A central steel rod known as a car axle spans a pair of wheels. The main function of the axle is to distribute torque from the transmission to the wheels. The axles support the weight of your car, including the weight of its occupants and cargo, as well as distribute engine power to the wheels. The automotive axle market is growing rapidly with the increase in sales of passenger vehicles. Further, the surge in demand for EV and hybrid vehicles to curb the various environmental issues will increase the market growth of automotive axle. In addition, an increase in transportation activities is playing a pivotal role in the demand for automotive axles. Vehicles require continuous replacement of axles while they are in running condition, due to which aftermarket sales is a good opportunity for the automotive axle market.
The Automotive Axle Market is expected to grow at a steady rate of around 2% owing to a global rise in purchasing capacity and lifestyle due to which people are buying more vehicles with more advanced features such as all-wheel drive etc.
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· Based on axle type, the market is segmented into dead, live, and tandem. Live axle has the largest market share among these three categories. Live axle is the one through which power is transmitted to the wheels. It can be either the front axle (in case of front wheel drive) or rear axle (in case of rear wheel drive). The increase in sales of all wheel drive vehicles which consist of two live axles is one of major contributors to the increase in demand of live axle in the market.
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· Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). The passenger car sector is anticipated to dominate the global market for automotive axles throughout the assessment period among all other vehicle types. Globally rising urbanization, disposable income, and population increase are some of the causes that are responsible for the segment’s rise. Another important factor driving the expansion of the category is the rising manufacturing of passenger cars throughout the emerging nations.
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For a better understanding of the market adoption of the Automotive Axle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The market is projected to witness healthy growth owing to rising demand for private vehicles fueled by disposable income and a rising population. The North America market is projected to witness healthy growth owing to rising demand for private vehicles fueled by disposable income and a rising population. North America is expected to grow at a notable CAGR during the forecast period due to the presence of prominent players in this region. Additionally, major market players in the region are investing heavily in automotive technology, stimulating the demand for automotive axles. The rest of the world had a relatively small market share due to the presence of huge unpenetrated markets.
Global Automotive Axle Vehicle Market Segmentation
Market Insight, by Axle Position Type
· Front Axle
· Rear Axle
Market Insight, by Axle Type
· Dead
· Live
· Tandem
Market Insight, by Vehicle Type
· Passenger Cars
· Light Commercial Vehicle (LCV)
· Heavy Commercial Vehicle (HCV)
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· 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