Automotive E Axle Market Forecast and CAGR
According to assessment, automotive e-axle market is expected to increase multi-fold during 2021 to 2031, reflecting a CAGR of 4%-6% over the said period. In the medium term, the market would progressively recover, with a positive long-term growth forecast. Increasing adoption of automotive e-axles in the light commercial vehicle segment, as well as the increasing sales of battery powered electric cars is expected to drive the market.
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What is Driving Demand for Automotive E Axle?
An electro-mechanical propulsion system with axle frames, electric motors, power electronics, and transmission units is known as an E-Axle. For battery-electric cars and hybrid applications, this gadget serves as a compact, cost-effective electric drive option. It is used in conjunction with a conventional internal combustion engine (ICE) or a hybrid powertrain. Improvements in e-axle design have been made as a result of the introduction of automotive e-axles for heavy commercial vehicles and increased expenditure in electric vehicle R&D. The modular e-axle architecture has allowed automakers to increase the vehicle’s battery capacity, extending the vehicle’s range on a single charge. Manufacturers have been forced to focus on the development of technologically innovative products due to the growing need for lightweight, functionally safe, and price-effective chassis and automotive systems.
Manufacturers have been able to roll out electric vehicles with greater range on a single charge thanks to technological improvements in recent years. The use of electric axles in commercial vehicles is a major element driving industry expansion and application diversification. Their increasing use in commercial vehicles will stimulate the manufacturing environment and attract significant investments to improve R&D capabilities. With extremely advanced and technologically improved commercial vehicle e-axles, this would eventually help the industry and its end-users. Several countries’ legislative and policy reforms have accelerated the adoption of electric vehicles, resulting in increased sales of automotive e-axles. The European Union’s Zero-Emission Vehicles resolution and accompanying policy reforms to roll out all-electric passenger cars are predicted to have a favorable impact on the European market for automotive e-axles.
Emissions restrictions that are strict in order to minimize vehicle weight and emissions
Electric vehicles are experiencing a spike in popularity due to their reduced weight and enhanced economy. This has resulted in an increase in the use of electric axles in all types of cars. Furthermore, such an installation reduces CO2 emissions and the amount of space necessary for engines.
Electric vehicles use an electric motor that is driven by a constant supply of current, thus they do not emit pollutants. This is expected to drive the market of automotive e-axle
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US and Canada Demand Outlook of Automotive E-Axle
US accounted for a large market share of e-axles. Over the predicted period, US is projected to aid the region’s supremacy. The US was one of the first to embrace electric vehicles and it is among the prominent market for electric vehicles. This has led to slow growth of conventional vehicles production in the region. In North America, premium and luxury cars are in high demand, which is likely to boost the e-axle business.
Europe Automotive E-Axle Market Outlook
Due to increased EV sales, particularly in Germany, Europe has been gaining the one of the greatest share of the global electric axle market. Europe region has constantly taken active measures to address environmental pollution, resulting in a high rate of adoption of electric vehicles in the country’s transportation sector. Europe is one of the world’s largest market for electric vehicles. To accommodate the growing demand for electric vehicles, major global electric car manufacturers are establishing factories in Europe.
Who are the Key manufacturers and suppliers of Automotive E Axle?
Some of the leading manufacturers and suppliers of automotive e-axle include
- BorgWarner Inc.
- GKN Automotive Limited
- Robert Bosch GmbH
- Linamar Corp.
- AxleTech
- AVL List GmbH
- ZF Friedrichshafen AG
- Dana Limited
- Nidec Corporation
- American Axle and Manufacturing Inc.
- Schaeffler AG
- Magna International Inc.
- Hyllion
These companies are increasing their investments in e-axle technology, which can be attributable to their diverse client base. The market is currently consolidated, with a few main competitors dominating. Other prominent players and startups, on the other hand, have recently upped their investments.
Key developments:
- In Dec 2019, GKN launched a strategy to make electric propulsion more affordable, enabling it to be used by masses.
- In Feb 2020, Dana Limited launched Spicer e-axle for class 4&5 commercial vehicles which positioned it as first to market in North America for medium duty vehicle e-axle
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