Market Synopsis of Electric Axle drive systems Market:
Globally, the market for Electric Axle drive systems is growing at a CAGR of 5.10% during the forecast period (2017-2023). Electric Axle drive systems are used to protect the passenger at the time of collision. Electric axle drive systems are generally installed in the electric and plug-in hybrid electric vehicles. They are installed with the help of multiple electric motor on each axle to provide power to the wheels. The use of electric axle drive system increases the stability and provides better driving dynamics on the normal roads.
Asia Pacific accounted for the largest market share of 34.60% in 2016 and is projected to grow at a CAGR of 13.97% during the forecast period. U.S. is expected to dominate the market in North America. U.S. accounted for the largest market share of 71.60% in 2016 due to the growing demand for hybrid electric vehicles. The factors that are responsible for the growth of the electric axle drive system market are growing demand for electric vehicles, expansion of global automotive manufacturers into emerging markets, and emerging demand from Asia Pacific region. Asia Pacific is the fastest growing region for the electric axle drive system due to the high demand from countries such as China, India, Korea, Malaysia, and Vietnam. Asia Pacific region had a combined population of over 4.5 billion and GDP of more than USD 22 trillion in 2016. Asia Pacific is driving the electric axle drive system market contributing more than 40% of the global demand. In Asia Pacific, China has held the market of largest sales of electric vehicles in 2016, which indicates the demand for electric axle drive system is expected to increase in upcoming years. High prices of raw materials cause the automotive manufacturers to increase the price of the system. This will hinder the growth of the market during the forecast period.
The key players in market include Robert Bosch GmbH (Germany), American Axle & Manufacturing Holdings, Inc.(U.S.), ZF Friedrichshafen AG (Germany), GKN Plc (U.K.), Magna International Inc. (Canada), Schaeffler Technologies AG & Co. KG (Germany), Continental AG (Germany), Bonfiglioli Riduttori S.P.A. (Italy), Borgwarner Inc. (U.S.) and Ziehl Abegg SE (Germany).
- The global electric axle drive systems market is expected to reach USD 8,226.3 million by 2023.
- Regionally, Asia Pacific accounted for the largest market share of 34.60% in 2016, with a market value of USD 1,271.6 million.
- In North America, U.S. accounted for the largest market share of 71.60% in 2016, with a market value of USD 876.2 million and is projected to grow at the highest CAGR of 11.10% during the forecast period.
- On the basis of system type, Hybrid Electric Systems accounted for the largest market share of 56.10% in 2016.
- On basis of vehicle type, Passenger Cars accounted for the largest market share of 64.60% in 2016.
The report covers brief analysis of geographical region includes:
- Rest of Europe
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
Study Objectives of Electric Axle Drive Systems Market
- To provide detailed analysis of the market structure along with forecast for the next five to ten years of the various segments and sub-segments included in global electric axle drive systems market with analysis of its development and demand in the market
- To identify high growth regions and countries
- To study regional and country-specific demand and forecast for global electric axle drive systems market
- To cover the key segments of system type, vehicle type, and region
- To finalize unit breakdown for all different classifications required for forecasting, considering various factors
- To identify forecast demand for all probable segments for all the regions, and to collect the historical figure, data through primary and annual reports to derive the regional and country level market size
- To identify historical trends to forecast and estimate the future value data
- Manufacturers and distributors of electric axle drive systems market
- Suppliers and traders of electric axle drive systems market
- Government associations and industrial bodies.
- Investors and Trade experts
- Consulting in automotive experts
- Electric axle drive system
- Dexter axle
- Trailer axles
- Boat trailer axles
- Trailer axles
- Torsion axle
- Utility trailer axles
- Axle straps
- Dexter trailer axles
- Electric axle