Electric Axle Drive Systems Market is expected to reach USD 8,226.3 million by 2023 and is expected to grow at a CAGR of 12.31% during the forecast period. Electric Axle Drive Systems are drive systems that are majorly used in the electrical and hybrid electric vehicles. These systems are developed for all vehicle segments and for both front and rear wheel drives. The use of Electric Axle Drive Systems enables high flexibility and adaptation to suit various engines and transmissions.
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Electric Axle Drive Systems Market Companies Analyzed in report are: Robert Bosch GmbH (Germany), American Axle & Manufacturing Holdings, Inc.(U.S.), ZF Friedrichshafen AG (Germany), GKN Plc (U.K.), Magna International Inc. (Canada), Schaeffler Technologies AG & Co. KG (Germany), Continental AG (Germany), Bonfiglioli Riduttori S.P.A. (Italy), Borgwarner Inc. (U.S.) and Ziehl Abegg SE (Germany).
The electric axle drives also incorporate several drive components which increases safety and enable smooth drivability of vehicles. The market is expected to reach USD 8,226.3 million by 2023 and is expected to grow at a CAGR of 12.31% during the forecast period.
This study provides an overview of the global electric axle drive systems market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global electric axle drive systems market by system type, by vehicle type and by regions. Global major automakers are increasingly speeding up the electrical vehicle production because of rise in demand for electric vehicles and the obligation to reduce the carbon emissions from vehicle operations. For the future mobility solutions of the electric vehicles, electric axle drive systems are considered as the way forward. The predominant driver for the market is the ability of electric drive systems to integrate wheel hub and all components required for drive such as drive and deceleration, driving safety into single a unit. Other major driver for the market is the ability of automakers to design and adapt the electric drive systems based on specific vehicle requirements such as for passenger cars and commercial vehicles.
Geographically, Asia Pacific region is expected to dominate the electrical axle drive systems market owing to increased electric car sales in countries such as China, Japan, South Korea and India. Many countries in the region are rapidly adopting to the introduction of electric cars as they are less polluting and has reduced environmental impact. This further enables them to tackle pollution emission problems and are further motivated by the generous tax systems for electric cars. The North America and Europe region closely follow the Asia Pacific region in the adaptation of electric cars. The electric cars are increasingly becoming cheaper in these regions and are on par with the conventional gasoline vehicles for performance and range.
The scope of the study segments the global electric axle drive systems market by system type, by vehicle type and by regions.
By System Type
- Electric Systems
- Hybrid Electric Systems
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- North America
- Asia Pacific
- Rest of the World
Target Audience of Report:
This report mainly focuses on Electric Axle Drive Systems Market Distributer & Supplier companies, and end Users. Investment bankers and consultants with end user for Electric Axle Drive Systems Market also analyzed. And finally Government and Independent Regulatory Authorities involved with Global Electric Axle Drive Systems Market studied.
Global Electric Axle Drive Systems Market Research Insights:
The report for Global Electric Axle Drive Systems Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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