Automotive Electric Axle Drive Market – 2019 Global Industry Forecast To 2023 is latest report on Automotive Electric Axle Drive Industry published by Market Research Future. According to report Global Automotive Electric Axle Drive Market is expected to rise at 12.31% CAGR during forecast period of 2019 to 2023. The Market for Automotive Electric Axle Drive is segmented By System Type (Electric Systems, Hybrid Electric Systems), Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), and Region.
Key Companies in Automotive Electric Axle Drive Industry analyzed in report at:
American Axle & Manufacturing Holdings, Inc.(U.S.), Robert Bosch GmbH (Germany), GKN Plc (U.K.), ZF Friedrichshafen AG (Germany), Schaeffler Technologies AG & Co. KG (Germany), Magna International Inc. (Canada), Bonfiglioli Riduttori S.P.A. (Italy), Continental AG (Germany), Ziehl Abegg SE (Germany), and Borgwarner Inc. (U.S.).
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Automotive Electric Axle Drive Market Highlights:
The Automotive Electric Axle Drive are drive systems that find application primarily in the hybrid and electrical vehicles. These systems are designed for all automobile segments and for both rear and front wheel drives. The use of Automotive Electric Axle Drive facilitates high adaptation and flexibility to ensemble several transmissions and engines. The electric axle also enables several driving components which ensures safety and allows the vehicle to be driven smoothly. As per the reports presented by Market Research Future (MRFR), the electric axle market is estimated to generate an approximate revenue of USD 8,226.3 million by 2023. The market is likely to develop at 12.31% CAGR over the forecast period.
Key automakers around the globe are increasingly focusing on the production of electrical vehicle owing to the increase in demand for electric vehicles. The growth can be attributed to the efforts to curb the carbon emissions from vehicles. The key driver for the market is the competence of electric drive systems to incorporate wheel hub and all elements necessary for efficient driving coupled with enhanced driving safety, into single a unit.
The other key driver for the market is the capacity of automobile manufacturers to adapt and design the electric drive systems based on certain vehicle requirements such as for commercial vehicles and for passenger cars. The Automobile Association of America (AAA) states that the lower gas prices have not repressed demand for electric cars. As per their reports, the demand for electric car is expected to surge in the upcoming years.
Over 30 million Americans are anticipated to purchase electric car as their next vehicle. This trend in majorly impacted by people’s commitment and compliance towards carbon reduction and environmental preservation. China has been identified as the dominating market for electric vehicles, in the APAC region. In 2016, China accounted for selling more than 507,000 plug-in hybrid vehicle and electric vehicles which comprised almost 53% increase from the figures observed in 2015. China has been followed by the markets like Europe and US. Additionally, the key market players are increasingly inclined towards concentrating on electric vehicles. They have started extending EV range for models including superminis, hatchbacks, vans, large family cars, sedans, and others. Along with these factors, the demand for electric axle system has also witnessed remarkable surge as the OEM have shifted increasing focus on expanding its production. However, the growth in the number of electric vehicles will unswervingly influence the demand for electric axle drive system in a positive way.
The global electrical axle drive systems market has been segmented based on vehicle types, regions, and system types. Based on vehicle types, the market has been segmented into light commercial vehicles, passenger cars, and heavy commercial vehicles. Based on regions, the market has been segmented into APAC, North America, Europe and The Rest of the World. Based on system types, the market has been segmented into hybrid electric systems and electric systems.
Geographically, Asia Pacific region is estimated to dominate the electrical axle drive systems market. The growth can be attributed to the surge in electric car sales in countries such as Japan, China, India, and South Korea. Several economies in the region are increasingly adopting to the implementation of electric cars as they have less environmental impact. The Europe and North America region closely follow the Asia Pacific region pertaining to the adaption of electric axle in automotive.
List of Tables:
Table 1 Global Electric Axle Drive Systems Market, By System Type
Table 2 Global Electric Axle Drive Systems Market, By Vehicle Type
Table 3 Global Electric Axle Drive Systems Market, By Regions
Table 4 North America Electric Axle Drive Systems Market, By System Type
Table 5 North America Electric Axle Drive Systems Market, By Vehicle Type
Table 6 U.S. Electric Axle Drive Systems Market, By System Type
Table 7 U.S. Electric Axle Drive Systems Market, By Vehicle Type
Table 8 Canada Electric Axle Drive Systems Market, By System Type
Table 9 Canada Electric Axle Drive Systems Market, By Vehicle Type
Table 10 Europe Electric Axle Drive Systems Market, By System Type
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