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Automotive Electric Drive Axle Market Specifications, Analysis Forecast Upto 2025
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Government mandates for vehicle electrification, necessity to curb the emission of greenhouse gases, minimal running charge, and paradigm shift in mindset of people to purchase electric vehicles as their contribution to the environment are some of the key factors driving the demand in the global automotive electric drive axle market. On the other hand, higher cost of technology that is currently being harnessed is obstructing the market from flourishing. Nevertheless, the vendors of this market are expected to gain new opportunities from strong research and development activities that are currently underway by nearly every major player of the automotive industry.
Demand for Hybrid Axle Primed to Expand Quickly in the Near Future
Based on system, the automotive electric drive axle market is segmented into electric axle and hybrid axle. The electric axle runs purely on the power generated by the electric motor and is thus employed in all the battery electric vehicles. The significant emphasis of the government on adoption of electric vehicles is estimated to increase the demand of electric axles. As the preference of people to switch to hybrid vehicles is increasing to achieve fuel savings, the market share of hybrid axle is projected to grow at a higher CAGR during the forecast period of the report. Based on end user the automotive electric drive axle market is bifurcated into original equipment manufacturers (OEMs) and aftermarket. The electric axle has a major end user as OEM. However, the aftermarket segment is projected to increase quickly too with the rise in maintenance demands.
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Passenger Vehicle Segment Showing Great Promise in China
In terms of vehicle type, the automotive electric drive axle market is classified into passenger electric vehicles and commercial electric vehicles. The passenger electric vehicles include battery operated electric vehicle, plug-in hybrid vehicle, and hybrid vehicle. The commercial electric vehicles include busses and coaches. Among these, the passenger electric vehicle segment accounts for the largest market share and their demand is likely to increase with rise in incentive scheme, tax credits, and perks passed by the government.
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