Electric Vehicle E-axle Market Size Worth USD 152.61 Billion, Globally, by 2030 at a CAGR of 17.2%

Global Electric Vehicle E-axle Market to Reach USD 152.61 Billion by 2030; Development of Sustainable EV Components through Strategic Initiatives to Boost Market Growth

Pune, India, Aug. 24, 2023 (GLOBE NEWSWIRE) — The global electric vehicle e-axle market size was valued at USD 41.13 billion in 2022 and is anticipated to be worth USD 50.27 billion in 2023. The market is projected to be valued at USD 152.61 billion by 2030, recording a CAGR of 17.2% during the forecast timeframe of 2023-2030. The global electric vehicle e-axle market growth is attributed to the increasing adoption of Electric Vehicles (EVs). These vehicles can help customers combat various environmental concerns arising from fossil fuel automobiles. Other factors, such as innovations in EV technologies, consumer demand, and the rising introduction of government incentives & regulations, to promote the deployment of electric vehicles will also accelerate the market expansion.

Market Drivers & Restraints-

Rising Demand and Adoption of Electric Vehicles to Drive Market Growth

A growing percentage of people are opting for electric vehicles to contribute to a clean, efficient, and sustainable environment. These efforts have created lucrative growth opportunities for the market.

The price of EVs is comparatively higher than that of traditional vehicles. This is due to the integration of technologically advanced features and usage of high-quality components in these vehicles. This factor might restrain the market progress.

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Report Highlights:

COVID-19 Impact–

Demand for Electric Vehicles Slowed Dramatically during the Pandemic

Many vehicle manufacturing plants faced disruptions in their supply chain networks due to lockdowns and other restrictions imposed by governments to reduce the spread of COVID-19. This caused severe delays in the production and sales of electric vehicles, which also hampered the demand for electric vehicle e-axle. This had a negative impact on the electric vehicle e-axle market growth.

However, several governments implemented policies to boost the production and sales of electric vehicles. Moreover, the pandemic compelled customers to switch to online shopping to purchase EVs, further fueling the market growth.

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Segments-

Rising Preference for Private Over Public Transportation to Drive Passenger Car Segment Growth

By vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger car segment accounted for a large market share. The segment is also expected to record a commendable CAGR over the forecast period. One of the major reasons behind the high product demand is that a rising percentage of people were using private vehicles over public transportation during the COVID-19 period.

Affordability of Four Wheelers and Rising Popularity of Front-Wheel Drive in Vehicles to Boost Segmental Growth

In terms of drive type, the industry is divided into all-wheel drive, front-wheel drive, and rear-wheel drive. The front-wheel drive segment is presently dominating the market share and is expected to grow at the fastest CAGR during the forecast period. Front-wheel drive vehicles are more affordable for customers, thereby fueling market growth.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.

Report Coverage:-

The research report provides a detailed analysis of the market. It focuses on various major aspects such as product types, leading companies, and major product applications. The report also delivers valuable insights into the latest trends in the market and highlights key developments in the automotive industry.

Regional Insights-

Asia Pacific Dominates the Market Share due to Rapid Urbanization and Increasing Population

Asia Pacific held the dominant electric vehicle e-axle market share and is also expected to record the highest CAGR during the forecast timeframe. Rapid urbanization and rising population in Asian countries have increased the demand for sustainable transportation alternatives that can alleviate congestion and air pollution in urban areas.

The market in North America also witnessed robust growth in 2022 due to the rising concerns regarding climate change and growing awareness of the harmful impact of fossil fuels on the environment. These factors boosted product sales in the region.

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Competitive Landscape–

Companies to Focus on Developing Advanced Electric Vehicle E-axle Technologies

The electric vehicle e-axle industry includes several leading global as well as regional companies. Both the global and regional organizations have a diverse product portfolio and are increasing their focus on geographic expansion. Many of these regional players are also trying to implement their acquisitions and expansion plans by entering into dealerships and increasing production activities. They are also engaged in the development of products and are boosting their investment in various research & development activities to discover the latest trends and technologies.

List of Key Players Covered in Electric Vehicle E-axle Market Report:-.

• Dana Limited (U.S.)
• Robert Bosch GmbH (Germany)
• GKN Automotive Limited (U.K.)
• Nidec Corporation (Japan)
• ZF Friedrichshafen AG (Germany)
• Schaeffler AG (Germany)
• Linamar Corporation (Canada)
• Magna International Inc. (Canada)
• Suzhou Inovance Automotive Co., Ltd. (China)
• Vitesco Technologies Group AG (Germany)

By Vehicle Type

• Passenger Car

• Commercial Vehicle

By Drive Type

• All-Wheel Drive

• Front-Wheel Drive

• Rear-Wheel Drive–Electric Vehicle E-axle Market Segmentation:-

Key Industry Development:

May 2022: Nidec organized a signing ceremony to build its flagship e-axle manufacturing plant in Pinghu, Zhejiang, China. Post the construction of this factory, the company aims to sell around 3.6 million e-axle units with a planned manufacturing capacity of 7 million units by 2025.

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Table of Content:-

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments –Mergers, Acquisitions and Partnerships
  • Porters Five Forces Analysis
  • PEST Analysis
  • E Axle Supplier Data
  • Comparison of E-axle Drive Types by Platform
  • Regulatory Analysis
  • Impact of COVID-19
  • Technical Insights on Lubricant/Fluid for EVs
• Global Electric Vehicle E-axle Market Analysis, Insights and Forecast, 2019-2030
  • Key Findings / Definitions
  • Market Analysis, Insights and Forecast – By Vehicle Type
    • Passenger Car
    • Commercial Vehicle
  • Market Analysis, Insights and Forecast – By Drive Type
    • All Wheel Drive
    • Front Wheel Drive
    • Rear Wheel Drive
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Rest of the world

Toc Continued…

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