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The hybrid segment held major market share in 2022. The adoption of hybrid propulsion systems is primarily driven by their ability to significantly enhance vehicle efficiency and extend driving range. By seamlessly combining internal combustion engines with electric motors, these systems optimize power usage, making them ideal for diverse driving scenarios. Furthermore, their reduced emissions align with global environmental goals, making Hybrid Electric Vehicles (HEVs) a popular choice. Government incentives further bolster their appeal, encouraging consumers to choose HEVs. Ongoing technological advancements, such as regenerative braking & flexible power source options, underscore the adaptability and efficiency of hybrid propulsion, vehicle their demand in the market.
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The commercial segment held around 60% market share in 2022. The increasing production of e-axles for passenger vehicles is propelling the electric vehicle e-axle market forward. As automakers focus on integrating advanced e-axle systems into their passenger cars, these vehicles are becoming more efficient and eco-friendlier. For instance, in December 2021, Marelli Electric Powertrain Strasbourg, the joint venture between MARELLI and PUNCH Motive International, secured a significant contract from a global Original Equipment Manufacturer (OEM) for manufacturing e-axles. Majority-owned by Marelli, the joint venture specializes in developing and assembling tailored integrated e-axle systems designed for Battery Electric Vehicles (BEVs) and Plug-in Hybrid cars.
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Asia Pacific e-axle market size exceeded USD 16.6 billion in 2022 and is anticipated to dominate the market by 2032. The increasing production of e-axles for passenger vehicles is propelling the market growth. As automakers focus on integrating advanced e-axle systems into their passenger cars, these vehicles are becoming more efficient and eco-friendlier.