Global E-Axle Market to Reach US$ 19.2 Billion by 2032, Impelled by Widespread Preference for Electric Vehicles

April 07, 2022 | Automotive Industry

According to the latest report by IMARC Group, titled "E-Axle Market Report by Component Type (Combining Motors, Power Electronics, Transmission, and Others), Vehicle Type (ICE Vehicles, Electric Vehicle), Drive Type (Forward Wheel Drive, Rear Wheel Drive, All Wheel Drive), and Region 2024-2032," the global e-axle market reached a value of US$ 4.3 Billion in 2023. An electric axle (e-axle) refers to a power source system that is generally used in the manufacturing of vehicles. It is a compact driving solution that is mainly composed of high-strength metal with various components, such as shafts, bearings and pinions, that aid in holding the commutator and rotor of an automobile. It functions by converting electrical energy into mechanical to provide speed to the vehicle while simultaneously amplifying and customizing the torque and power of the motor. Besides this, due to the widespread adoption of silicon carbide semiconductor technology in the manufacturing process of e-axile, it offers high flexibility and scalability while improving the overall performance of vehicles.

Global E-Axle Market Trends:

The global market is primarily driven by the rising preference for electric vehicles (EVs) among individuals due to an enhanced focus on sustainable development among the masses. Coupled with rapid urbanization and inflating disposable income levels of individuals, this is catalyzing the product demand across the globe. In line with this, numerous initiatives undertaken by the government of multiple countries for implementing stringent emission norms are acting as another major growth-inducing factor. Moreover, several leading manufacturers are heavily investing in the launching of lightweight automobile variants for enhancing fuel efficiency, which is creating a positive market outlook. Additionally, continual technological advancements in the manufacturing of EVs are expected to drive the product demand. Other factors, including continual improvements in the automotive industry, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 19.2 Billion by 2032, exhibiting a CAGR of 17.59% during 2024-2032. 

Market Summary:

  • On the basis of the component type, the market has been segmented into combining motors, power electronics, transmission and others.
  • Based on the vehicle type, the market has been segregated into ICE vehicles (passenger and commercial vehicles) and electric vehicle.
  • On the basis of the drive type, the market has been classified into the forward, rear and all wheel drives.
  • Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and the Middle East and Africa. 
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include AVL List GmbH, Axletech International (Meritor Inc), Borgwarner Inc, Continental AG, Dana Incorporated, GKN Plc (Melrose Industries), Nidec Corporation, Robert Bosch GmbH, Schaeffler Technologies AG & Co. KG and ZF Friedrichshafen AG (Zeppelin-Stiftung).

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Global E-Axle Market to Reach US$ 19.2 Billion by 2032, Impelled by Widespread Preference for Electric Vehicles
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