Rising sale of electric and hybrid vehicles across the globe, increase in fuel costs, rise in pollution, development of the automobile industry, and decrease in fossil fuel reserves propel the growth of the global E-Axle market
PORTLAND, Oregon, June 3, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, E-Axle Market by Drive Type (Forward Wheel Drive, Rear Wheel Drive, and All-wheel Drive), Component (Combining Motors, Power Electronics, Transmission, and Others), and Vehicle Type (ICE Vehicle (Passenger & Commercial Vehicles), and Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2018–2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global E-Axle market generated $2.00 billion in 2017, and is expected to reach $21.63 billion by 2025, growing at a CAGR of 34.6% from 2018 to 2025.
Factors such as rise in sale of electric & hybrid vehicles across the globe, increase in fuel costs, rise in pollution, development of the automobile industry, and decrease in fossil fuel reserves drive the market growth. However, high cost of electric axle drive system is a major challenge faced by the industry. Conversely, stringent emission regulations to reduce vehicle weight and emission and increasing use of E-Axle in ICE vehicles create new opportunities for growth of the market.
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Forward wheel drive segment to dominate through 2025
Among drive types, the forward wheel drive segment was the largest in 2017, capturing more than half of the market share and would maintain its dominance through 2025. This is because of its better traction rate on slippery routes and conditions owing to placement of engine and transmission components. However, the all-wheel drive segment would grow at the fastest CAGR of 35.9% through 2025. This is because it offers more traction power and control compared to other wheel drive systems. It also offers enhanced handling proficiencies on various surfaces which creates opportunity for towing vehicles, off-road cars, and sports utility vehicles in near future.
Transmission segment to lead in terms of revenue through 2025
Among component types, the transmission segment accounted for 81.8% in 2017 and would retain its dominance through 2025. The availability of variable transmission unit such as automatic, manual, and auto/manual as well as increasing innovation in the field of transmission technology for ICE, hybrid vehicle is creating demand for E-Axle. However, the combining motors segment would witness the fastest CAGR of 47.9% during the forecast period. Innovation in the motor type from giant automotive companies to make them precisely used for different types of vehicles creates an opportunity for the market.
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Asia-Pacific to be lucrative through 2025
The Asia-Pacific market grabbed more than two-fifths of the market share and is likely to dominate the market through 2025. It is also expected to witness the highest CAGR of 36.2% through the forecast period. This is due to the increase in automotive manufacturing plants and demand for electric vehicles in the region. Rising pollution levels in various Asia-Pacific countries and governmental incentives for EVs create substantial opportunity for the product in this region in coming years.
Key players of the industry
Leading market players analyzed in the research include Robert Bosch GmbH, Nidec Corporation, ZF Friedrichshafen AG, GKN Plc, Schaeffler Technologies AG & Co. KG, Continental AG, Borgwarner Inc., AVL List GmbH, Axletech International, and Dana Limited.
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SOURCE Allied Market Research