E-Axle Market Report 2023 | Trends, Size, Share and Forecast 2028

According to the latest report by IMARC Group, titled, “E-Axle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global E-axle market size reached US$ 3.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.9 Billion by 2028, exhibiting a growth rate (CAGR) of 20.2% during 2023-2028.

An electric axle (e-axle) is an electro-mechanical propulsion system incorporated into an axle structure of battery electric vehicles (BEVs) to provide power for turning the wheels. It is equipped with transmission units, axle structure, power electronics, and an electric motor into a compact system allowing for minimized complexity and the ability to customize torque, power, and installation space to meet end users' specific needs. It is produced using a lightweight and robust strength metal such as aluminum and includes shafts, pinions, bearings, and gearing components that are essential in securing the commutator and rotor of an automobile. It also converts electrical energy into mechanical power, enabling the vehicle to achieve speed. Additionally, the integration of silicon carbide semiconductor technology in e-axle production has resulted in improved vehicle performance, offering greater adaptability and scalability. Currently, automotive original equipment manufacturers (OEMs) depend on e-axle solutions to optimum use of the internal volume of vehicles for passenger space and extra battery capacity. As a result, e-axle are widely adopted in passenger vehicles, commercial vehicles, and electric vehicles across the globe.

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E-Axle Market Trends and Drivers:

The market is primarily driven by the increasing demand for electric vehicles (EVs) due to their lightweight nature and enhanced efficiency. Additionally, the escalating demand for hybrid electric vehicles (HEVs), commercial vehicles, and trucks on account of rapid urbanization, rising disposable incomes, and expanding global trade are contributing to market growth. In line with this, the growing awareness among individuals about the harmful impacts of fossil fuel-based vehicles on human health and the environment is influencing the market growth. Moreover, several governments are implementing bans on the sales of fossil fuel passenger cars to minimize carbon dioxide (CO₂) emissions from vehicles, representing another major growth-inducing factor. Besides this, the widespread adoption of e-axle in vehicles to enhance energy efficiency and improve performance in terms of noise, vibration, and harshness (NVH) while supporting the high-performance scalability of vehicles, is also accelerating the product adoption rate. Along with this, the development of advanced e-axle products with high-strength casings capable of accommodating high torque and input speeds is propelling the market growth. Apart from this, the e-axle market is growing at different rates in numerous regions, with Asia Pacific being one of the largest markets due to rapid urbanization, growing population, increasing demand for charging infrastructure, rising expenditure capacities of the individual, and robust economic growth across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in October 2021, Nidec introduced the implementation of Ni200Ex, the company's 200kW, e-axle traction motor system, in the ZEEKR 001, an electric vehicle (EV) manufactured by Geely Automobile Group, one of the prominent auto manufacturers in China. Furthermore, increasing investment to launch lightweight automobile variants, continuous technological advancements to produce EVs, several product innovations, and extensive research and development (R&D) activities conducted by leading players are creating a positive market outlook.

E-Axle Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• 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
• ZF Friedrichshafen AG (Zeppelin-Stiftung).

The report has segmented the market based on component type, vehicle type and drive type.

Breakup by Component Type:

• Combining Motors
• Power Electronics
• Transmission
• Others

Breakup by Vehicle Type:

• ICE Vehicles
• Passenger Vehicle
• Commercial Vehicle
• Electric Vehicle

Breakup by Drive Type:

• Forward Wheel Drive
• Rear Wheel Drive
• All Wheel Drive

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

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