Press release
Electric Axle Drive Market: Industry Trends, Survey, Growth and Forecast to 2025
The demand for the global electric axle drive market is majorly driven by the automotive industries. The axle is used in various vehicles as a part of electrification. The demand for the automotive electric axle drive market is fueled by the global vehicle production and technological advancement. The manufacturers focus on the longer product life cycle, light weight vehicles, cost advantages and comfort level for the customers. The latest trend forcing the manufacturers to opt for the latest technology drives the global electric axle drive market in the forecast period. Moreover, due to the advent of electric axle drive, the manufacturers offer minimum power losses which otherwise could be caused by the mechanical actions.
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The macro economic factors such as high spending power of the customers, standardized life style, governmental rules, and regulation for the automakers all positively affect the demand for the electric axle drive market.
However, the factors such as high purchase price, constant innovation in the technologies, strong competitors’ presence forcing the manufacturers to opt for continuous innovation in the mechanism, etc. affect the global demand for the electric axle drive market.
The global electric axle drive market based on type is powered by the live axle segment is projected to show significant growth in the forecast period. The rise in the preference for SUVs and other passenger cars have fueled the growth of the live axle market. The rise in the vehicle production at global level favors the global electric axle drive market. These factors thus propel the live axle market is thus expected to have significant CAGR in the forecast period. The market is also segmented into types of vehicles where electric axle drive is used. It includes heavy vehicles, passenger vehicles, and light commercial vehicles. By position of the axle drive in the vehicles, the global electric axle drive market is segmented into front and rare axle.
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The global electric axle drive market is segmented geographically into seven regions namely Latin America, North America, Middle East and Africa, Japan, Asia Pacific, Eastern Europe and Western Europe. The Asia Pacific is expected to gain traction in the forecast period owing to increase in sales for the vehicles, prominent demand for aftermarket components, and a strong presence of OEM. The Asia Pacific is thus expected to show notable CAGR in the forecast period. The demand for the electric axle drive market from the Western European countries creates the potential market for the electric axle drive market.
Some of the prominent players in the electric axle drive market includes Dana Limited, ZF Friedrichshafen AG, GKN Plc., American Axle & Manufacturing, Inc., Robert Bosch GmbH, and UQM Technologies
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