Global Electric Vehicle E-Axle Market Report and Forecast 2024-2032

Global Electric Vehicle E-Axle Market Outlook

The global electric vehicle e-axle market size reached approximately USD 18.6 billion in 2023. The market is estimated to grow at a CAGR of 17.5% in the forecast period of 2024-2032, reaching a value of around USD 80.86 billion by 2032.

Key Trends in the Market

An e-axle or electric axle is a propulsion system which consists of a gearbox, inverter, and motor. It is integrated either on the front or rear axle of electric and hybrid vehicles to provide an efficient driving solution.

• Increased installation of e-axles in battery-powered commercial vehicles such as trucks, buses, and vans to provide the necessary torque and power for driving is one of the prominent electric vehicle e-axle market trends.

• The rising popularity of autonomous vehicles, which rely on advanced e-axles for safe and efficient driving experience, is another crucial factor aiding the market expansion.

• Market players are increasingly investing in a two-in-one e-axle which consists of a gearbox and motor alongside power electronics, to enhance the performance and efficiency of EVs.

• Favourable government incentives and schemes such as FAME or Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles scheme by the Indian government, which promote zero-emission and offers discounts and subsidies for the purchase of EVs, also aid the electric vehicle e-axle market growth.

Market Analysis

Based on drive type, the market is divided into all wheel drive, front-wheel drive, and rear-wheel drive. The electric vehicle e-axle market segmentation, on the basis of vehicle type, includes passenger cars, light commercial vehicles, and heavy commercial vehicles. The major regional markets for electric vehicle e-axle are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the electric vehicle e-axle market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Robert Bosch GmbH 

• Magna International Inc. 

• Nidec Corporation

• GKN Automotive Limited

• Allison Transmission Inc.

• Schaeffler AG

• ZF Friedrichshafen AG

• Dana Limited

• Linamar Corporation  

• Vitesco Technologies Group AG

• Meritor, Inc.

• Others

Market Share by Vehicle Type

Passenger cars occupy a sizeable portion of the electric vehicle e-axle market share, due to the growing shift towards electrification of passenger vehicles. This shift is driving the demand for the rear e-axle that offers the necessary propulsion required for driving EVs. Factors such as a rise in disposable income, coupled with technological advancements in e-axle, also provide lucrative growth opportunities for the segment.

Furthermore, a joint venture between OEMs and market players for developing integrated e-axle systems provides a positive market outlook.

Market Share by Region

As per the electric vehicle e-axle market analysis, the Asia Pacific accounts for a substantial share of the global market, owing to the increased production of electric vehicles and their related parts in the region. Developmental efforts by market players to install e-axles into passenger cars to enhance the driving experience also fuel the e-axle sales in the APAC market.

Meanwhile, North America is anticipated to witness significant growth in the forecast period, due to the growing popularity of compact EVs in the region.

Competitive Landscape

Magna International Inc. is an automotive parts company, founded in 1957, with its headquarters in Ontario, Canada. The company offers evolutionary products such as ADAS and automated driving, control modules, powertrains, and mechatronics, among others.

Nidec Corporation, established in 1973, is an electric motor manufacturer, based in Kyoto, Japan. The company offers its services in automotive components, home appliances, housing equipment, and industrial machinery sectors, among others.

GKN Automotive Limited is one of the pioneers in electric drive systems, headquartered in London, the United Kingdom. Its sustainability strategy includes decarbonisation initiatives and responsible sourcing of raw materials utilised in its products.

Other electric vehicle e-axle market players include Robert Bosch GmbH, Allison Transmission Inc., Schaeffler AG, ZF Friedrichshafen AG, Dana Limited, Linamar Corporation, Vitesco Technologies Group AG, and Meritor, Inc., among others.

Key Highlights of the Report