The growth of automotive industry directly translates into increasing demand for automotive axle market. Automotive axle is an integral part of wheeled vehicle which helps for better steering and handling control. Depending upon its position and application axle serves different functions of steering and transmission. Increasing acceptance of hybrid and electric vehicles and integration of smart and advanced gearing technology acts as a major driving factor for the automotive axle market. Growing vehicle demand as well as engineering advancement for improving performance of vehicle are some of the factors which drives the demand for the market. Moreover, focus on improving power and drivetrain systems encompassing components such as clutch, transmission, and propeller shaft and rear axle driving the growth of the market.
However, increased component cost and additional vehicle weight are some of the factors which act as a barrier for the market.
The major player operating in the market of Global Automotive Axle are ZF Friedrichshafen AG (Germany), American Axle & Manufacturing, Inc. (U.S.), Meritor, Inc. (U.S.), Showa Corporation (Japan), GKN Plc (U.K.) and ELBE Gelenkwellen-Service GmbH(Germany).
Asia pacific is dominating the market due to majority of automotive sales in the region as well as shift towards electrification which helps the market in this region. Development of automotive manufacturing industries in developing economies such as china and India are driving the market for automotive Axle. Factors such as availability of low-cost manual as well as innovations in engineering focusing towards fuel efficiency and sustainability, rising vehicle production levels as well as globally competitive automotive manufacturing hub are some of the factors pushing the market of automotive Axle.
Whereas, Europe holds the largest market share in rear axle commodity market followed by Asia pacific due to factors such as strict emission norms laid down by the government and a significant rise in the demand for light-weight rear axles in vehicles in the region.
The report for Global Automotive Axle Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2030 : Significant Value|
|CAGR||Substantial CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Material, Propeller Shaft Type,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ZF Friedrichshafen AG (Germany), American Axle & Manufacturing, Inc. (U.S.), Meritor, Inc. (U.S.), Showa Corporation (Japan), GKN Plc (U.K.) and ELBE Gelenkwellen-Service GmbH(Germany).|
|Key Market Opportunities||Focus on improving power and drivetrain systems encompassing components such as clutch, transmission, and propeller shaft and rear axle|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The automotive axle market can surge at a considerably high CAGR in the assessment period.
MRFR estimates the automotive axle market to touch a lucrative value by 2022.
GKN Plc (U.K.), Showa Corporation (Japan), and ELBE Gelenkwellen-Service GmbH(Germany) are some reputed companies in the automotive axle market.
Carbon fiber and alloy are extensively used for the production of automotive axle.
Multi piece propeller shafts are used mostly in automotive axle. Other type of propeller shafts used is single type.