Growing demand for heavy duty commercial vehicles that can carry heavy loads such as long trailers are increasing sales of passenger vehicles in developing economies.
A recently published study by FMI expects the global automotive axle market to augment at a 2% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 74.60 Billion is expected for the market. Increase in sales of luxurious cars, passenger cars and heavy commercial cars are escalating the demand for automotive axles. As electric vehicles penetrate the market, the demand for automotive axles is expected to grow with time.
From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 2% and closing at US$ 60 Billion. Although the COVID-19 pandemic halted the growth of the automotive axle market, post the pandemic, the demand is expected to rise. Manufacturers of automotive axles are focusing on producing cost-efficient and durable axles. Hybrid and electric vehicles are creating lucrative opportunities for automotive axles.
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Furthermore, increasing purchasing capacity in regions like Asia Pacific, North America and Europe is positively influencing the market for automotive axles. Moving ahead, owing to the research undertaken for automotive axles, manufacturers are planning to integrate smart features to axles that will help the vehicle to carry heavy loads.
Key Takeaways from the Market Study
“Passenger vehicles are gaining immense popularity across different geographical locations. In addition, increase in transportation activities is playing a pivotal role in the demand for automotive axles.” says an analyst at FMI
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Market Competition
Key players in the automotive axles market are ZF Friedrichshafen AG, Melrose Industries PL, American Axle & Manufacturing, Inc., Meritor Inc., Dana Incorporated, Daimler AG, Talbros Engineering Limited and GNA Group
Key Segments Profiled in the Automotive Axle Market Industry Survey
Automotive Axle Market by Axle Type:
Automotive Axle Market by Application:
Automotive Axle Market by Vehicle Type:
Automotive Axle Market by Region:
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global automotive axle market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Type (Dead, Drive, Lift), Application (Front, Rear), Vehicle Type (Passenger Cars, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 28, 2022
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