Automotive axle market is anticipated to grow at a CAGR of 1.5% during the forecast period. The growing trend of vehicle electrification and innovation continues for drive axle coupled with electric powertrain is a key factor contributing to the market growth. Environment protection is a key challenge in this market. To meet the greenhouse emission regulations, downsizing, weight reduction, and torque-carrying qualities have been prioritized in drive and steer axle development. Drive axles are developed to have faster ratios to handle bigger axle input torques caused by lowering engine revolutions per minute at highway speeds to aid engine down speeding for line-haul logistics vehicles by road transportation.
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Furthermore, key players are also developing lightweight, fuel-efficient axles that can carry heavy cargo loads. Manufacturers are focusing on developing faster axles with lower ratios, which will help the engines operate at a slower speed. Many axles are now also including modular motor design, which provides easy service and maintenance accessibility and is scalable due to their motor interchanging capability. Such developments are contributing to the market growth. In 2021, electric car sales more than double to 6.6 million, representing close to 9.0% of the global car market and more than tripling their market share from two years earlier. Hence, owing to its broader application and rising demand for an electric car is expected to boom the growth of the global automotive axle market.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Automotive Axle Market Report Segment
By Type
- Drive
- Dead
- Lift
By Application
- Front
- Rear
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Global Automotive Axle Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive axle market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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