Electric Axle Drive Market: Introduction
An axle in the automotive industry is a central shaft for a wheel or gear. It may rotate along with the wheels or with the rotation of wheels around the axle. The electric axle drive system is a platform used by the automakers to make electrification accessible. The electric axel drive is flexible for various platforms and collaborates each component to be a system. The axle is the part of driveline of a vehicle. The electric axle drive is expected to gain traction especially due to rise in demand from the automotive industries. The electric axle drive is gaining traction considering its ease of operation and popularity in the vehicles. It is used in passenger cars, light commercial vehicles, and heavy commercial vehicles. With increasing demand for the hybrid and electric vehicles enabled with latest technologies manufacturers opt for various such components such as the clutch, transmission, and axle, which triggers the demand for electric axle drive market in the forecast period 2017-2027.
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Electric Axle Drive Market: Dynamics
The demand for the global electric axle drive market is majorly driven by the automotive industries. The axle is used in various vehicles as a part of electrification. The demand for the automotive electric axle drive market is fueled by the global vehicle production and technological advancement.
The manufacturers focus on the longer product life cycle, light weight vehicles, cost advantages and comfort level for the customers. The latest trend forcing the manufacturers to opt for the latest technology drives the global electric axle drive market in the forecast period. Moreover, due to the advent of electric axle drive, the manufacturers offer minimum power losses which otherwise could be caused by the mechanical actions.
The macro economic factors such as high spending power of the customers, standardized life style, governmental rules, and regulation for the automakers all positively affect the demand for the electric axle drive market.
However, the factors such as high purchase price, constant innovation in the technologies, strong competitors’ presence forcing the manufacturers to opt for continuous innovation in the mechanism, etc. affect the global demand for the electric axle drive market.
Electric Axle Drive Market: Segmentation
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Electric Axle Drive Market: Regional Outlook
The global electric axle drive market is segmented geographically into seven regions namely Latin America, North America, Middle East and Africa, Japan, Asia Pacific, Eastern Europe and Western Europe. The Asia Pacific is expected to gain traction in the forecast period owing to increase in sales for the vehicles, prominent demand for aftermarket components, and a strong presence of OEM.
The Asia Pacific is thus expected to show notable CAGR in the forecast period. The demand for the electric axle drive market from the Western European countries creates the potential market for the electric axle drive market.
Electric Axle Drive Market: Key Players
Some of the prominent players in the electric axle drive market includes Dana Limited, ZF Friedrichshafen AG, GKN Plc., American Axle & Manufacturing, Inc., Robert Bosch GmbH, and UQM Technologies
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