Global Automotive Electric Drive Axle Market is Likely to Reach US$ 69.0 Bn by 2031, Recording Over 25.3% CAGR: Report by Transparency Market Research

The market for automotive electric drive axles is anticipated to grow during the projected period due to an increase in the use of electric automobiles

/EIN News/ -- Wilmington, Delaware, United States, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for automotive electric drive axle was estimated to be worth a market valuation around US$ 9.1 billion in 2022. The market is anticipated to advance with a booming 25.3% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 69 billion.

Drive range is the most important factor for EV customers. Increased access to charging stations, particularly fast-charging networks, can assist resolve this problem. Governments all around the world are increasing the availability of charging infrastructure in cities, on roads, at businesses, and in residential structures, making it easier for electric vehicle owners to charge their vehicles. The market for automotive electric drive axles is expanding as a result of the simplicity with which electric vehicles may be charged.

Increased investment towards electric vehicle technology and associated parts, such as lightweight automobile electric drive axles, is stimulated by the expansion of charging infrastructure. This investment boosts market revenue by fostering research, development, and innovation in the electric vehicle sector.

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Market Snapshot:

Report Coverage	Details
Market Revenue	US$ 9.1 Bn
Estimated Value	US$ 69.0 Bn
Growth Rate - CAGR	25.3%
Forecast Period	2023-2031
No. of Pages	240 Pages
Market Segmentation	Type, Drive Type, Vehicle Type, Electric Vehicle Type, Sales Channel
Regions Covered	North America, Europe, Asia Pacific, Middle East & Africa , South America
Companies Covered	American Axle & Manufacturing, Inc.,Benevelli Srl,Bonfiglioli S.p.A,BorgWarner Inc.,Continental AG,Dana Limited,FPW Axles Limited,GKN Automotive Limited,LOHR,Magna International Inc.,PRM Newage,Protean,Robert Bosch GmbH,Schaeffler AG,Toyoda Gosei Co., Ltd.,Univance Corporation,Danfoss,ZF Friedrichshafen AG,ZIEHL -ABEGG SE

Key Findings of Market Report

• In 2022, the e-axle type category held 66.1% of the market.
• With a 43.2% market share, front wheel drive was the dominant drive type in 2022.
• From 2023 to 2031, Asia Pacific is anticipated to have a major share.
  

Market Trends for Automotive Electric Drive Axle

• In 2022, the front wheel drive category held a commanding market share as the biggest drive type segment. FWD designs provide more space-effective vehicle construction. There is greater space in the back for people and goods because the electric engine and transmission are located up front. This is especially advantageous for tiny and medium electric vehicles, which are well-liked options for commuting in cities.
• FWD is appropriate for a variety of driving situations because it offers strong grip and stability, particularly in slick or difficult road conditions. This is crucial for electric cars since it improves overall drivability and safety. When commuting in cities, where the bulk of driving takes place on well-kept roads with high grip, electric vehicles are a popular option. FWD is a desirable option for city inhabitants and drivers since it is well-suited for this sort of driving.

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Automotive Electric Drive Axle Regional Market Outlook

Various reasons are propelling the growth of the automotive electric drive axle market in different regions. The are:

• From 2023 to 2031, Asia Pacific is anticipated to have a major share. The region's market dynamics are being fueled by the implementation of strict energy laws and government incentives encouraging the use of electric cars. Strict emission limits for conventional internal combustion engine cars are also frequently included in these programs, along with tax breaks, financial incentives, and subsidies for EV consumers.
• Market statistics for the Asia Pacific region are being driven by an increase in investment in infrastructure for electric vehicle charging, including public charging stations as well as fast-charging networks. Increased confidence in operating electric vehicles and less range anxiety are two benefits of expanding the charging infrastructure, both of which increase demand for automotive electric drive axles.

Global Automotive Electric Drive Axle Market: Key Players

Numerous providers of automotive electric drive axles contribute to the fragmentation of the worldwide business. The majority of businesses are growing their networks of suppliers in an effort to gain market share for automobile electric drive axles. To increase the size of their consumer base, they are also implementing initiatives for cooperation, partnerships, and mergers and acquisitions.

American Axle & Manufacturing, Inc., Benevelli Srl, Bonfiglioli S.p.A, BorgWarner Inc., Continental AG, Dana Limited, FPW Axles Limited, GKN Automotive Limited, LOHR, Magna International Inc., PRM Newage, Protean, Robert Bosch GmbH, Schaeffler AG, Toyoda Gosei Co., Ltd., Univance Corporation, Danfoss, ZF Friedrichshafen AG, and ZIEHL -ABEGG SE are significant companies operating in this industry.

Some developments by the key players in the global market for automotive electric drive axle are:

• ZF Friedrichshafen AG introduced AxTrax 2, a next-generation axle-based e-powertrain system suitable for light, medium, as well as heavy-duty trucks, in July 2023. The 2024 manufacturing date for the new AxTrax 2 drives, which are appropriate for distribution vehicles up to 44-ton trucks and trailers.
• American Axle & Manufacturing Holdings, Inc. signed a new agreement in May 2023 with Stellantis, a major international carmaker and supplier of cutting-edge mobility solutions, to deliver electric beam (e-Beam) axles towards a future electric vehicle program.
• In October 2022, a European customer's e-axle for light-duty commercial vehicles will be powered by a BorgWarner HVH250 electric motor. This e-axle is intended to be used with both new electric light commercial trucks up to 7.5 tons and fleets of current internal combustion engine-powered vehicles that are being converted to electric propulsion.
• In June 2022, Schaeffler AG unveiled a 4-in-1 electric axle featuring an integrated thermal control system, power electronics, electric motor, and transmission within the axle drive.

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Global Automotive Electric Drive Axle Market Segmentation

• Type
  • E-axle
  • Hybrid Axle
• Drive Type
  • Front Wheel Drive
  • Rear Wheel Drive
  • All Wheel Drive
• Vehicle Type
  • Passenger Cars
    • Hatchbacks
    • Sedans
    • SUVs
  • Light Commercial Vehicles
  • Heavy Duty Trucks
  • Buses and Coaches
• Electric Vehicle Type
  • Battery Electric Vehicles (BEVs)
  • Plug-in Hybrid Electric Vehicles (PHEVs)
  • Hybrid Electric Vehicles (HEVs)
• Sales Channel
  • OEMs
  • Aftermarket
• Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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