Jun 23, 2020   SOURCE: PR NewsWire

Automotive Axle Market Size Worth Around US$ 68 Bn by 2027

LOS ANGELES, June 23, 2020 /PRNewswire/ -- The automotive axle market size is expected to be worth of around US$ 68 bn by 2027 with CAGR of 3.2% in terms of revenue from 2020 to 2027.

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The rising demand for automobile axles is strong as a result of the ever-growing population and the increasing demand in the industry for automobiles. Besides, demand of axles in the developing economies still leads by the growth of the industry for automotive axles. However, it is the rise in vehicle expense that limits the automobile axle system market due to the additional portion that it is fitted with an axle. The added weight to the vehicle due to the configuration of the axle system in the automotive is another aspect that restricts the growth of the automotive axle system industry. The increased acceptance of electric cars would shift the vehicle architecture and the use of the components on the auto axle vehicle market considerably during the forecast years. In this case, the main emphasis is on the power trains that are becoming a major development in the automotive industry.

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Passenger Cars Dominate the End Use Segment

The demand for auto axles in the vehicle sector would boost the high output of passenger cars. The auto axles market can be categorized into hybrid electric cars, electric batteries and plug in hybrid electric cars as per conventional vehicles. Europe and the Americas are further driven by increased preferentiality for hybrid cars as a result of the rise in environmental emissions. Encouraging consumers to buy hybrid cars through governments in different countries by giving benefits such as tax incentives and free parking. In addition, the sales of electric cars are projected to be increased which will boost the demand for auto axles.

Regional Analysis

Asia Pacific held significant market share in 2019 led by China. Demand for the Chinese automotive axle is driven mainly by rapid domestic auto sector production, which gives the country's automotive axle manufacturers numerous profitable opportunities. In addition, in India due to favorable policies, such as Make in India, are expected to improve vehicle production, and thus market movement, allow for 100 percent foreign direct investment (FDI).

North America held considerable market share. Increasing demand for luxury and commercial vehicles in the region can be attributed to this development. In 2019, US held a large share of the market in North America. In the world in 2019, nearly 8.32 Mn commercial and 2.54 Mn passenger vehicles were produced. The world has undergone a growing downturn in the production of passenger cars since 2015. But this reduction is offset by expanded production of light commercial and heavy-duty vehicles.

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About the Market

The automobile axle is a big force that generates traction for automobiles by the transfer of torque between the differential and the wheels. The axle transfer torque from the differential to the wheels or provides the load of a vehicle only, with wheel mounting. The size and location of the axle depends on it. Depending on application and function, commercial vehicles such as heavy goods vehicles, medium-sized cars and buses may have more than two axles, whereas most small cars have one axle, depending on their application and position.

Key Players & Strategies

Participants include major global players such Dana Holding Corporation, American axle and manufacturing holdings Inc., Delphi Group, Hyundai Wia Corporation, Hitachi, Kalyani Group, and Others.

Increased demand for AWD and FWD, and increased popularity for electric and self-contained cars are some key contributors to the significant growth of auto axles manufacturers. In addition, increased demand for safer and convenient automotive functions increased the demand for advanced automotive axles technologically.

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2019, With the Spicer SmartConnect disconnector AWD system in China Dana Incorporated has started the development of the Spicer AdvanTEK Ultra Axle. The improvement is expected to reduce energy loss by 45 per cent over the regular automobile axle, at the same time increasing the fuel efficiency of the car.

Market Segmentation

By Type

    --  Rear
    --  Front

By Material

    --  Carbon Fiber
    --  Alloy

By Propeller Shaft Type

    --  Multi Piece
    --  Single

By End Use

    --  Commercial Vehicle
    --  Passenger Cars

By Geography

North America

    --  U.S.
    --  Canada

Europe

    --  UK
    --  Germany
    --  France
    --  Spain
    --  Rest of Europe

Asia-Pacific

    --  China
    --  Japan
    --  India
    --  Australia
    --  South Korea
    --  Rest of Asia-Pacific

Latin America

    --  Brazil
    --  Mexico
    --  Rest of Latin America

Middle East & Africa

    --  GCC
    --  South Africa
    --  Rest of Middle East & Africa

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