Automotive Axle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Automotive Axle Market

The Automotive Axle market size was valued at USD 27.19 billion in 2023, and the market is now projected tgrow tUSD 38.8 billion by 2032, exhibiting a CAGR of 3.0% during the forecast period of 2024-2032.

This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps tstop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related tinformation and communication technology. The transportation and automotive industry is one of the verticals most vulnerable tthe COVID-19 pandemic and is now experiencing a great deal of uncertainty. The epidemic has quickly and severely affected the globally interconnected automotive industry. These factors affceted the Automotive Axle market growth.

This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and alsthe sales and demands have been proliferation and increased its value tgreater extent. The increase is ascribed ta number of factors, including expanding global attention tsafety and stability systems, the need for electric and fuel-efficient automobiles, and increased vehicle production. Additionally, the commercial vehicle industry is expanding, road infrastructure is getting better, and materials are becoming more robust and lightweight. These particular growth driving factors have been recorded tattribute the Automotive Axle market share.

A latest trend has been witnessed tproliferate the market growth. This particular trend has been recorded tbe the most profiting trends that have been upgraded taugment the overall market growth. Tkeep up with the growing demand from automakers, the manufacturers of car axles are establishing strategic partnerships with suppliers of raw materials like steel, aluminum, and production equipment. Moreover, the creation and development of lightweight, reasonably priced propeller shafts is another new trend.

Comprehensive Analysis of Automotive Axle Market

India, China, and other developing nations' growing need for heavy-duty commercial vehicles is one of the main factors propelling the expansion of the automotive axle market. Since high-duty commercial vehicles with lift axles mounted are used for these operations, the need for heavy lifting operations is growing. The rising sales of commercial cars in both developed and emerging nations are largely due tthese important considerations. This is one of the most important growth factor of the market which has enhanced the growth of the particular market.

The North American region has augmented a lot in the past few years in this particular product market. The North American region held the biggest revenue share. Because there are major players in North America and Europe, these areas are expected tdevelop at a significant throughout the projection period. The demand for automotive axle will alsbe fueled by the significant investments being made in automotive technologies by major market participants in these regions. Because there was a sizable underpenetrated market, the rest of the world had a relatively smaller market share. This particular region is actually growing a lot and is anticipated taugment more over the years.

Global markets are fiercely competitive and highly fragmented. Due ttheir creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes American Axle & Manufacturing Inc. (United States), GKN Ltd (United Kingdom), Meritor, Inc. (United States), Showa Corporation (Japan), The Hyundai Wia Corporation (South Korea)

In August 2019, Research and development facility and a new axle assembly were introduced by Meritor. Production capacity and product profitability are intended tbe greatly increased by these facilities. This particular development and investment the global market has been recorded tbe a boon for the market growth.

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD billion) & Volume (Thousand Units)

Segmentation By Application Type

Front Axle

Rear Axle

By Axle Type

Drive

Dead

Lift

By Application Type

Passenger Car

Light Commercial Vehicle

Heavy Commercial Vehicle

By Geography

North America (the U.S., Canada, and Mexico)

Europe (the U.K., Germany, France, and Rest of Europe)

Asia-Pacific (Japan, China, India, SK, and Rest of Asia- Pacific)

Rest of the World