Global Industry News: Automotive Axle Market Expected to Witness a Sustainable Growth over 2023

Monday, May 20, 2024

Automotive Axle Market Expected to Witness a Sustainable Growth over 2023

Automotive axles Market Overview

The worldwide Automotive axles 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 axles 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.

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Automotive axles 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 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 axles 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.

Automotive axles 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