Skip to main content

Automotive Axle Market Prospects and Growth Assessment 2032

 A recently published study by FMI expects the global automotive axle market to augment at a 2% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 74.60 Billion is expected for the market. Increase in sales of luxurious cars, passenger cars and heavy commercial cars are escalating the demand for automotive axles. As electric vehicles penetrate the market, the demand for automotive axles is expected to grow with time.

From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 2% and closing at US$ 60 Billion. Although the COVID-19 pandemic halted the growth of the automotive axle market, post the pandemic, the demand is expected to rise. Manufacturers of automotive axles are focusing on producing cost-efficient and durable axles. Hybrid and electric vehicles are creating lucrative opportunities for automotive axles.

Furthermore, increasing purchasing capacity in regions like Asia Pacific, North America and Europe is positively influencing the market for automotive axles. Moving ahead, owing to the research undertaken for automotive axles, manufacturers are planning to integrate smart features to axles that will help the vehicle to carry heavy loads.

Key Takeaways from the Market Study

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

“Passenger vehicles are gaining immense popularity across different geographical locations. In addition, increase in transportation activities is playing a pivotal role in the demand for automotive axles.” says an analyst at FMI

Market Competition

Key players in the automotive axles 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 agreement with Wabash till 2026. Due to the agreement, the company will provide loose axles for Wabash’ configuration.
  • Dana Incorporated, a key player in the automotive axle market is focusing on offering a wide variety of axles for different types of vehicles.

Key Segments Profiled in the Automotive Axle Market Industry Survey

Automotive Axle Market by Axle Type:

  • Dead Automotive Axle
  • Drive Automotive Axle
  • Lift Automotive Axle

Automotive Axle Market by Application:

  • Front Automotive Axle
  • Rear Automotive Axle

Automotive Axle Market by Vehicle Type:

  • Automotive Axle for Passenger Cars
  • Automotive Axle for Light Commercial Vehicles
  • Automotive Axle for Heavy Commercial Vehicles

Automotive Axle Market by Region:

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

More Insights Available

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

The study reveals essential insights on the basis of Type (Dead, Drive, Lift), Application (Front, Rear), Vehicle Type (Passenger Cars, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

About the Automotive Division at Future Market Insights

The automotive team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

For More Info@ https://www.futuremarketinsights.com/reports/automotive-axle-market

Comments

Post a Comment

Popular posts from this blog

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, and
Post a Comment
Read more

Automotive Filters Market Share and Growth Factors Impact Analysis 2029

 The global automotive filters market is expected to experience significant growth over the forecast period, due to the increasing demand for advanced automotive systems and the rising demand for fuel-efficient and eco-friendly vehicles. Automotive filters are used to remove contaminants, such as dust, dirt, and debris, from the air, oil, and fuel in a vehicle. The market is segmented based on type, vehicle type, and region. Based on type, the market is divided into air filters, oil filters, fuel filters, and others. The air filter segment is expected to dominate the market, due to the increasing demand for advanced air filtration systems in vehicles. Based on vehicle type, the market is classified into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment is expected to dominate the market, due to the increasing demand for passenger cars and the increasing adoption of advanced filtration systems in passenger cars. Geographi
Post a Comment
Read more

Iris Biometrics Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Iris Biometrics Market stands as a testament to the ever-evolving landscape of biometric technology, offering a unique and highly secure method of identity verification and authentication. The iris, with its intricate and individualistic patterns, has captured the attention of both security experts and technology developers as a reliable means of confirming one's identity. This market has gained prominence across various industries, ranging from border control and law enforcement to access control systems in government institutions, corporate offices, and even consumer devices. The market's growth is fueled by the increasing need for robust identity verification solutions in a world where security breaches and identity theft are becoming more prevalent. Unlike traditional authentication methods such as passwords and PINs, iris biometrics offer a high level of security and accuracy, as the iris pattern is virtually impossible to replicate. The technology prov
Post a Comment
Read more