[173+ Pages Report] Facts and Factors have recently published the report titled “E-Axle Market” which illustrates that the global E-Axle market was estimated at around USD 20.60 Billion in 2020, and it is expected to provide revenue of about USD 78.23 Billion by end of 2026, developing at a CAGR of around 24.9% between 2021 and 2026.
An E-Axle is a tightly wrapped, cost-effective solution that is installed in electric and hybrid vehicles to transfer power from the electric motor to the wheels. An axle makes the ride in an electric vehicle less compounding and more reliable. The axle further functions as a mounting for the wheels and in complicated and hyper-performance cars it can even possess advanced driving roles such as steering and dedicated power transmission based on the placement. Moreover, an E-Axle also packs in essential units such as power inverters & differentials, thereby making it an integral part of any electronic vehicle.
Over the years EV’s become popular in terms of performance, range & features. With many more key players in the ICE space looking to jump in the fray, the sale of E-Axle has been driven higher. As EV’s get more acceptance in the car industry, a proportional jump in revenue is also expected over the forecast period. Other factors that contribute toward boosting the E-Axle sales include escalated optimum performance standard of an EV, increased rideability, and an overall welcoming for the EV’s and hybrid class vehicles.
Furthermore, an expanded state of mind among citizens regarding issues such as environmental and air pollution added monetary benefits for owning an EV alongside the constant drag in the price for fuel has further pushed the sale for EV’s and essence in E-Axles. With advancements in technology toward manufacturing and supply chain analytics, the market for E-Axles is bound to increase tenfold. However, the pricing of the current-day EV’s and the higher cost related to research and development in expanding the current portfolios of E-Axles is likely to restrain the market growth.
The E-Axle market can be segmented into shaft type, material, vehicle type, drive, components & regions.
Based on the shaft type, the segment can be broken down into single axles and multiple axles. The material segment can be disintegrated into alloy and carbon fiber. The carbon fiber segment has been witnessing the highest growth CAGR during the forecast period. The latest trend indicates the replacement of carbon fiber parts instead of alloys due to various factors such as high strength-to-weight ratio, high corrosive resistance & elevated feasibility. Carbon fiber parts have been seeing a massive uptake in areas where weight plays a crucial role in the performance of a vehicle. The vehicle type can be segmented into commercial vehicles and electric vehicles. The commercial vehicle can be further split into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Passenger vehicles are expected to drive the market due to the increased demand and the exceptional cost. In terms of electric vehicles, the category can be split between hybrid electric vehicles, battery-operated electric vehicles, and plug-in hybrid electric vehicles. The EV’s have been witnessing a high CAGR growth in the markets of North America and Europe due to increased environmental concerns.
Based on the drive segment, the latter can be further split between forwarding wheel drive (FWD), rear-wheel drive (RWD), and all-wheel drive (AWD). While the forward wheel drive sub-category accounts for the major market share due to the popularity of FWD vehicles, the AWD sub-category has been witnessing the highest growing CAGR due to their increased performance capabilities and optimal cost. The component category can be broken down into combining motors, power electronics, transmission, and others. The transmission segment accounts for the largest market share in this category, however, the combining motors sub-segment is expected to witness the highest growth CAGR during the forecast period.
The Asia-Pacific region will account for the largest market share in the category with India and China accounting as the major contributors. Being the most populous countries in the world, combined India and China have the largest automobile sector in the world. Furthermore, an increase in disposable income and a heavy reliance on four-wheelers has led to a surge in sales in E-Axles in the region. Furthermore, with the entry of India into the realm of electronic vehicles, the market is further expected to grow and sustain.
Following the Asia Pacific region, Europe occupies the larger market share followed by North America.
Some main participants of the E-Axle market are American Axle and Manufacturing, Hyundai WIA, GKN Plc, ZF Friedrichshafen, Continental AG, Dana Limited, Nidec Corporation, Axletech International, and Schaeffler Technologies AG & Co.KG, amongst others.
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