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The global automotive axle market size for passenger cars was at USD 26.58 billion in 2018 is projected to growth at a CAGR of 4.5% during the forecast period. The HCV axle market is projected to reach USD 7.23 billion by 2025 at a CAGR of 3.2% from 2019 to 2025.
The need for reducing the overall weight of the vehicle and the increasing sale of electric vehicle has driven the market for the lightweight axle. An axle is one of the important parts of the vehicle as it helps to keep the wheel position constant to the vehicle body and transmit driving torque to the wheels. The axle that maintains wheels position is a dead axle, which is majorly installed at the front end of vehicles. On the other hand axles that transmit the torque is called a drive axle. Automotive Axle is of two types : Front and Rear Axle. Front axle carries the load of the front end of the vehicle and helps to absorb shock that arises due to irregular road surfaces. Rear-axle segment comprises a combination of both dead and drive axles. The drive axle usually in the rear part of the commercial vehicle and consists of a drive shaft and gearbox mechanism to drive the vehicle. It has a differential and universal joints which combines together to transmit the engine power to the wheels.
There are three types of applications in automotive axle those are Drive, Dead, and Lift. The dead axle does not have any moving parts, and no driving components are mounted to this axle. The lift axle is usually installed in heavy commercial vehicles and is also known as drop axle or airlift axle that can be lifted or lowered depending on the weight the vehicle is carrying. They are equipped behind or ahead of the drive axle. When lift axle is installed behind the drive axle, it is termed as a tag, and if it is installed in front, then it is termed as “pusher. The lift axle market segment is anticipated to show lucrative growth owing to the increasing requirement to reduce vehicular emission and to increase the fuel efficiency of the vehicle.
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“Increased demand from developing countries for commercial vehicles is likely to propel the Automotive Axle Market.”
One of the significant drivers for the automotive axle market growth is the increased demand for heavy commercial vehicle from developing countries such as India, China, and others. The need for heavy-duty lifting operations is rising as these operations are carried out by heavy commercial vehicle which has lift axle installed. These factors among others are the primary drivers for the increase in sales of commercial vehicles in developing countries. Other factors such as growing trade in these countries in the backdrop of initiatives such as Belt and Road Initiative would further propel the sales of commercial vehicles. Developing economies of countries such as India with significant growth in GDP further fuel the demand of the automotive axle market. Increase in demand for commercial vehicles will substantially increase the demand for axle market.
“The increasing sales of electric and hybrid vehicles to drive the automotive axle market globally.”
Another crucial factor is the increasing sales of electric and hybrid vehicle, which is expected to drive the automotive axle market during the forecast period. Demand for the lightweight axle is increasing owing to the increase in sales of hybrid and electric vehicles. Increase in sales of hybrid and electric vehicles can be accredited to the stringency in vehicular emission regulations globally amid deteriorating environmental conditions. Technological development and increasing use of composite materials in axle for the electric and hybrid for lowering the weight of axle which in turn reduces the weight of the vehicle is estimated to further fuel the growth of the automotive axle market.
“The Rear axle Segment is estimated to drive the market growth for automotive axles during the forecast period..”
Based on the application, the automotive axle market has been segmented into the front and rear axle. The growing demand for safety, comfort, and lightweight fuel-efficient auto parts is estimated to increase the adoption of composite material rigid components in the development of rear axle. The passenger car segment is dominated by the front-drive axle owing to the less complex economic assembly requirements. However, with the increasing sale of electric vehicles, the rear-drive axle market is expected to experience good growth potential during the forecast period.
The increasing demand for long haul trailers in the developing countries such as India, Brazil, and so on is further estimated to drive the growth of rear axle market. The multi-axle cargo carriers are also expected to grow during the forecast period, ensuring good growth potential for commercial vehicle heavy axles.
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“Drive Axle is Anticipated to Exhibit a Significant Growth During the Forecast Period.”
Based on axle type, the market has been segmented into the dead, drive, and lift axle types. Among these the drive axle segment is estimated to hold the largest share in this market over the forecast period, owing to the increasing penetration of all-wheel drive drivetrain in the passenger car segment.
