Automotive Axle Market Overview
The
worldwide automotive axle market is Expected
to Grow USD 61.190 million in 2030, and it is expected to grow at a CAGR of 5.10
percent over the next five years. In 2019, the global automobile axle shipping
totaled 195 million units, the market is predicted to increase due to rising
global automobile production plus increasing consumer desire for hybrid plus
luxury vehicles with advanced technology. Furthermore, the automotive axle
market is expected to be driven by the adoption of new technologies to lower
overall vehicle weight.
A
vehicle's Axle is a crucial component that transfers torque from the
differential to the wheels and from the engine to the differential. An axle is
a vehicle component that distributes the torque from the split to the wheels or
simply supports the weight whilst offering support for wheel assembly. The type
of Axle is determined by the position as well as the function of the Axle.
Based on its position and application, an axle performs varied steering plus
transmission duties. Based on the function and role of the vehicle, commercial
vehicles like heavy trucks, medium-duty trucks, and buses might have over two
axles. Still, most passenger cars have only one Axle.
Get Free Sample Report of Automotive
Axle Market
Automotive
Axle Market Key Players
·
ZF Friedrichshafen AG (Germany)
·
American Axle & Manufacturing Inc. (U.S.)
·
Meritor Inc. (U.S.)
·
Showa Corporation (Japan)
·
GKN Plc (U.K.)
·
ELBE Gelenkwellen-Service GmbH(Germany).
Automotive Axle Market Segmentation
By Application:
●
Rear Axle
●
Front Axle
By Axle Type:
●
Drive Axle
●
Lift Axle
●
Dead Axle
By Vehicle Type:
●
Passenger Cars
●
Heavy Commercial Vehicle
●
Light Commercial Vehicles
By Geography:
●
North America
●
Asia Pacific
●
Europe
●
Middle East & Africa
●
Latin America
Automotive Axle Industry News
Consumer
awareness of the need to minimize vehicular emissions and fuel consumption has
resulted in a major increase in hybrid car demand. Hybrid vehicles use a
combination of power sources to cut fuel consumption while also improving the
driving experience. As a result, the rising need for hybrid vehicles is
predicted to drive the future need for automotive axles. According to the
International Council on Clean Transportation (ICCT), Hybrid systems could
decrease CO2 energy consumption and emissions by around 35%.
Europe
and North America have shown a strong interest in long trailers and big
commercial vehicles. A long trailer often has 6 to 8 axles to disperse the
vehicle's entire load evenly. Between 2020 and 2027, the rising need for long
trailers is expected to raise the demand for vehicle axles.
The
increasing popularity of hybrid and driverless vehicles and rising demand for
AWD and FWD vehicles are among some of the primary drivers driving considerable
development possibilities for automotive axle producers. Furthermore, the need
for technologically improved automotive axles has increased as the desire for
comfortable and safe automobile operations has increased.
Automotive Axle Market Regional
Classification
The
industry for automotive Axle is being
facilitated by the growth of the automotive manufacturing industry in
developing nations like China and India. The market in the Asia Pacific is
dominated by the area's majority of vehicle sales and a shift toward
electrification that benefits the area's market. Some of the drivers driving
the market for automotive Axle include the availability of low-cost manuals,
technical advancements concentrating on fuel sustainability and efficiency,
growing automotive production levels, and an internationally competitive
automotive manufacturing center.
Due
to rigorous emission requirements imposed by the government and a major
increase in demand for light-weight rear axles within vehicles within the area,
Europe maintains the greatest market share within the rear axle commodities
market, led by the Asia Pacific.
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