The rear axles market is anticipated to grow at a significant CAGR of 5.2% during the forecast period (2022-2028). The rear axle is a critical component of a vehicle’s powertrain, and it is employed in rear-wheel drive vehicles. It transmits power from the differential gear to the driving wheels by lying between the driving wheels and the differential gear. The rear axle bears the majority of the vehicle’s weight and is essential for power transfer from the engine to the steering wheel. It is also a major source of power loss in the driveline, therefore improvements in the rear axle might have a big influence on the vehicle’s fuel economy. The placement of a rear axle in a car is determined by the vehicle’s gross weight. For heavyweight carrying applications, rear axles are also utilized to add an extra wheel to a vehicle. Due to the maximum load capacity (rating) of each tire in a car, vehicles used to convey big weights may require an extra wheel. With the installation of an additional rear axle, this extra wheel is installed. The increase in global car manufacturing is a primary element driving the growth of the rear axle market. Furthermore, as the equipment is usually placed in heavy-duty trucks, the growing need for high-capacity lifting applications is also boosting the demand for the rear axle market. Furthermore, the usage of rear axles is likely to expand in the near future due to logistical operations of large-weight equipment such as electrical machines and new cars.
The global rear axles market is segmented based on design type and vehicle type. Based on the design type, the market is sub-segmented into semi-floating, three-quarter floating, and full-floating. Based on the vehicle type, the market is sub-segmented into passenger vehicles, commercial vehicles, and off-road vehicles. Among these vehicle types, the commercial segment is expected to propel the growth of the market due to the increasing usage of rear axles in commercial vehicles for carrying heavy loads.
The market players are also contributing significantly to the market growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in August 2019, Meritor announced the launch of a new axle assembly and a research and development plant worth $36.5 million. The facility is aimed at increasing product profitability and production capacity significantly.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Design Type
- By Vehicle Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- American Axle & Manufacturing Inc., Seohan Auto US Corp., Zf Chassis Systems Tuscaloosa LLC, and Automotive Axles Ltd., among others.
A full report is available at: https://orionmarketreports.com/global-rear-axles-market/109413/
Global Rear Axles Market Report by Segment
By Design Type
- Semi-Floating
- Three-Quarter Floating
- Full-Floating
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
- Off-Road Vehicles
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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