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The global automotive axle market size is projected to reach USD 39.78 billion by 2027 owing to the heightened need for fuel-efficient auto parts around the world, states Fortune Business Insights™ in its report, titled “Automotive Axle Market Size, Share & COVID-19 Impact Analysis, By Application Type (Front Axle and Rear Axle), By Axle Type (Drive Axle, Dead Axle, and Lift Axle), By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecast, 2020-2027”. The report further states that the value of this market was at USD 27.19 billion in 2019 and is expected to register a CAGR of 5.1% from 2020 to 2027.
The COVID-19 pandemic outbreak is anticipated to dent the automotive axle market growth in 2020 owing to the sharp decline in demand for vehicles, disrupted manufacturing operations, and delayed or cancelled investment plans by automakers. Contracting revenues and profits for market players will also hinder the growth of this market during the pandemic.
Vitesco Delivers Flagship Axle Drive to Dongfeng
In August 2020, Vitesco Technologies, the German powertrain specialist, announced the launch of its fully-integrated electric axle drives, the EMR3, for Dongfeng Passenger Car Corporation. Dongfeng will be utilizing the axle drive for its newest all-electric version of the Yixuan car, a C-segment passenger car by international standards. The incorporation of the next-gen axle drive in Dongfeng’s vehicle lineup will be a major milestone for Vitesco, which has already delivered the EMR3 to Hyundai and the PSA Group in 2019. Furthermore, Vitesco will be producing its electric axle drive system in China, which is currently the largest market for electric vehicles, to ensure quick access to its products to Chinese customers.
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Emergence of E-Mobility Solutions to Create New Opportunities
With pollution levels skyrocketing, especially in urban areas, there has emerged a dire need to develop and adopt sustainable mobility systems. As a result, the demand for electric vehicles (EVs) has skyrocketed in recent times. According to the International Energy Agency (IEA), electric car sales accounted for 2.6% of the total global car sales in 2019, topping 2.1 million and taking the global EV stock to 7.2 million. The most crucial aspect of EVs is their energy-efficiency, which can be enhanced by fitting them with lightweight components. In response, several component manufacturers have been developing low-weight, high-strength axle systems to power electric vehicles. For example, ZF Friedrichshafen introduced a next-gen electric axle drive for EVs, fuel cell vehicles, and hybrid vehicles, with a reduced weight and a high maximum output. Similarly, GKN’s eAxle drive, suitable for both front and rear wheels, has been adopted by BMW in its i8 model and by Volvo in its XC90 T8 model. As EVs and e-mobility solutions gain traction across urban areas across the globe, the uptake of high-efficiency automotive axle is likely to rise in the upcoming years.
Collaborations between Key Players and Automakers to Characterize Competition
Key players are actively entering into partnerships with automotive industry giants to expand their sales horizons, which are becoming the marquee feature of the competitive landscape of this market. These collaborations are mutually beneficial for the industry because together, automakers and parts manufacturers can rapidly advance automotive technologies and attract investments into the industry. Besides this trend, the dynamics of this market are also being shaped by the strategic expansion of companies in the emerging markets of Asia and Africa.
List of Key Players Covered in the Market for Automotive Axle:
Further Report Findings:
Table of Segmentation:
Value (USD billion) & Volume (Thousand Units)
By Application Type
By Axle Type
By Application Type