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Automotive Electric Drive Axle Market Continues to Witness Strong Growth in Asia Pacific

Press release Description

Albany, New York, May 9, 2018: The shifting preference towards electric vehicles is creating opportunities for manufacturers in the automotive electric drive axle market. The outlook on the global automotive electric drive axle market remains overly positive, with likely growth estimated at over 36% during the assessment period 2017-2025. These insights are according to a research report titled, “Automotive Electric Drive Axle Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025” that has been added to the repository of Market Research Reports Search Engine (MRRSE).

The research study highlights the key factors that are likely to fuel the growth of the automotive electric drive market over the forecast period. An analysis on the key drivers, trends, opportunities, and threats has been included in the market for the perusal of the readers. According to the report, growing electrification, combined with initiatives to reduce greenhouse emissions are likely to promote the growth of the market during the assessment period.

The key axle types in the global automotive electric drive axle market include electric and hybrid. Among these, demand for automotive electric axles is likely to witness significant increase during the assessment period. However, as there has been a significant increase in the number of hybrid vehicles, owing to better fuel efficiency, demand for hybrid axles is likely to witness steady growth over the period of forecast.

The adoption of automotive electric drive axles is significant in both passenger and commercial vehicles. Governments in various countries are focusing on adopting electric vehicles to reduce pollution levels, and to align their public transport with the broader concept of smart cities. The adoption is especially robust in China, where the government has introduced electric bus fleets across several provinces.

The research study also offers in-depth analysis and insights on the regional forecast. According to the report, Asia Pacific continues to be one of the leading markets for automotive electric drive axle globally. The growth of the market in Asia Pacific is likely to witness steady increase on account of rising penetration in South Korea, Japan, and China. The report projects the Asia Pacific automotive electric drive axle market to grow at a CAGR of nearly 47% during the assessment period.

In addition to Asia Pacific, Europe is the second largest market for automotive electric drive globally. Steadily growing adoption in Germany, Italy, and France is likely to drive the market in Europe. The North American automotive electric drive axle market is also likely to present significant growth opportunities to manufacturers during the assessment period.

Browse Full Global Automotive Electric Drive Axle Market Report with TOC :

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