The global automotive e-axle market size is projected to reach USD 27.19 billion by 2025, growing at a CAGR of 23.7%, according to a new report by Grand View Research, Inc. Electric vehicle production directly influences the demand for automotive e-axles as it is an integral component of a vehicle. Prominent countries such as South Korea and Germany have set aggressive production targets for electric vehicles, which is expected to drive growth for automotive electric axle market over the forecast period.
The availability of low-cost labor and raw materials has been a key contributing factor for the increased production of vehicles in the Asia Pacific. For instance, in 2018, China was recognized as the largest electric car manufacturer. Additionally, the growing population and increasing disposable income have led to increase in automobile sales. The high demand for premium and luxury electric vehicles, especially in developing economies such as India and China, is expected to further drive the market growth for automotive e-axles.
The electric vehicle market growth is primarily driven by the development of public EV charging infrastructure. As such, numerous nations have been promoting the installation of charging infrastructure at public places. The development of charging facilities is a lucrative business opportunity for both government and private sector companies, which, in turn, is likely to drive the growth of electric cars and automotive electric axle drive market. Other factors driving the market growth include various regulations and policies introduced by governments to increase the adoption of electric vehicles.
A keen focus toward research and development in the automotive e-axle technology has resulted in the reduction of overall assembly weight and imparted an effective and compact design. The enhanced design has enabled integrators to accommodate more batteries, which eventually extends the ferry range of electric vehicles. Prominent players are focusing on developing a series of new products that are suited for various vehicle platforms. For instance, in January 2019, BorgWarner launched an integrated automotive e-axle named iDM. The newly-developed product comes in three different versions and is suited for both front and rear applications of passenger cars and light commercial vehicles.
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Key Takeaways from the report:
- The North American passenger car e-axle market was valued at USD 1,139.0 million in 2018 and is expected to register a CAGR of 15.8% over the forecast period
- The Mexican passenger car e-axle segment is estimated to be the fastest growing in North America, registering a CAGR of 27.9% over the forecast period
- By application, the U.K. passenger car e-axle segment dominated the front type segment in 2018 and is expected to reach USD 36.9 million by 2025, growing at CAGR of 66.7% over the forecast period
- The global market for automotive e-axle is consolidated in nature and is dominated by established players such as Dana Incorporated, Melrose Industries PLC, Robert Bosch GmbH, and Schaeffler AG
- Commercial vehicle e-axle market has gained momentum in terms of sales revenue in North America and Asia Pacific. In 2018, the market was dominated by the U.S. and China, which accounted for the majority market shares.
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Grand View Research has segmented the global automotive e-axle market based on vehicle type, namely passenger car segment and commercial vehicle segment. The passenger car e-axle segment has further been segmented based on application and region, whereas the commercial vehicle e-axle segment has been sub-segmented based on region:
Passenger Car E-Axle Application Outlook (Revenue, USD Thousand, 2015 – 2025)
Passenger Car E-Axle Regional Outlook (Revenue, USD Thousand, 2015 – 2025)
- North America
- Asia Pacific
- South Korea
Commercial Vehicle E-Axle Regional Outlook (Revenue, USD Thousand, 2015 – 2025)
- North America
- Asia Pacific
- South Korea
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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