COVID-19 impact on Electric Axle Drive Systems Market Size, Analysis Forecast to 2023

Electric axle drive systems, also known as propulsion systems, constitute an electric motor, power electronics, and transmission that are combined in a compact unit that directly powers the vehicle’s axle which aids in making electric vehicle handling less complicated. With these drive systems, electric vehicles (EV) become more compact, efficient, and more cost-attractive.

These compact electric drive solutions systems are developed for all vehicle segments and applicable in both front and rear wheel drives. However, these systems are majorly used in the electrical and hybrid electric applications (vehicles). Moreover, the electric axle drive systems also incorporate several drive components which increases safety, enabling smooth drivability of vehicles.

Over the past couple of years, due to the increasing fuel prices and environmental concerns, governments of countries across the globe are increasingly promoting the uptake of eco-friendly alternatives for vehicles powered by traditional fuels. As a result, the sale of electric vehicles is growing pervasively and so is increasing the sale of these axle drive systems. These factors presage the vast prominence axle drive systems are about to garner in the recent future and the significant traction its market will be gaining soon.

Acknowledging the increasing traction, this market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the COVID-19 impact on Electric Axle Drive Systems Market will reach USD 8,226.3 Mn by 2023 at a CAGR of 12.31% during the forecast period (2017-2023). Accelerating sales of electric vehicles, fuel cell vehicles, and hybrids and the huge uptake of these systems is a key driving force behind the market growth.

Leave a Reply

Your email address will not be published. Required fields are marked *