Automotive Electric Drive Axle Market: Recent Industry Developments and Growth Strategies Adopted by Players
Albany, NY -- (SBWire) -- 05/17/2018 --Automotive electric drive axle is an advancement to the conventional axle that is used to transmit power generated by the electric motor to the driving wheels. The electric drive axle uses an electric motor as its power source unlike the conventional internal combustion engine and the market for the same is flourishing on the back of increased emphasis on reducing pollution. According to this business intelligence report, the demand in the global automotive electric drive axle market will expand at a phenomenal CAGR of 36.84% during the forecast period of 2017 to 2025. The analysts of the report have estimated that the opportunities in the global automotive electric drive axle market will translate into a revenue of US$6.35 bn in 2025, substantially up from its evaluated worth of merely US$0.4 bn in 2016.
Government mandates for vehicle electrification, necessity to curb the emission of greenhouse gases, minimal running charge, and paradigm shift in mindset of people to purchase electric vehicles as their contribution to the environment are some of the key factors driving the demand in the global automotive electric drive axle market. On the other hand, higher cost of technology that is currently being harnessed is obstructing the market from flourishing. Nevertheless, the vendors of this market are expected to gain new opportunities from strong research and development activities that are currently underway by nearly every major player of the automotive industry.
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Based on system, the automotive electric drive axle market is segmented into electric axle and hybrid axle. The electric axle runs purely on the power generated by the electric motor and is thus employed in all the battery electric vehicles. The significant emphasis of the government on adoption of electric vehicles is estimated to increase the demand of electric axles.
As the preference of people to switch to hybrid vehicles is increasing to achieve fuel savings, the market share of hybrid axle is projected to grow at a higher CAGR during the forecast period of the report. Based on end user the automotive electric drive axle market is bifurcated into original equipment manufacturers (OEMs) and aftermarket. The electric axle has a major end user as OEM. However, the aftermarket segment is projected to increase quickly too with the rise in maintenance demands.
In terms of vehicle type, the automotive electric drive axle market is classified into passenger electric vehicles and commercial electric vehicles. The passenger electric vehicles include battery operated electric vehicle, plug-in hybrid vehicle, and hybrid vehicle. The commercial electric vehicles include busses and coaches. Among these, the passenger electric vehicle segment accounts for the largest market share and their demand is likely to increase with rise in incentive scheme, tax credits, and perks passed by the government.
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The import – export trade policies has led to the development of transport and logistics and thereby boosting the commercial vehicle sectors of China, India. China is the largest market for electric bus with about 98% of total global electric bus manufactured in China. Cities like Shenzhen has adopted all electric bus fleet and the government has planned to implement same policy for other cities thus raising the demand for electric axle.
The presence of countries such as China, Japan, and South Korea has turned Asia-Pacific into the most important region in terms of market share. Chinese government has passed a policy for auto-makers to manufacture minimum 10% of its vehicle as electric starting 2019 thus increasing the demand for electric axles.
The demand in the Asia Pacific automotive electric drive axle market is projected to expand at a CAGR of 46.90% during the forecast period of 2017 to 2025. Europe provides for the second major share of demand in the electric axle market with, auto hub countries like Germany, France, and Italy increasing the production capacity of electric vehicles. North America is following up in the race of electric vehicles too, with presence of major electric vehicles players such as Tesla.
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American Axle & Manufacturing, Inc, ZF Friedrichshafen AG, GKN plc, Continental AG, Ziehl – Abegg, Bonfiglioli Riduttori S.P.A, Magna International Inc, F P W Axles Ltd,Benevelli SRL, and Axletech International are some of the key players in the global automotive electric drive axle market.
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