Automotive E-Axle Market to Surpass USD 111.84 Billion by 2030 Driven by Rising Demand for Electric Vehicles (EVs) and Technological Advancements | Report by SNS Insider
As per SNS Insider’s research, as technological advancements continue to propel the automotive e-axle market forward, its role in shaping the future of transportation cannot be overstated
Pune, Jan. 30, 2024 (GLOBE NEWSWIRE) — The Automotive E-Axle Market is projected to achieve a valuation of USD 111.84 billion by 2030, starting from a base value of USD 12.73 billion in 2022, with an anticipated Compound Annual Growth Rate (CAGR) of 31.2% during the forecast period from 2023 to 2030, as per the SNS Insider report.
The automotive e-axle is a technological marvel that encapsulates the electric motor, power electronics, and transmission within a single compact unit. Unlike traditional vehicles with internal combustion engines, the e-axle directly delivers power to the wheels, eliminating the need for a conventional transmission system. This innovative approach not only enhances the overall efficiency of the vehicle but also contributes significantly to reducing carbon emissions.
As global initiatives focus on reducing carbon footprints and promoting sustainable practices, the demand for electric vehicles has witnessed an unprecedented surge. The automotive e-axle, being a core component of electric propulsion, is poised to experience substantial growth in tandem with the escalating adoption of EVs. Ongoing advancements in electric vehicle technology, battery efficiency, and power electronics are propelling the automotive e-axle market forward. Manufacturers are continually innovating to enhance the performance and affordability of these systems, fostering a conducive environment for market expansion. With an increasing awareness of environmental issues and a growing preference for sustainable transportation solutions, consumers are becoming more inclined towards electric vehicles. The automotive e-axle, as a critical component of electric propulsion, stands to benefit from this shifting consumer sentiment, driving market growth.
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Automotive E-Axle Market Report Scope:
|Market Size in 2022
|USD 12.73 billion
|Market Size by 2030
|USD 111.84 billion
|CAGR of 31.2% by 2023-2030
|Major Market Players
|Continental AG, Dana Limited, AxleTech, Robert Bosch, Nidec Corporation, ZF Friedrichshafen AG, Linamar Corporation, GKN Automotive Limited, Schaeffler AG, Magna International and other key players.
Key Takeaway from Automotive E-Axle Market Study
- The BEV segment, characterized by vehicles powered exclusively by electric batteries, has witnessed exponential growth in recent years. Governments worldwide are increasingly pushing for eco-friendly transportation solutions, leading to a surge in consumer interest and adoption of BEVs. This surge has consequently fueled the demand for efficient and technologically advanced e-axle systems.
- Within the broader spectrum of electric vehicles, the Passenger Cars segment stands out as a major contributor to the flourishing e-axle market. The surge in consumer demand for electric passenger cars, driven by a combination of environmental consciousness, government incentives, and technological advancements, has propelled the need for sophisticated e-axle systems.
- Nidec and Renesas are joining forces to pioneer cutting-edge semiconductor solutions for the next generation of Electric Vehicle (EV) propulsion systems. This strategic alliance aims to propel the evolution of EV technology by focusing on the development of advanced E-Axle systems.
- Musashi Seimitsu Industries has officially announced its foray into the country’s E-mobility sector. The Japanese automotive component giant’s entry into the Indian electric vehicle (EV) space marks a significant milestone, reflecting the industry’s recognition of India as a key player in the global shift towards sustainable transportation.
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Market Dynamics Analysis
The automotive e-axle market is currently experiencing dynamic shifts driven by a confluence of factors that shape its trajectory. A key driver propelling the market forward is the increasing global emphasis on sustainability and the transition towards electric vehicles (EVs). Governments worldwide are implementing stringent emission norms, pushing automakers to adopt cleaner technologies, and e-axles emerge as a pivotal component in this transition. Additionally, the growing consumer awareness regarding environmental concerns and the benefits of EVs contributes to the rising demand for electric vehicles, thereby boosting the market. On the flip side, challenges emerge in the form of high initial costs associated with electric vehicles, limiting their widespread adoption. The automotive industry also grapples with the need for robust charging infrastructure to support the growth of EVs, presenting a significant restraint. Furthermore, technological complexities, such as the integration of e-axles with other vehicle components, pose challenges for manufacturers. The threat of geopolitical instability affecting the supply chain of crucial raw materials for e-axles is another factor that warrants attention.
Key Regional Developments
North America stands at the forefront of e-mobility adoption, propelled by a combination of stringent emission regulations, government incentives, and a growing environmental consciousness. The region’s automotive e-axle market is witnessing robust growth, driven by the increasing production and sales of electric vehicles. In Europe, the market is strongly influenced by regulatory imperatives aimed at reducing carbon emissions and promoting sustainable mobility solutions. The European Union’s ambitious targets for reducing CO2 emissions from vehicles have prompted automakers to accelerate the electrification of their fleets. The Asia-Pacific region, being a manufacturing powerhouse and a hub for electric mobility, plays a pivotal role in the market. Countries like China, Japan, and South Korea are witnessing a significant shift towards electric vehicles, driven by a combination of environmental concerns, government initiatives, and advancements in battery technology.
Impact of Recession
The recession has led to disruptions in global supply chains, affecting the production of automotive components, including e-axles. Manufacturers are grappling with challenges such as shortages of raw materials, increased production costs, and delays in delivery schedules. Governments worldwide are recognizing the pivotal role of the automotive industry, especially in the transition to sustainable transportation. In response to the recession, policymakers are implementing stimulus packages and support measures to rejuvenate the automotive sector. Automotive e-axle market manufacturers stand to benefit from these initiatives, as they often align with broader goals of promoting clean energy and reducing dependence on traditional internal combustion engines.
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