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COVID-19 analysis on Electric Axle Drive System Market: Business Opportunities, Current Trends And Industry Analysis By 2023

07-07-2020 08:26 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Research Future

COVID-19 analysis on Electric Axle Drive System Market

COVID-19 analysis on Electric Axle Drive System Market

Market Highlights
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.
Over the past couple of years, due to the increasing fuel prices and environmental concerns, governments of countries across the globe are increasingly promoting the uptake of eco-friendly alternatives for vehicles powered by traditional fuels. As a result, the sale of electric vehicles is growing pervasively and so is increasing the sale of these axle drive systems. These factors presage the vast prominence axle drive systems are about to garner in the recent future and the significant traction its market will be gaining soon.
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Acknowledging the increasing traction, this market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the COVID-19 analysis on Electric Axle Drive System 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.
The ability of auto manufacturers to design electric drive systems based on specific vehicle requirements such as off-road/highway vehicles, passenger cars, and commercial vehicles fosters the market growth.
On the other hand, factors such as the high prices of the electric vehicle and underdeveloped aftermarket services are hindering the market growth, restricting the adoption of EVs. Nevertheless, the demand for e-vehicles which is expected to grow in another three to four years will support the market growth.

Global COVID-19 analysis on Electric Axle Drive System Market - Segmentation
MRFR has analyzed the market according to the following segments
By System Type : Electric Systems and Hybrid Electric Systems.
By Vehicle Type : Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Passenger Cars.
By Regions : North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World.

Global COVID-19 analysis on Electric Axle Drive System Market - Regional Analysis
The Asia Pacific region is forecasted to retain its dominance over the global COVID-19 analysis on Electric Axle Drive System 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.
Many countries across the region are rapidly encouraging the adoption of electric vehicles, offering favorable tax benefits. As electric vehicles are less polluting and have reduced environmental analysis which further enables these countries to tackle pollution emission problems. China is the largest market for electric vehicles which in 2016, has sold more than 507,000 electric vehicles and plug-in hybrid electric vehicle, followed by the US and Europe.
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 analysis 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.

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COVID-19 analysis on Electric Axle Drive System Market – Competitive Analysis
The well-established COVID-19 analysis on Electric Axle Drive System Market appears competitive and fragmented owing to the presence of several key players having an international presence. The market is estimated to witness fierce competition over the forecast period. Key players incorporate a combination of acquisitions, collaborations, partnerships, expansions, and product launches in order to gain a competitive advantage and to maintain their positions in this market.
These players emphasis on product innovation and new manufacturing processes, which in turn, is anticipated to fuel the already intensified competition during the years to come. Some of the other strategic initiatives adopted by these market players include greater commercialization of their products, promotion initiatives through trade exhibitions, and increased collaboration.
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.).
Industry/ Innovation/ Related News:
November 27, 2018 – Dana Incorporated (US), a leading global player in highly engineered solutions for improving the efficiency, performance, and sustainability of powered vehicles and machinery such as the passenger vehicle, commercial truck, and off-highway markets, launched its new powerful electric drive system.
Named as the Spicer Electrified with TM4 e-Hub Drive, the new electric drive system is a sophisticated and efficient system for heavy-duty off-highway applications such as mining and construction applications that leverages Dana's leading portfolio of vehicle electrification technologies
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Company Name: Market Research Future
Contact Person: Abhishek Sawant
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State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/electric-axle-drive-systems-market-4082

About Market Research Future:
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 Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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