Electric Axle Drive and Wheel Drive Market size to Reach USD 15.37 billion by 2030.

 Market Definition

In battery electric vehicles (BEVs), an electric axle (e-axle) is an electro-mechanical propulsion system built into the axle structure that provides power to turn the wheels. It has bearings, shafts, pinions, and gearing components and is made of lightweight, high-strength metal such as aluminum. It reduces complexity and enables customization of power, torque, and installation space to meet the needs of end users by integrating power electronics, electric motors, and transmission into a single compact system. Automotive original equipment manufacturers (OEMs) rely on e-axle solutions to maximize a vehicle's internal volume for extra passenger space, battery capacity, and other features.

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Electric Axle Drive and Wheel Drive Market Analysis and Size

The demand and public awareness of the need for environmentally friendly practices and electric vehicles are rising. The government is introducing several subsidies and benefits to promote such vehicles. This will assist in lowering CO2 emissions. Looking at the gradual shift in the adoption of electric vehicles, especially in the commercial and industrial sectors, people are now switching to e-vehicles that support the green environmental concept. With the increasing adoption of automated guided vehicles and mobile electric material handling vehicles, the market is expected to grow.

Data Bridge Market Research analyses that the electric axle drive and wheel drive market, valued at USD 6.3 billion in 2022, will reach USD 15.37 billion by 2030, growing at a CAGR of 11.80% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

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Global Electric Axle Drive and Wheel Drive Market Scope

The electric axle drive and wheel drive market is segmented on the basis of motor type, drive type, vehicle type, component type, and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Global Electric Axle Drive and Wheel Drive Market, Motor Type (Permanent Magnet AC Motor, Brushless DC Motor, Others), Drive Type (Fully Electric, Hybrid, Others), Vehicle Type (Pure Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle), Component Type (Combination motor, Power electronics, Transmission, Others), End User (Passenger Vehicles, Commercial Vehicles, Other Vehicles) – Industry Trends and Forecast to 2030.

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