How Has the Electric Vehicle EAxle Market Evolved Historically and What is its Current Size?
The electric vehicle eaxle market has seen considerable growth due to a variety of factors.
• In the last few years, the e-axle market for electric vehicles has expanded significantly. It is expected to inflate from $41.63 billion in 2024 to $48.41 billion in 2025, marking a compound annual growth rate (CAGR) of 16.3%.
Factors such as stricter emission laws, governmental incentives and subsidies, enhanced investment in R&D, rapid urbanization, the electrification of public transport, and the rise of new enterprises in the EV sector have fuelled growth during the historical period.
What Is The Projected Growth Of The Electric Vehicle EAxle Market?
The electric vehicle eaxle market is expected to maintain its strong growth trajectory in upcoming years.
• The e-axle market for electric vehicles is anticipated to experience a significant surge in the coming years, on track to reach $87.59 billion by 2029, with a CAGR of 16.0%.
The expansion during the predicted period can be linked to the rise of self-driven electrical vehicles, standardization efforts by OEMs, urban electrification policies, increased electrification in shared mobility, and the extension of renewable energy and smart grids. Impending trends in this anticipated timeline encompass the integration of sophisticated power electronics, minimalistic and light designs, embedded sensor systems, AI-guided design enhancements, as well as improved noise, vibration, and harshness (NVH) optimization.
What Are The Core Factors Supporting Growth In The Electric Vehicle EAxle Market?
The uptick in the usage of electric vehicles (EVs) is projected to stimulate the expansion of the e-axle markets for such vehicles. Electric vehicles, which derive power from electric motors fed by rechargeable batteries instead of conventional internal combustion engines, are becoming more widely accepted. This is largely due to enhanced environmental consciousness, governmental incentives, advancements in battery tech, and a surging demand for eco-friendly transportation. The E-Axle for electric vehicles, a consolidated unit comprising the motor, transmission, and power electronics, aids in optimizing efficiency, minimizing weight, and bettering space usage. This, in turn, augments the performance, range and overall energy efficiency of electric vehicles. For instance, a report released in January 2024 by the US-based non-profit organization, the International Council on Clean Transportation, showed the percentage of new vehicle sales represented by plug-in electric vehicles had grown from about 3% in Q1 2021 to around 7% in 2022, and then exceeded 10% by Q3 2023. As such, the rising acceptance of electric vehicles is propelling the growth of the e-axle market for these vehicles.
What Are The Principal Market Segments In The Global Electric Vehicle EAxle Industry?
The electric vehicle e-axle market covered in this report is segmented –
1) By Component: Motor, Transmission, Power Electronics, Other Components
2) By Technology: Permanent Magnet Synchronous Motor, Induction Motor, Switched Reluctance Motor
3) By Propulsion: Hybrid, Electric
4) By Vehicle Type: Passenger Car, Commercial Vehicle
Subsegments:
1) By Motor: Permanent Magnet Synchronous Motor (PMSM), Induction Motor, Switched Reluctance Motor
2) By Transmission: Single-Speed Transmission, Multi-Speed Transmission
3) By Power Electronics: Inverters, Converters, Control Units
4) By Other Components: Bearings, Differential Gears, Cooling Systems
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Which Emerging Market Trends Are Altering The Electric Vehicle EAxle Industry?
Major companies operating in the electric vehicle e-axle market are focusing on developing advanced solutions, such as compact e-axles, to enhance vehicle performance and efficiency. Compact e-axles are integrated electric drive systems that combine an electric motor, transmission, and power electronics into a single unit, designed to optimize space, improve efficiency, and provide seamless power delivery in electric and hybrid vehicles. For instance, in September 2024, AVL, a US-based developer of powertrain technology, launched a compact and high-performance e-axle designed for long-haul trucks weighing up to 40 tons, catering to the electromobility market's needs. This e-axle features the integrated combination of the electric motor, power electronics, and transmission into a single unit, which enhances efficiency and simplifies electric vehicle designs. It offers scalable performance ranging from 50 to 300 kW, making it adaptable to various vehicle types. Furthermore, the use of silicon carbide semiconductor technology ensures up to 96% efficiency, enabling either a greater driving range or reduced battery capacity requirements.
Who Are the Key Players In The Electric Vehicle EAxle Market?
Major companies operating in the electric vehicle e-axle market are:
• Robert Bosch GmbH
• Siemens AG
• ZF Friedrichshafen AG
• Continental AG
• Magna International Inc.
• Cummins Incorporated
• Aisin Seiki Co Ltd.
• Valeo S.A.
• Nidec Corporation
• Schaeffler Technologies GmbH & Co KG
• BorgWarner Inc.
• Dana Incorporated
• Vitesco Technologies Group AG
• Linamar Corporation
• American Axle & Manufacturing Inc.
• Garrett Motion Inc.
• AVL List GmbH
• Allison Transmission Holdings Inc.
• Hitachi Astemo Ltd.
• Brogen EV Solutions
What Are The Regional Insights Into The Electric Vehicle EAxle Market?
Asia-Pacific was the largest region in the electric vehicle e-axle market in 2024 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle e-axle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
