Driving assessment

The automotive axle market is growing at a phenomenal rate

NEWARK, Del, Aug. 01, 2022 (GLOBE NEWSWIRE) — A recently released study by IMF forecasts the global Automotive Axle Market to grow at a CAGR of 2% from 2022 to 2032. At the end of said assessment period, a valuation of 74.60 billion US dollars are expected for the market. Rising sales of luxury cars, passenger cars, and heavy-duty vehicles are driving up the demand for automotive axles. As electric vehicles enter the market, the demand for automotive axles is expected to increase over time.

From 2017 to 2021, the industry experienced remarkable growth, registering a value CAGR of 2% and closing at US$60 billion. Although COVID-19 pandemic halted the growth of automotive axles market, post-pandemic the demand is expected to increase. Automotive axle manufacturers focus on producing cost-effective and durable axles. Hybrid and electric vehicles create lucrative opportunities for automotive axles.

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Additionally, increasing purchasing ability in regions like Asia-Pacific, North America, and Europe is positively influencing the automotive axle market. In the future, with research undertaken for automotive axles, manufacturers plan to incorporate smart features into the axles that will help the vehicle carry heavy loads.

Key insights from market research

  • By vehicle type, passenger cars are expected to hold almost 45% market share for automotive axles during the forecast period 2022-2032.
  • By type, drive axles are expected to hold 60% market share for automotive axles during the sales indicator period 2022-2032.
  • Asia-Pacific is expected to own 36% market share for automotive axles during the assessment period 2022-2032.
  • North America is expected to hold 25% of the automotive axle market
  • Europe expected to hold 20% automotive axle market share from 2022

“Passenger vehicles are gaining popularity in different geographies. In addition, the increase in transportation activities plays a central role in the demand for automotive axles. IMF analyst says

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Market competition

The major players in the automotive axle 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 the agreement with Wabash through 2026. As a result of the agreement, the company will supply idler axles for Wabash’s configuration.
  • Dana Incorporated, a key player in the automotive axle market, is focused on offering a wide variety of axles for different types of vehicles.

Key segments presented in the Automotive Axle Market industry investigation

Automotive Axles Market by Axle Type:

  • dead automobile axle
  • Automotive drive axle
  • Automotive Lift Axle

Automotive Axles Market By Application:

  • Front automotive axle
  • Rear automotive axle

Automotive Axles Market by Vehicle Type:

  • Automotive axle for passenger cars
  • Automotive axle for light commercial vehicles
  • Automotive axle for heavy duty vehicles

Automotive Axles Market By Region:

  • North America Automotive Axles Market
  • Latin America Automotive Axles Market
  • Automotive Axles Market in Europe
  • Asia Pacific Automotive Axles Market
  • Middle East & Africa Automotive Axles Market

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More information available

Future Market Insights in its new offering presents an unbiased analysis of the global Automotive Axle Market, showcasing historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.

The study reveals critical insights based on type (dead, drive, lift), application (front, rear), vehicle type (passenger cars, light-duty vehicle (LCV), heavy-duty vehicle (HCV) ), in five major regions (North America, Latin America, Europe, Asia-Pacific and Middle East and Africa).

Contents
1. Global Automotive Axle Market – Executive Summary

1.1. Global market overview

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. MFI analysis and recommendations

2. Global Automotive Axles Market Overview

2.1. Market Coverage / Taxonomy

2.2. Introduction and market definition

3. Assessment of risks and market trends

4. Market Context and Basic Data Points

5. Global Automotive Axle Market Demand (US$ Bn) Analysis 2017-2021 and forecast, 2022-2032

To be continued…!

About Future Market Insights Automotive Division

The Future Market Insights automotive team offers expert analysis, timely research, and strategic recommendations with the aim of providing authentic information and accurate results to help customers around the world. With a repository of over 100 reports and over a million data points, the team has been insightfully analyzing the industry in over 50 countries for over a decade. The team provides a brief analysis of key trends including the competitive landscape, profit margin, and research development efforts.

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