotive e-axle market size is estimated to grow a CAGR above 31.9% over the forecast timeframe and reach a market value of over USD 113.1 billion by 2030
Rapidly evolving technology and engineering are revolutionizing the automobile industry, opening the way for self-driving cars, and increasing the adoption of electric vehicles. While self-driving cars are still a few steps ahead, the electrical personal transport system in the form of hybrid vehicles, plug-in hybrid cars, and electric cars is already a reality. Moreover, electric vehicles of the future may also undergo revolutionary changes as the electric axle becomes the norm, offering higher performance and the associated efficiency.
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An electric axle (e-axle) provides power to hybrid and electric vehicles. The system is completely embedded into either the front or rear axle, providing the potential to turn the wheels. The market for electric vehicles is highly competitive, and speed is critical. However, automobile manufacturers can build electric vehicles in a very short amount of time by using e-axle. Generally, e-axles are completely contained units made of lightweight, high-strength materials such as aluminum, and they also have other components such as shafts, bearings, pinions, differential gearing, and any upgrades desired by the automaker. In recent, Bosch has been working on electric axles, including the co-development of e-axles for the upcoming Nikola one and two fuel cell system-powered trucks.
Global Automotive E-Axle Market Growth Aspects
Increasing sales of hybrid and electric vehicles across the world along with an increase in fossil fuel costs are two major factors driving the e-axle automotive market. In addition, the increases 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 led to a 15% drop in global auto sales, on the other hand, electric vehicle sales 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 favorable influence on the development of the market. 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 global demand for e-axles as they help improve energy efficiency and performance in vibration, noise, and harshness.
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 conventional vehicles in terms of maintenance and running costs, which will favor market growth during the projected period. However, the global increase in sales of electric and hybrid vehicles is 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.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global automotive e-axle market. Throughout the forecasting period, Asia-Pacific accounted for a significant share in the global automotive e-axle market, owing to the availability of low-cost labor and raw materials. In addition, the increasing population and rising expendable income have resulted in a rise in automobile sales. Also, the consumption of premium and luxury electric cars, particularly in developing economies of India and China, is expected to drive Asia-Pacific's future growth for automotive e-axles. Furthermore, favorable government initiatives, rapid deployment of charging stations, aggressive electrification of the public transportation system, and the heavy-duty fleet will drive market growth in this region. Technology advancements and stage VI emissions regulations are expected to boost automobile manufacturing growth during the forecast period, particularly in China and India. This factor is expected to have a positive impact on Asia-Pacific market growth.
The global automotive e-axle market has been segmented by Acumen Research and Consultancy based on electric vehicle type, drive type, and vehicle type. Based on the electric vehicle type, the market is divided into hybrid electric vehicle, battery electric vehicle, and plug-in hybrid electric vehicle. Based on drive type, the market split into all-wheel drive, front wheel drive, and rear wheel drive. Based on vehicle type, the market is classified into passenger vehicle and commercial vehicle.
GKN Driveline, Dana, and ZF are the major players in the automotive electric axle sector. According to Autoevolution, ZF is working closely with a German automaker on its electric powertrain, which produces 204 horsepower and 280 pound-feet of engine power in rear-wheel-drive models. In addition, axle systems and battery packs offer the industry the greatest potential for increasing efficiency and reducing costs.
Some key players covered global in the automotive e-axle industry 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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Mr. Frank Wilson
Acumen Research and Consulting