Electric Axle Drive Systems Market worth USD 14.35 Billion by 2028, registering a CAGR of 13.87% – Report by Market Research Future (MRFR)
New York, Aug. 20, 2021 (GLOBE NEWSWIRE) — Electric Axle Drive Systems Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Axle Drive Systems Market Research Report, System Type, Vehicle Type and Region – Forecast till 2028” the market size is projected to be worth USD 14.35 Billion by 2028, registering a CAGR of 13.87% during the forecast period (2021 – 2028), The market was valued at USD 6.82 billion in 2020.
Eminent industry players profiled in the global electric axle drive systems industry report include –
- Robert Bosch GmbH (Germany)
- American Axle & Manufacturing Holdings Inc.(U.S.)
- ZF Friedrichshafen AG (Germany)
- GKN Plc (U.K.)
- Magna International Inc. (Canada)
- Schaeffler Technologies AG & Co. KG (Germany)
- Continental AG (Germany)
- Bonfiglioli Riduttori S.P.A. (Italy)
- Borgwarner Inc. (U.S.)
- Ziehl Abegg SE (Germany).
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The electric axle drive systems market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the electric axle drive systems market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. But following the relaxation of lockdowns, the market is likely to get back into normalcy soon.
Browse In-depth Market Research Report (191 pages) on Electric Axle Drive Systems
https://www.marketresearchfuture.com/reports/electric-axle-drive-systems-market-4082
Electric Axle Drive Systems Market Drivers/Electric Axle Drive Systems Market Trends
Rise in Fuel Costs to Boost Market Growth
The increase in fuel costs has resulted in an increase in adoption of electric vehicles as a mode of day to day commute which is boosting the electric axle drive systems market value in the forecast period. Rise in fuel prices has led to surge in the cost of crude oil that is mostly controlled by the OPEC countries. Due to limited crude oil sources, the prices are likely to go up in the future. Though there has been a rise in gasoline prices, the cost of electricity have been low in most countries like Denmark, Germany, and China. Electric cars equipped with electric motors will help to effectively maintain higher speed, increase efficiency, and reduce the total weight. Thus increase in consumer’s inclination towards hybrid and electric cars has boosted the market growth.
Opportunities
Surge in Sale of Hybrid & Electric Vehicles to offer Robust Opportunities
The auto environment is transforming at a rapid rate owing to globalization. Cutting down emissions from EVs will offer robust opportunities for the market over the forecast period. Besides, the need for EVs is going up at a rapid rate owing to their improved fuel efficiency. Further, improvement in manufacturing facilities in most emerging countries like Brazil, India, and China has increased the sales of the hybrid vehicles sales. As per the World Economic Forum, in July 2017, the UK Government announced the decision to discontinue production of new diesel and petrol cars from 2040. This factor will fuel the electric car market growth and also drive the need for electric car products utilized to manufacture these cars, which also includes electric axles. Further, rise in demand for these vehicles in auto sector boosts the growth of the e-axle drive systems market.
Restraints
High Purchase Price to act as Market Restraint
The high purchase price of electric axle drive systems may act as a market restraint over the forecast period. The electric axle system is mostly used in various forms of cars such as electric cars, heavy commercial cars, light commercial cars, and passenger cars. The e-axle unit is equipped with different transmission units, power electronic components, and electric motor resting on the system utilized in the vehicle. Such parts are expensive thus increasing the overall cost of electric axle drive system thus impeding the market growth.
Challenges
Constant Innovation in Technologies to act as Market Challenge
The constant innovation in technologies coupled with the strong presence of competitors forcing the manufactures in opting for constant innovation in the mechanism may act as market challenge over the forecast period.
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Market Segmentation
The global electric axle drive system market has been segmented based on hybrid electric systems and electric systems.
By system type, the electric axle drive system market is segmented into hybrid electric systems and electric systems.
By vehicle type, the electric axle drive system market is segmented into heavy commercial vehicles, light commercial vehicles, and passenger cars.
Regional Analysis
APAC to Command Electric Axle Drive System Market
The APAC region will command the market over the forecast period. Increased electric car sales in India, South Korea, Japan, and China, different countries rapidly adopting to the introduction of electric cars due to reduced environmental impact and less pollution that helps them in tackling pollution emission problems, increasing sales of vehicles, growing demand for aftermarket components, and the strong presence of OEM are adding to the global electric axle drive systems market share over the forecast period.
Segmentation of Market covered in the research:
Electric Axle Drive Systems Market Information Report, By System Type (Electric Systems, Hybrid Electric Systems), By Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), and By Region – Global Forecast to 2028
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