Electric Axle Drive Systems Market Size, Share & Trends 2030

Report Description

The global electric axle drive systems market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rapid growth of automotive sector and increasing demand for electric vehicles world-wide.

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Electric axle drive system is a drive solution which serves as a power source for electric and hybrid automobiles. Electric axle drive system is completely integrated into front or the rear axle with main function being delivering power to turn the wheels. Electric axle drive system is known to be made up of fully contained units consisting of high-strength, lightweight metal, and is typically compact by design which directly powers the vehicle’s axle. The system integrates traction motor combined with gear train, motor drives and other power electronics all built into one sub assemble which is then mounted directly with the rear axle of the vehicle. They are less complex and simpler by design further aiding to deliver smoother and efficient drive experience.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for electric vehicles and concerns over rising pollution levels owing to gasoline powered vehicles is anticipated to drive the market expansion during the forecast period.
• Rapid growth of the automobile sector in the developing regions around the world and increasing disposable income in the emerging nations are major factors spurring the market growth in the coming years.
• High costs associated with procurement of raw materials and poor charging infrastructure for electric vehicles are projected to impede the market growth in the coming years.
• Poor aftermarket services and high prices of the spare parts are major challenges restraining the market expansion during the forecast period.
• R&D investment, technological advancements, and favorable government policies are projected to create significant opportunities for the market players.

Scope of the Report

The report on the global electric axle drive systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Electric Axle Drive Systems Market Segment Insights

Hybrid Electric Systems to dominate the market share

Based on system types, the global electric axle drive systems market is segmented into electric systems and hybrid systems. The hybrid electric systems segment is expected to account for major market share in the coming years owing to their simple and less complex design. Hybrid electric systems are cheaper to maintain and are reliable which is projected to spur the market growth at a steady rate. On the other hand, the electric systems are anticipated to expand at a significant CAGR during the forecast period due to technological advancements and innovations over past couple of years which have bought down the cost of the vehicles considerably.

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Passenger Vehicles segment is projected to constitute large market share

In terms of end-users, the global electric axle drive systems market is segregated into passenger cars, light commercial vehicles and heavy commercial vehicles. The passenger vehicles segment is projected to represent large market share during the forecast period due to increasing demand for electric vehicles among the consumers, addition of new innovative technology, and rising concerns of carbon emissions produced by gasoline vehicles.

Pure Electric Vehicles segment is anticipated to register robust growth rate

On the basis on vehicle types, the global electric axle drive systems market is segmented into pure electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. The pure electric vehicles segment is expected to expand at a high CAGR during the forecast period. The segment growth is attributed to rapid development of electric charging grid infrastructure in various countries among the world in a bid to promote use of electric vehicles.

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Brushless DC Motor to represent large market share

Based on motor types, the global electric axle drive systems market is divided into induction motor, permanent magnet ac motor, brushless dc motor, and others. The brushless DC motor is projected to account for major market share during the forecast period owing to simpler to maintain, more durable, able to respond faster and at higher operating speeds, easy to control in regard to speed and handling, and is considerably lighter.

North America to dominate the market

On the basis of regions, the global electric axle driving systems market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to growing adoption of electric vehicles, increasing popularity of regional players such as Tesla and Ford, and well-established charging grid in countries such as USA and Canada.  However, the market of Asia Pacific is projected to expand at a substantial CAGR owing to rising passenger electric cars sales in countries such as South Korea, Japan, China, and India.

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