Rear Electric Axle (E-Axle) Market Report 2024

This Rear Electric Axle (E-Axle) market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The rear electric axle (E-Axle) market size has grown exponentially in recent years. It will 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 during the historical period can be attributed to the rising adoption of electric vehicles, heightened environmental awareness, increased government incentives for EVs, expansion of urbanization, and growing demand for autonomous vehicles.

The rear electric axle (E-Axle) market size is expected to see exponential growth in the next few years. It will grow to $104.82 billion in 2028 at a compound annual growth rate (CAGR) of 22%. The growth projected for the forecast period can be attributed to a heightened emphasis on environmental sustainability, increased investments in electric vehicle infrastructure, a growing need for energy-efficient transportation solutions, a rising demand for cost-effective electric axle solutions, and an increased demand for advanced vehicle control systems. Key trends expected during this period include technological advancements, hybrid vehicles, modular electric axle systems, all-wheel drive systems, and advanced axle control systems.

The anticipated growth of the rear electric axle (e-axle) market is expected to be fueled by the rising adoption of electric vehicles. Electric vehicles (EVs) are cars powered either fully or partially by electric energy stored in batteries, as opposed to internal combustion engines. This increase in EV adoption is driven by environmental concerns, supportive government policies, advancements in battery technology, and the expansion of charging infrastructure. The rear electric axle integrates the electric motor, gearbox, and rear axle into a single unit, offering efficient propulsion, optimizing space, and improving handling and performance. For example, in March 2023, the International Energy Agency reported that nearly 2.3 million electric vehicles were sold in the first quarter of 2023, marking a 25% increase compared to the same period the previous year. Consequently, the growing adoption of electric vehicles is propelling the rear electric axle (e-axle) market forward.

Major players in the rear electric axle (e-axle) market are concentrating on developing innovative technologies, such as the fully electric rear axle, to improve vehicle performance, efficiency, and range in both electric and hybrid vehicles. A fully electric rear axle, or e-axle, is an integrated electric drive system designed for installation on the rear axle of a vehicle. This technology is widely used in electric and hybrid vehicles for propulsion. For instance, in September 2022, Volvo Trucks, a Sweden-based manufacturer of heavy-duty trucks, introduced a new fully electric rear axle to extend battery range. This advanced axle is designed to provide an extended range, making it suitable for long-haul operations. Its high-torque electric motor delivers smooth acceleration and a responsive driving experience while reducing energy consumption. The axle integrates seamlessly with Volvo’s existing electric vehicle platform, enhancing energy regeneration capabilities to maximize battery life.

In August 2022, Cummins Inc., a US-based company specializing in filtration and power generation products, acquired Meritor Inc. for $3.7 billion. This acquisition aims to bolster Cummins' electric and hybrid vehicle technology capabilities by incorporating Meritor's expertise in drivetrain systems and electric axles. Meritor Inc. is a US-based company known for manufacturing automotive components, including electric axles.

Major companies operating in the rear electric axle (E-Axle) market are 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., Brist Axle Systems Srl LLC.

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

The countries covered in the rear electric axle (E-Axle) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The rear electric axle (E-Axle) is a component found in electric and hybrid vehicles that integrates an electric motor directly into the rear axle assembly. It delivers power to the rear wheels, improving performance, efficiency, and driving dynamics through a compact and efficient design.

The key components of a rear electric axle (E-Axle) include the motor, power electronics, transmission, and other elements. Single-axle rear electric axles are designed to supply power and torque to a single rear wheel, making them ideal for smaller vehicles or situations where simplicity and cost-effectiveness are important. The shafts can be single or multiple, constructed from materials such as alloys or carbon fiber. Different drive types such as all-wheel, front-wheel, and rear-wheel drive are utilized in various vehicle types, including passenger cars, commercial vehicles, and electric vehicles.

The rear electric axle (E-Axle) market research report is one of a series of new reports that provides rear electric axle (E-Axle) market statistics, including rear electric axle (E-Axle) industry global market size, regional shares, competitors with a rear electric axle (E-Axle) market share, detailed rear electric axle (E-Axle) market segments, market trends and opportunities, and any further data you may need to thrive in rear electric axle (E-Axle) industry. This rear electric axle (E-Axle) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rear electric axle (E-Axle) market consists of sales of electric drive units, electric motors, gearbox assemblies, transmission systems, control units, and auxiliary components. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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