Global Automotive Electric Drive Axle Market to Reach $17.4 Billion by 2030
The global market for Automotive Electric Drive Axle estimated at US$2.5 Billion in the year 2023, is expected to reach US$17.4 Billion by 2030, growing at a CAGR of 32.1% over the period 2023-2030. Electric Axle, one of the segments analyzed in the report, is expected to record 28.4% CAGR and reach US$8.8 Billion by the end of the analysis period. Growth in the Hybrid Axle segment is estimated at 37% CAGR for the next 7-year period.
The U.S. Market is Estimated at $628.9 Million, While China is Forecast to Grow at 39.2% CAGR
The Automotive Electric Drive Axle market in the U.S. is estimated at US$628.9 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.1 Billion by the year 2030 trailing a CAGR of 39.2% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 24.6% and 28.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 26.3% CAGR.
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