Electric Axle Drive Systems Market 2018 Global Industry Forecast To 2023, is latest research report provides Global Electric Axle Drive Systems Market By System Type (Electric Systems, Hybrid Electric Systems), By Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), and By Region - Global Forecast To 2023

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Market Highlights:

Electric Axle Drive Systems are drive systems that are majorly used in the electrical and hybrid electric vehicles. These systems are developed for all vehicle segments and for both front and rear wheel drives. The use of Electric Axle Drive Systems enables high flexibility and adaptation to suit various engines and transmissions. The electric axle drives also incorporate several drive components which increases safety and enable smooth drivability of vehicles. The market is expected to reach USD 8,226.3 million by 2023 and is expected to grow at a CAGR of 12.31% during the forecast period.

Global major automakers are increasingly speeding up the electrical vehicle production because of rise in demand for electric vehicles and the obligation to reduce the carbon emissions from vehicle operations.  For the future mobility solutions of the electric vehicles, electric axle drive systems are considered as the way forward. The predominant driver for the market is the ability of electric drive systems to integrate wheel hub and all components required for drive such as drive and deceleration, driving safety into single a unit. Other major driver for the market is the ability of automakers to design and adapt the electric drive systems based on specific vehicle requirements such as for passenger cars and commercial vehicles.

According to Automobile Association of America (AAA), lower gas prices have not inhibited enthusiasm for electric cars. As per the market research, the demand for electric car is likely to increase in the coming time. More than 30 million American are likely to buy electric car as their next vehicle. This trend in majorly influenced by compliance and people commitment towards environmental concern and carbon reduction. Heading towards APAC region, China has named itself as the leading market for electric vehicles. In terms of market development, China has sold more than 507,000 electric vehicles and plug-in hybrid electric vehicle in 2016, which was around 53% rise from 2015.followed by US and Europe. Moreover, the key market players are more inclined towards focusing on electric vehicles and have started offering EV range for models including hatchbacks, superminis, sedans, large family cars, vans and others. Considering all these factors, the demand for electric axle drive system has also increased and the OEM have shifted more focus on increasing its production. However, the rising in the number of electric vehicles will directly increase the demand for electric axle drive system.

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