Automotive Axle Market Size, Growth: Worldwide Projections Indicate USD 39.02 Billion and an 5.59% CAGR by 2028
The growing demand for an electric and hybrid vehicle with the integration of advancement in technology for gear systems are driving the automotive axle market. The increase in the per capita income of the people of the developing region like India and China are also increasing the sales of the cars, which in turn is driving the automotive axle market.
Newark, Sept. 21, 2023 (GLOBE NEWSWIRE) — The global automotive axle market is anticipated to grow from USD 25.24 billion in 2020 to USD 39.02 billion by 2028, at a CAGR of 5.59% during the forecast period 2021-2028. Global Automotive Axle market is witnessing a considerable growth owing to the surge in the vehicle production and the advancement in technology.
The Brainy Insights launched a study titled Automotive Axle Market Size by Type (Front, Rear), Material (Alloy, Carbon fiber), Propeller Shaft Type, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028
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Front axle segment is accounted for the highest market share of 57.68% in 2020
The type segment is divided into the front axle and rear axle. Front axle segment is accounted for the highest market share of 57.68% in 2020. This is because of the surge in the number of passenger cars. All the mainstream passenger cars are now built on the front-wheel-drive platform. This also performs better in adverse condition as it rather pulls the car than pushing the car. The front-wheel-drive cars are cheaper to make when compared to rear-wheel-drive cars as it combines engine and transmission into a single unit.
The alloy segment accounted for USD 15.49 Billion of market value in 2020
The material type segment includes alloy and carbon fiber. The alloy segment accounted for USD 15.49 Billion of market value in 2020. The carbon fiber segment will increase in the forecasting period because of its high strength and rigidity.
The single segment accounts for 54.69% of market share in 2020
The propeller shaft type segment consists of single and multi-piece. The single segment accounts for 54.69% of market share in 2020. This is because of its lightweight, which increases fuel efficiency. The single-piece propeller is mostly used to keep the shorter distance between the engine and the rear axle. Also, the increase in disposable income has led to an increase in the demand of SUVs vehicle, which are rear-wheel-drive cars, which in turn is fuelling the use of single-piece propeller.
Report coverage & details:
|Market Size in 2028||USD 39.02 billion|
|No. of Pages in Report||234|
|Segments Covered||Type, material, propeller shaft typeand regions|
|Opportunities||The growing demand for AWD vehicles|
|Restrains||The fluctuating price of raw materials|
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Regional Segmentation Analysis:
The regions analyzed for the Automotive Axle market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.Asia Pacific region is having the highest market share of 37.24% in 2020. This is due to the expanding automotive sector in the region. Also, the increase in the per capita income of the people of the developing region like India and China are also increasing the sales of the cars, which in turn is driving the automotive axle market. Also, the advancement in technology, focus of industries to improve the fuel efficiency of the vehicle is also driving the market in the region. Europe had the second-largest market share of 25.21 % in 2020. This is due to the strict emission norms in the region. The automotive organizations are trying to increase the fuel efficiency of the vehicles. This has led to the use of lightweight parts and lightweight but strong axles for the vehicles. These factors are driving the automotive axle market in the region.
The major players of market include GKN plc, American Axle & Manufacturing, Inc., SHOWA Corporation, ZF Friedrichshafen AG, HYUNDAI WIA, CARDONE Industries, Dorman Products., Pro Comp., JTEKT Corporation and Dana Incorporated, among others.
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About the report:
The global pulse ingredients market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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