Global Rear Electric Axle (E-Axle) Market Set For 22.0% Growth, Reaching $104.82 Billion By 2028

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In recent years, the rear electric axle E-Axle market size has grown exponentially. It is projected to grow from $38.76 billion in 2023 to $47.24 billion in 2024 at a compound annual growth rate CAGR of 21.9%. The growth in the historic period can be attributed to the increasing adoption of electric vehicles, rise in environmental awareness, increasing government incentives for EVs, growth in urbanization, and increasing demand for autonomous vehicles.

What Is The Projected Market Size And Growth Rate For The Rear Electric Axle E-Axle Market?

The rear electric axle E-Axle market size is expected to see exponential growth in the next few years. It is projected to grow to $104.82 billion in 2028 at a compound annual growth rate CAGR of 22.0%. This predicted growth rate during the forecast period can be credited to a growing focus on environmental sustainability, increasing investments in electric vehicle infrastructure, a surge in demand for energy-efficient transportation solutions, rising interest in cost-effective electric axle solutions, and the call for advanced vehicle control systems.

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Why Is The Adoption Of Electric Vehicles A Key Driver For The Rear Electric Axle E-Axle Market Growth?

The increasing adoption of electric vehicles is expected to propel the growth of the rear electric axle E-axle market going forward. Electric vehicles EVs, powered entirely or partially by electric energy stored in batteries rather than by internal combustion engines, have been driven by environmental concerns, supportive government policies, advancements in battery technology, and a growth in charging infrastructure. The rear electric axle finds its application in electric vehicles to integrate the electric motor, gearbox, and rear axle into a single unit, providing efficient propulsion, optimizing space, and enhancing handling and performance.

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Who Are The Key Players In The Rear Electric Axle E-Axle Market?

Major companies operating in the rear electric axle E-Axle market include Robert Bosch GmbH, Hitachi Automotive Systems Ltd., Daimler Trucks LLC, Volvo Trucks Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Aisin Seiki Co., Ltd., PACCAR Inc., Cummins Inc., Nidec Corporation, Schaeffler AG, BorgWarner Inc., Dana Incorporated, Benteler International AG, Linamar Corporation, American Axle & Manufacturing Holdings Inc., NTN Corporation, GKN Automotive Ltd., Meritor Inc., AVL List GmbH, Automotive Axles Limited, JTEKT Corporation, AxleTech, Talbros Engineering Limited, J.K. Fenner India Ltd., and Brist Axle Systems Srl LLC.

Are There Any Emerging Trends In The Rear Electric Axle E-Axle Market?

Key players are focusing on developing innovative technologies, such as fully electric rear axle, to enhance vehicle performance, efficiency, and range in electric and hybrid vehicles. For instance, in September 2022, Volvo Trucks, a Sweden-based manufacturer of heavy-duty trucks, launched a new fully electric rear axle to extend the battery range. It offers high torque and smooth acceleration, providing a responsive driving experience while reducing energy consumption.

How Is The Rear Electric Axle E-Axle Market Segmented?

The rear electric axle e-axle market is segmented –
1 By Component: Combining Motors, Power Electronics, Transmission, Other Components
2 By Shaft Type: Single Axle, Multiple Axle
3 By Material: Alloys, Carbon Fiber
4 By Drive Type: All Wheel Type, Front Wheel Type, Rear Wheel Type
5 By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle

What Are The Regional Insights of The Rear Electric Axle E-Axle Market?

Asia-Pacific was the largest region in the rear electric axle E-axle market in 2023. The other regions covered in the rear electric axle E-Axle market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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