Automotive eAxle Market: Introduction
- Rise in consumer preference toward new energy vehicles such as battery electric vehicle (BEVs) and hybrid electric vehicle (HEVs) attributing to an increase in awareness about the advantages offered by electric vehicles is likely to drive the global automotive eAxle market
- An eAxle, also known as electric axle, acts as a power source for new energy vehicles such as hybrid electric vehicles and battery electric vehicles. An eAxle is can be installed on either front or the rear axle of the vehicle. In case of hybrid vehicles, if the eAxle is mounted on the rear axle, the front wheel is powered by means of an internal combustion engine or vice versa. Both these drive systems, i.e. electric and IC-engine, operate together with a hybrid battery pack, which provides required amount of power to drive the vehicle.
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Key Drivers of Automotive eAxle Market
- Rise in trends toward electric vehicles among consumers across the globe is the prominent factor boosting the global automotive eAxle market. According to Bloomberg New Energy Finance (BNEF), over 500 different electric vehicle models are expected to be available globally by 2024. Automakers are pushing their EV launch plans in order to comply with increasing enactment of stringent regulations in Europe and China, which is anticipated to offer lucrative opportunity for major players engaged in manufacturing of electric motors in the global automotive eAxle market.
- Technological advancements, in terms of electric vehicles, are anticipated to propel the global automotive eAxle market. Major players are anticipated to increase investments toward R&D of electric driveline technology in order to increase efficiency of electric vehicles. For instance, in 2016, Toyota Motors launched a vehicle Toyota RAV4 Hybrid, which utilizes a 2.5-liter, four-cylinder engine and has two electric motors, dedicated one on each axle. Toyota Motors was the first company to mount an electric motor on the rear axle of a front-wheel-drive model, which transformed the vehicle into an all-wheel-drive vehicle.
- Globally, several government organizations are increasingly adopting stringent vehicle emission standards, thereby compelling automakers to produce alternate propulsion systems for their vehicles. This, in turn is expected to propel the global automotive eAxle market. Major players in the automotive industry, including GKN Driveline (GKN plc), Dana Incorporated and ZF Friedrichshafen AG, are focused on the development of eAxle technology.
- Additionally, electric propulsion systems are being increasingly adopted across the commercial vehicle segment. For instance, in 2019, ZF Friedrichshafen AG announced the development of AxTrax AVE electric drive axle, which was to be installed in 31 London double-decker buses. This bus is powered solely by electricity.
- The coronavirus pandemic outbreak has resulted in a 25% decline in demand for EVs during the first quarter of year 2024, as compared to EV sales in 2019; however, according to a report published by Bloomberg New Energy Finance (BNEF), electric vehicles are expected to contribute to around 10% of global passenger vehicle sales by 2025, which is estimated to increase to 28% in 2030 and 58% in 2040. This, is likely to offer lucrative opportunity for key players engaged in the supply chain of the automotive eAxle market.
- Additionally, major strategies adopted by automakers such as investments & expansions, contracts & agreements, and new product launches, mergers & acquisitions have emerged as a key strategy among key players, as companies look to strengthen their service offerings in terms of electric vehicles and expand geographic market reach by offering their products.
North America and Europe cumulatively to account for prominent share of global automotive eAxle market
- In terms of region, the global automotive eAxle market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- North America and Europe have presence of economically stable countries. These regions are also home to technologically advanced research institutes catering to the development of electric vehicles. Additionally, major players have established their technological centers and manufacturing facilities in various countries including the U.S., Germany, the U.K., and France
- Several new players emerging from these regions are focused on the development of electric vehicle powertrain systems to increase efficiency of electric vehicles. All the factors mentioned above contributed to the major share held by these regions in the global automotive eAxle market.
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Key Players Operating in Automotive eAxle Market
The global automotive eAxle market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive eAxle market are:
- AxleTech (Meritor, Inc.)
- Continental AG
- Dana Incorporated
- GKN Automotive Limited (GKN plc.)
- Linamar Corporation
- Magna International Inc.
- Melrose Industries PLC (GKN plc)
- Nidec Corporation
- Robert Bosch GmbH
- Schaeffler AG
- ZF Friedrichshafen AG
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