Global Automotive Electric Drive Axle Market: Governmental Push for Ecofriendly Measures Driving Demand, notes TMR
The threat of global warming is increasingly gaining recognition as something that must be addressed and consequently, a number of countries have come together to pledge for measures that are ecofriendly. With the automotive industry identified as among the ones that is causing a prominent chunk of pollution, the segments that are in accordance to a greener future are gaining push by these governments. The analysts of a fresh business and commerce study by Transparency Market Research (TMR) have observed that the automotive electric drive axle market is gaining traction in these changing times, projecting the demand to expand at a striking CAGR of 36.84% during the forecast period of 2017 to 2025. It has been estimated that the opportunities in the global automotive electric drive axle market will translate into a revenue of US$6.35 bn by the end of 2025. This valuation may not be overwhelming but from an evaluated worth of US$0.4 bn in 2016, the market for automotive electric drive axle is expected to excel rapidly in the near future, opening revenue avenues that are niche in certain ways.
Product Portfolio to Determine Leaders of the Market
The report identifies Magna International Inc., ZF Friedrichshafen AG, Continental AG, American Axle & Manufacturing, Inc., GKN plc, BONFIGLIOLI RIDUTTORI S.P.A., ZIEHL-ABEGG, BENEVELLI SRL, AXLETECH INTERNATIONAL, and F P W Axles Ltd. as a few notable names in the global automotive electric drive axle market. Product enhancement is the primary strategy of these companies to maintain a stronghold over the evolving market. For instance, Continental AG offers axle drive that is specifically integrated electric drive system with inverter, electric machine, and reducer. The product is gaining strong demand as it requires no connectors or cables between motor and the inverter, making it easy to assemble the vehicles. On the other hand, American Axle & Manufacturing, Inc., AAM, recent introduced two new technologies, e-AAM™ and QUANTUM™. While e-AAM delivers increased fuel efficiency and decreased pipe emissions, QUANTUM™ is lightweight and efficient axle technology that is finding integration into a wide range of vehicles as it offers increased power density, reduced mass, and improved noise vibration and harshness (NVH). Along the similar lines, most of the other vendors are indulged in research and development activities to harness new possibilities.
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Based on system, the TMR report segments the automotive drive axle market into electric axle and hybrid axle, whereas on the basis of end-user, the market has been bifurcated into original equipment manufacturers (OEMs) and aftermarket. The report also classifies this market on the basis of vehicle type: passenger electric vehicle including hybrid, plug-in, and battery and commercial electric vehicle including busses and coaches. Geographically, Asia Pacific has been identified as the most profitable region by a healthy margin in comparison to other fruitful regions of North America and Europe.
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Favorable Policies to Harness the Concept of Electric Vehicles Driving Demand
Governmental push for ecofriendly measures is the primary driver of the global automotive electric drive axle market. After the recurring pollution alarms in Beijing the Chinese government has targeted to electrify all vehicles by 2030. The formulation of policies in Paris Climate Change Summit and by European Union to curb carbon emissions are intensifying thereby driving the demand of electric vehicles and in turn fueling the demand for electric axle. The additional tax on the internal combustion engine vehicles in United Kingdom is encouraging the public to switch to electric vehicles thus raising the demand for electric axles. The use of electric axle helps curb tail pipe emission and thus with adoption of such stringent laws the market of electric drive axle is projected to grow. The integration of battery in the electric vehicles increases the vehicle weight and thus light weighting of electric drive axle becomes an important parameter.