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Rear Electric Axle (E-Axle) Global Market Predicted to Augment and Reach over $104.82 Billion at a CAGR of 22.0% By 2028
Rear Electric Axle (E-Axle) Global Market
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According to The Business Research Company's, The rear electric axle (E-Axle) market size has grown exponentially in recent years. It will grow from $38.76 billion in 2023 to $47.24 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to the increasing adoption of electric vehicles, rise in environmental awareness, increasing government incentives for EVs, growth in urbanization, and increasing demand for autonomous vehicles.
The rear electric axle (E-Axle) market size is expected to see exponential growth in the next few years. It will grow to $104.82 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. The growth in the forecast period can be attributed to a growing focus on environmental sustainability, increasing investments in electric vehicle infrastructure, growing demand for energy-efficient transportation solutions, rising demand for cost-effective electric axle solutions, and rising demand for advanced vehicle control systems. Major trends in the forecast period include technological advancements, hybrid vehicles, modular electric axle systems, all-wheel drive systems, and advanced axle control systems.
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Market Drivers and Trends:
The increasing adoption of electric vehicles is expected to propel the growth of the rear electric axle (E-axle) market going forward. Electric vehicles (EVs) are automobiles powered entirely or partially by electric energy stored in batteries rather than by internal combustion engines. The adoption of electric vehicles is driven by environmental concerns, supportive government policies, advancements in battery technology, and growing charging infrastructure. The rear electric axle is used in electric vehicles to integrate the electric motor, gearbox, and rear axle into a single unit, providing efficient propulsion, optimizing space, and enhancing handling and performance. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the first quarter of 2023 saw the sale of almost 2.3 million electric vehicles or 25% more than during the same time the previous year. Therefore, the increasing adoption of electric vehicles drives the growth of the rear electric axle (E-axle) market.
Major companies operating in the rear electric axle (E-Axle) market are focusing on developing innovative technologies, such as fully electric rear axle, to enhance vehicle performance, efficiency, and range in electric and hybrid vehicles. A fully electric rear axle, also known as an e-axle, is an integrated electric drive system designed to be mounted on the rear axle of a vehicle. This technology is commonly used in electric vehicles (EVs) and hybrid vehicles for propulsion. For instance, in September 2022, Volvo Trucks, a Sweden-based manufacturer of heavy-duty trucks, launched a new fully electric rear axle to extend the battery range. This innovative axle is engineered to provide an extended range, making it ideal for long-haul operations. Its advanced electric motor delivers high torque and smooth acceleration, ensuring a responsive driving experience while reducing energy consumption. The axle also integrates seamlessly with Volvo's existing electric vehicle platform, offering enhanced energy regeneration capabilities that help maximize battery life.
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Major Key Players of the Market:
Robert Bosch GmbH, Hitachi Automotive Systems Ltd., Daimler Trucks LLC, Volvo Trucks Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Aisin Seiki Co., Ltd., PACCAR Inc., Cummins Inc., Nidec Corporation, Schaeffler AG, BorgWarner Inc., Dana Incorporated, Benteler International AG, Linamar Corporation, American Axle & Manufacturing Holdings Inc., NTN Corporation, GKN Automotive Ltd., Meritor Inc., AVL List GmbH, Automotive Axles Limited, JTEKT Corporation, AxleTech, Talbros Engineering Limited, J.K. Fenner India Ltd., Brist Axle Systems Srl LLC
Rear Electric Axle (E-Axle) Market 2024 Key Insights:
• The rear electric axle (E-Axle) market size is expected to see exponential growth in the next few years. It will grow to $104.82 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%.
• Rising Electric Vehicle Adoption Fuels Growth In Rear Electric Axle (E-Axle) Market
• Innovations In Electric Rear Axles To Enhance Vehicle Performance And Range
• Asia-Pacific was the largest region in the rear electric axle (E-axle) market in 2023
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