According to a report recently released by FMI, the worldwide automotive axle market is expected to reach a market value of US$ 61.2 billion in 2022 and US$ 74.60 billion by 2032, rising at a CAGR of 2%. Demand for automotive axles is rising as sales of high-end cars, passenger cars, and large commercial vehicles rise. The market for electric vehicles is likely to expand over time, increasing demand for automotive axles.
The sector expanded significantly between 2017 and 2021, recording a 2% value CAGR and concluding at US$ 60 billion. Although the COVID-19 pandemic slowed the market’s expansion for automobile axles, after the pandemic, demand is anticipated to increase. Automotive axle producers are concentrating on creating affordable, long-lasting axles. Automotive axles now have significant new market potential thanks to hybrid and electric automobiles.
The market for automobile axles is also benefiting from rising purchasing power in places like Asia Pacific, North America, and Europe. As a result of the study done on automotive axles, manufacturers aim to add intelligent elements to axles that will enable the vehicle tow heavier loads in the future.
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Key Takeaways from the Market Study
- By vehicle type, passenger cars are expected to hold nearly 45% market share for automotive axles in the forecast period 2022-2032.
- By type, drive axles are expected to possess 60% market share for automotive axles in the sales indicator period 2022-2032.
- Asia Pacific is expected to possess 36% market share for automotive axles in the assessment period 2022-2032.
- North America is expected to hold 25% market share of automotive axles
- Europe is expected to hold 20% market share of automotive axles as of 2022
“Passenger vehicles are gaining immense popularity across different geographical locations. In addition, increase in transportation activities is playing a pivotal role in the demand for automotive axles.” says an analyst at FMI
Market Competition
Key players in the automotive axles market are ZF Friedrichshafen AG, Melrose Industries PL, American Axle & Manufacturing, Inc., Meritor Inc., Dana Incorporated, Daimler AG, Talbros Engineering Limited and GNA Group
- In February 2022, Meritor Inc extended agreement with Wabash till 2026. Due to the agreement, the company will provide loose axles for Wabash’ configuration.
- Dana Incorporated, a key player in the automotive axle market is focusing on offering a wide variety of axles for different types of vehicles.
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Key Segments Profiled in the Automotive Axle Market Industry Survey
Automotive Axle Market by Axle Type:
- Dead Automotive Axle
- Drive Automotive Axle
- Lift Automotive Axle
Automotive Axle Market by Application:
- Front Automotive Axle
- Rear Automotive Axle
Automotive Axle Market by Vehicle Type:
- Automotive Axle for Passenger Cars
- Automotive Axle for Light Commercial Vehicles
- Automotive Axle for Heavy Commercial Vehicles
Automotive Axle Market by Region:
- North America Automotive Axle Market
- Latin America Automotive Axle Market
- Europe Automotive Axle Market
- Asia Pacific Automotive Axle Market
- Middle East & Africa Automotive Axle Market
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global automotive axle market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Type (Dead, Drive, Lift), Application (Front, Rear), Vehicle Type (Passenger Cars, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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