According to the latest report by IMARC Group, titled, “E-Axle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global E-axle market reached a value of US$ 2.88 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.42 Billion by 2027, exhibiting at a CAGR of 21.49% during 2022-2027.
An e-axle refers to an electro-mechanical propulsion system equipped with axle structures, electric motors, power electronics, and transmission units. It acts as a compact and cost-efficient electric drive solution for battery electric vehicles (BEVs). E-axles are manufactured utilizing lightweight and high-strength metals, such as aluminum. They assist in reducing the complexity of BEVs and customizing power, torque, installation space, etc. Automotive Original Equipment Manufacturers (OEMs) rely on e-axle solutions to make optimum usage of the internal volume of vehicles for extra battery capacity and passenger space.
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The rising popularity of electric vehicles (EVs) is one of the key factors driving the e-axle market. In line with this, the elevating levels of urbanization and the inflating income levels of consumers are further catalyzing the market growth. Additionally, the growing consumer awareness towards the harmful effects of fossil fuel-based automobiles on human health and the climate is also propelling the product demand. Besides this, the expanding utilization of e-axles to enhance energy efficiency and improve the noise, vibration and harshness (NVH) performance is acting as another significant growth-inducing factor. Moreover, various government bodies across several countries are regulating or banning the sales of fossil fuel-based passenger cars to minimize vehicle-based carbon emissions, which is further augmenting the global market. Apart from this, numerous prominent manufacturers are focusing on developing advanced product variants that are equipped with high-strength casings and can also accommodate high torque and input speeds. This, in turn, is projected to bolster the global e-axle market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on component type, vehicle type and drive type.
Breakup by Component Type:
Breakup by Vehicle Type:
Breakup by Drive Type:
Breakup by Region:
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