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The global automotive axles market size was at USD 26.58 billion in 2018 and anticipated to grow remarkably on account of the increasing demand for vehicles worldwide. Fortune Business Insights studies global automotive axles market in a report, titled, “Automotive Axle Market Size, Share & Industry Analysis, By Axle Type (Drive, Dead, Lift), By Application (Front, Rear), By Vehicle (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) and Regional Forecast, 2019-2025.” Furthermore, the heavy commercial vehicle or HCV axle market is anticipated to reach USD 7.23 billion by the end of 2026. This market is expected to rise at a CAGR of 3.2% during the forecast period, 2019-2026.
An axle is a shaft located centrally and used for rotating gear or wheel. It is used for steering, driving, and turning purpose in automotive vehicles. It also helps to improve the traction and extend the tire life of the vehicle. Automotive axle is of two kinds: rear axle and the front axle. Rear axles further constitute drive and dead axles while front axles are used for carrying the load of the front end of the vehicle and absorbs the shock that may arise due to irregular surface of the road. According to Fortune Business Insights, the increasing demand for more automobiles for personal as well as for commercial purposes is a major factor boosting the global automotive axles market.
Segmentation of the Automotive Axle Market:
On the basis of axle type, the global automotive axles market is differentiated into lift axle, drive axle, and dead axle. Among these, the drive axle segment is anticipated to account for the largest share because of the rise in penetration of all-wheel-drive drivetrain in passenger car segment. As per application, the rear axle segment is expected to boost the market owing to the rising sales of electric vehicles. The report focusses on automotive axle market trends covering regions such as North America, Europe, Asia Pacific, and the Middle East & Africa. Of these, Asia Pacific is expected to lead the global market owing to the tremendous sales and production of vehicles.
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Increasing Demand for Lightweight Vehicles Augmenting Market Growth
The rise in demand for commercial vehicles especially from developing nations, especially China and India is promoting the automotive axle market growth. There is also the rise in demand for heavy-duty lifting operations, which are carried out by heavy commercial vehicles with lift axle installed in them. This increase is anticipated to help the market attract high revenue in the coming years.
Another factor boosting the global automotive axle market are rise in sale of hybrid and electric vehicles. Owing to this, the demand for lightweight axle is on the rise. Strict environmental regulations imposed by various governments are promoting the growth of hybrid and electric vehicles. The surge in the use of composite materials in the axle used for hybrid and electric vehicles along with technological development have helped to reduce the weight of the axle and this, in turn, will reduce the weight of the vehicle. Such reduction in the weight of the entire vehicle is propelling the demand for such vehicles, and ultimately boosting the automotive axle market.
Maintaining Environmental Emission Norms – the Prime Focus of Companies
Vendors in the automotive axle market are adopting various strategies in order to stay ahead in the competition. These strategies include merger and acquisitions, product launches, designing compact and lightweight axles, among others. The primary focus of companies is to ensure their products do not violate environmental emission norms. Some of the players in the global automotive axle market include
Table of Segmentation
Volume (Million Units) & Value (USD Billion)
By Axle Type
By Vehicle Type