According to a new report published by UnivDatos Markets Insights, the automotive axle market was valued at more than USD 60 billion in 2020 and is expected to grow at a CAGR of around 2% from 2022-2028. The analysis has been segmented into Axle Position Type, Axle Type, Vehicle Type, and Region/Country.
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The automotive axle report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the scopolamine market. The automotive axle report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the automotive axle at the global and regional levels.
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Market Overview
The production of automobiles has increased on a global scale. The market is anticipated to rise from 2022 to 2030 as a result of consumers' increasing demand for luxury and hybrid vehicles with cutting-edge technology, according to trends. The market for automotive axles is also projected to be driven by the global market's adoption of cutting-edge technologies that reduce overall vehicle weight. Consumer awareness of the need to minimise vehicle emissions and fuel consumption is growing, which has significantly increased demand for hybrid cars. Multiple power sources are used to power hybrid automobiles on the market, which lowers fuel consumption and improves the driving experience. As a result, it is anticipated that the growing demand for hybrid cars would likewise increase demand for automotive axles. The presence of huge commercial vehicles and long trailers has seen substantial demand from North America and Europe
Some of the major players operating in the market American Axle & Manufacturing,Inc., GNA Axles, Talbros Axles, Dana Limited, Meritor, Inc., Melrose Industries PLC, ZF Friedrichshafen AG, Mercedes-Benz Group AG, SHOWA CORPORATION, HYUNDAI WIA CORP.
The global automotive axle report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on vehicle type, the market is segmented into passenger cars, light commercial vehicle (LCV), and heavy commercial vehicle (HCV). Heavy commercial vehicles have a higher CAGR amongst all these types. This is due to online deliveries and instant services, thus driving demand globally which are fulfilled through heavy commercial vehicles transport system. Secondly, advanced transport vehicles are being used by companies that have higher efficiency and features due to which there has been a huge demand for newly advanced heavy commercial vehicle in the market. These newly advanced vehicles are equipped with new axles, thus having a positive impact on the market’s growth.
· Based on axle position type, the market is segmented into front and rear axle. Over the assessment period, the rear axle had the highest CAGR amongst others. Increasing sales of luxury vehicle and all-wheel drive vehicles due to an increase in purchasing capacity and lifestyle is contributing to growth of rear axle in the market. Various regions such U.S.A and China are major places where rear axle demand has increased in recent years, thus boosting segmental growth.
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Automotive Axle Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is expected to grow at a significant CAGR in the coming years owing to rising demand for private vehicles fueled by disposable income and rising population. Additionally, various logistics and supply chain companies are being set up which have created a new demand for vehicles in large quantity with advanced features and technology in this region. Global automotive and industrial supplier Schaeffler celebrated the start of production of 2in1 electric axles at its production plant in Taicang, China. The electric axle system comprises an electric motor and transmission. Thus, the above mentioned factors are driving the market growth in the region.
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The major players targeting the market include
· American Axle & Manufacturing, Inc.
· GNA Axles
· Talbros Axles
· Dana Limited
· Meritor, Inc.
· Melrose Industries PLC
· ZF Friedrichshafen AG
· Mercedes-Benz Group AG
· SHOWA CORPORATION
· HYUNDAI WIA CORP
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive Axle market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the automotive axle market?
• Which factors are influencing the automotive axle over the forecast period?
• What are the global challenges, threats, and risks in the automotive axle market?
• Which factors are propelling and restraining the automotive axle market?
• What are the demanding global regions of the automotive axle market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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