Global industry analysis
The electric axle drives market is growing significantly due to the need for higher efficiency and lower emissions in the transportation industry. Electric shaft propulsion systems offer great flexibility and improved performance, enabling manufacturers to move goods and people while remaining environmentally conscious.
In the automotive industry, an axle is the central axis of a wheel or gear. It can move forward or backward with the movement of the wheels around the axis. Automobile manufacturers use the electric axle drive as the basis for making electrification available.
The electric shaft drive adapts to different platforms and works with each component to build a system. The powertrain of a vehicle includes the axle. The increasing demand from the automotive industry contributes to the expectation that the electric shaft drive will gain in importance.
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Electric shaft propulsion is gaining traction given its ease of use and popularity in vehicles. It is used in passenger cars, light commercial vehicles and heavy commercial vehicles. With the increasing demand for hybrid and electric vehicles equipped with the latest technologies, manufacturers are opting for various components such as clutch, transmission and axle, which triggers the market demand for electric axle drives during the forecast period 2017-2027.
Electric axle drive: market dynamics
The demand for the global electric shaft drive market is mainly driven by the automotive industry. The axle is used in various vehicles as part of electrification. Demand in the automotive electric axle drives market is driven by global vehicle production and technological advances.
Manufacturers focus on the longest product life cycle, light vehicles, cost benefits and convenience for customers. The latest trend that forces manufacturers to opt for the latest technology is driving the global electric shaft drive market during the forecast period. Also, due to the advent of electric shaft propulsion, manufacturers are offering minimal power losses that might otherwise be caused by mechanical impact.
Macroeconomic factors such as high customer purchasing power, standardized lifestyle, government regulations and automaker regulations are having a positive impact on the market demand for electric axle drives.
However , factors such as the high purchase price, constant innovations in technologies, strong presence of competitors that force manufacturers to choose continuous innovations in mechanism, etc. influence the global demand of Electric Shaft Drives market.
Powered by Electric Axis: Segmentation
By vehicle type
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Electric shaft drive – segment overview
The global type-based electric axle drives market, driven by the live axle segment, is anticipated to witness significant growth during the forecast period. The increasing preference for SUVs and other passenger vehicles has fueled the growth of the driven axle market. The increase in global vehicle production favors the global electric axle drive market.
Hence, these factors are expected to lead the live wave market to register a significant CAGR during the forecast period. The market is also segmented into vehicle types that use electric shaft drive. Includes heavy vehicles, passenger cars and light commercial vehicles. By position of final drive in vehicles, global electric final drives market is segmented into front axle and rare axle.
Electric Final Drive – Regional Overview
Global Electric Shaft Drives Market is geographically segmented into seven regions namely Latin America, North America, Middle East & Africa, Japan, Asia Pacific, Eastern Europe and Western Europe. The Asia-Pacific region is expected to gain momentum over the forecast period due to rising vehicle sales, strong demand for aftermarket components and strong OEM presence.
Hence, Asia-Pacific is expected to register a remarkable CAGR during the forecast period. The demand of the electric shaft drive market from the Western European countries creates the potential market for the electric shaft drive market.
Electric Shaft Drive: Market Players
Some of the leading players in the electric axle drives market are Dana Limited, ZF Friedrichshafen AG, GKN Plc., American Axle & Manufacturing, Inc., Robert Bosch GmbH and UQM Technologies.
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