The dead axle market is expected to experience steady growth in the commercial vehicle segment amid the increasing demand for long haul trailers. The heavy commercial vehicle growth is estimated to boost the market growth for dead axle during the forecast period.
The lift axle is a comparatively new type of axle as compared to the other two and hence holds the least market share as of 2018. The lift axle assists in reducing fuel consumption and emission when the vehicle Is not carrying cargo. The axle type provides certain economic benefits to the end-users of heavy commercial vehicle and hence is experiencing increasing demand eventually driving the growth of this segment over the forecast period.
“Increasing electric vehicle sales is expected to drive the market for e-axle over the forecast period.”
Based on vehicle type, further, the market has been segmented into a passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger car segment is projected to dominate the market over the forecast period owing to the increase in production and sales of passenger cars globally. The rising penetration of all-wheel drive transmission in passenger cars and light commercial vehicle is expected to further drive the market for drive axle over the forecast period.
The automotive axle market is estimated to witness a transition from conventional heavy axle assemblies to lightweight composite axles to be installed in electric vehicle. The exponential increase in the production and sale of electric vehicle globally, with majority focus on Europe, North America, and China is expected to drive the market of the lightweight composite material axle in these regional markets.
Heavy commercial vehicle segment is also estimated to show significant growth over the forecast timeframe. Additionally, an increase in demand for lift axle in heavy commercial vehicles is estimated to further drive the market growth over the forecast period.
North America Heavy Commercial Vehicle Axle Market Size, 2018
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The Asia Pacific region leads the automotive axle market and is expected to continue to lead over the forecast period, owing to increasing vehicle production and sales in the region. The growth in the automotive axle market is, however, projected to slow down, as the major automotive manufacturing countries such as China and India are expected to experience an economic slowdown. The trade war between the U.S. and China has impacted the automotive sector in the region, while it adversely affects the other developing economies such as India and Indonesia in the region.
The European automotive industry is steadily recovering from the economic slowdown. The region, however, is expected to have the fastest growth in the e-axle segment, with favorable regulations and continous improvements in the electric vehicle charging infrastructure. Key players in this region are focusing on manufacturing a technologically advanced product that makes the vehicle lighter in weight and fuel-efficient and also meet Euro VI emission norms.
North America is expected to show lucrative growth in market considering sanctions imposed on importing automotive components from outside the United States amid U.S China Trade War. This scenario has provided opportunities to OEM’s present in the United States in manufacturing products that are less expensive and more competitive. United Stated-Mexico-Canada Agreement (USMCA) has augmented the trade in countries like Mexico and Canada, which has imposed rules on manufacturing companies to use 75% of local products that qualify for tariff-free treatment and increase production in North America region.
“Market Player ZF Friedrichshafen AG Will Ensure to Strengthen the Market Position with Respect to providing technologically advanced AxTrax AVE Portal Axle across the Globe”
On 30th October 2018, ZF Friedrichshafen AG launched AxTrax AVE Portal Axle. This mainly focuses on serving trolleybuses, electric buses, and hybrid buses due to increasing emission norms. This advanced axle has helped to reduce the weight of the vehicle approximately by 500kg. AxTrax AVE is a compact and powerful design.
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The Increasing sales of electrical and hybrid vehicles to Drive the Automotive Axle Market Worldwide is expected to increase the global automotive axle market growth. Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are by region, axle type, and axle applications, recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, technological advancements, key strategies adopted by market leaders, competitive landscape and company profiles
Volume (Million Units) & Value (USD Billion)
By Axle Type
By Vehicle Type
Fortune Business Insights says that the axle market was at USD 26.58 billion in 2018 and is projected to reach USD 36.33 billion by 2025.
By 2025, the HCV axle market is expected to reach USD 7.23 billion .
Growing at a CAGR of 3.2%, the market will exhibit steady growth in the forecast period (2019-2025)
Drive Axle segment is expected to be the leading segment in this market during the forecast period.
Increasing demand from developing countries for commercial vehicles is likely to propel the Automotive Axle Market.
ZF Friedrichshafen AG, American Axle & Manufacturing Holdings, Inc. and Dana Incorporated are the top players in the market.
Europe is expected to hold the highest market share in the market.
The Increasing sales of electrical and hybrid vehicles will drive the Automotive Axle Market globally.
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