Global Automotive Electric Drive Axle Market: Snapshot
Automotive electric drive axle is an advancement to the conventional axle that is used to transmit power generated by the electric motor to the driving wheels. The electric drive axle uses an electric motor as its power source unlike the conventional internal combustion engine and the market for the same is flourishing on the back of increased emphasis on reducing pollution. According to this business intelligence report, the demand in the global automotive electric drive axle market will expand at a phenomenal CAGR of 36.84% during the forecast period of 2017 to 2025. The analysts of the report have estimated that the opportunities in the global automotive electric drive axle market will translate into a revenue of US$6.35 bn in 2025, substantially up from its evaluated worth of merely US$0.4 bn in 2016.
Government mandates for vehicle electrification, necessity to curb the emission of greenhouse gases, minimal running charge, and paradigm shift in mindset of people to purchase electric vehicles as their contribution to the environment are some of the key factors driving the demand in the global automotive electric drive axle market. On the other hand, higher cost of technology that is currently being harnessed is obstructing the market from flourishing. Nevertheless, the vendors of this market are expected to gain new opportunities from strong research and development activities that are currently underway by nearly every major player of the automotive industry.
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Demand for Hybrid Axle Primed to Expand Quickly in the Near Future
Based on system, the automotive electric drive axle market is segmented into electric axle and hybrid axle. The electric axle runs purely on the power generated by the electric motor and is thus employed in all the battery electric vehicles. The significant emphasis of the government on adoption of electric vehicles is estimated to increase the demand of electric axles. As the preference of people to switch to hybrid vehicles is increasing to achieve fuel savings, the market share of hybrid axle is projected to grow at a higher CAGR during the forecast period of the report. Based on end user the automotive electric drive axle market is bifurcated into original equipment manufacturers (OEMs) and aftermarket. The electric axle has a major end user as OEM. However, the aftermarket segment is projected to increase quickly too with the rise in maintenance demands.
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Passenger Vehicle Segment Showing Great Promise in China
In terms of vehicle type, the automotive electric drive axle market is classified into passenger electric vehicles and commercial electric vehicles. The passenger electric vehicles include battery operated electric vehicle, plug-in hybrid vehicle, and hybrid vehicle. The commercial electric vehicles include busses and coaches. Among these, the passenger electric vehicle segment accounts for the largest market share and their demand is likely to increase with rise in incentive scheme, tax credits, and perks passed by the government. The import – export trade policies has led to the development of transport and logistics and thereby boosting the commercial vehicle sectors of China, India. China is the largest market for electric bus with about 98% of total global electric bus manufactured in China. Cities like Shenzhen has adopted all electric bus fleet and the government has planned to implement same policy for other cities thus raising the demand for electric axle.
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FEB 12, 2020: The global Lip Care Products market size is expected to reach USD 1.18 billion by 2025, exhibiting a CAGR of 7.2% over the forecast period, according to a new report published by Grand View Research, Inc.
Rising consciousness regarding personal grooming among millennials and working class population coupled with high demand for innovative products from women is projected to drive the market.
The combination of these ingredients with antioxidant and anti-inflammatory properties help cure the dryness, cold sores, angular cheilitis, and split lips.
A gradual shift in consumer preference from petroleum or wax-based lip protection products to organic ingredient-based products over the past few years has positively influenced the market growth.
The rising K-Beauty trend in one of the major factors fueling the skincare and cosmetics market.
The craze for beauty and cosmetic products in these markets also represent some of the most sophisticated and selective cosmetics consumers.
The global wheel axle market study presents an all in all compilation of the historical, current and future outlook of the market as well as the factors responsible for such a growth.
Further, the wheel axle market report emphasizes the adoption pattern of the wheel axle across various industries.The wheel axle market report highlights the following players:ZF Friedrichshafen AGDana IncorporatedMeritor, Inc.Gestamp Automocion SAOthersThe wheel axle market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.The global wheel axle market is projected to grow at a value CAGR of more than 3% between 2019 and 2029, surpassing a valuation of US$ 87 Billion by the end of 2029.
The logistics industry has been experiencing a boost owing to disruptions in the industry such as block-chain technology, digitalization, and the trend of third & fourth-party logistics.
The demand for wheel axle has flourished owing to an increase in production and sales of commercial vehicles.
Besides, developed countries are privatizing train transportation, allowing private players to operate in the railway transportation business which has bolstered the wheel axle market.
India & UK have started incorporating private sector players in the train transportation business.
The global automotive axle market size is estimated to reach USD 115,444.3 million by 2025, registering a CAGR of 4.1% over the forecast period, according to a study conducted by Radiant Insights, Inc.
The growing demand for road freight transport, which would subsequently trigger the demand for light and heavy commercial vehicles, also bodes well for the growth of the market.
The road freight transport market witnessed continuous growth over the past five successive years and grew by 4.5% between 2016 and 2017.
The demand for automotive axles relies directly on automotive production.
It is estimated to retain its dominant position over the forecast period owing to the significant investments occurring in the automotive industry in emerging economies, such as China and India.
The market can be described as a moderately consolidated market.
