August 16, 2022 07:57 ET | Source: Market Research Future Market Research Future

New York, New York, UNITED STATES

New York, US, Aug. 16, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Automotive Axle Market Analysis by Type, By Material, By Propeller Shaft Type - Forecast 2022-2030” valuation is poised to reach USD 61,190 million by 2030, registering 5.10% CAGR throughout the forecast period (2022–2030). 

Axles refer to a vital car part but an aspect that all of us ignore. An axle refers to a shaft or rod connecting a pair of wheels to keep them running and maintain the wheel position to one another. In a vehicle, the engine relates the force to the axle rotating the wheels and traveling the vehicle forward.

Automobile Axle Market Report Scope:

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In other terms, axles offer the driving force from the engine to the wheels. As the axle rotates, the wheels turn over, assisting drive your car. The global market for automotive axles has recorded massive growth in the last few years. The global rise in automotive production is the significant aspect causing an upsurge in the regional market's growth. The growing trend implies that the growing consumer preference for luxury and hybrid vehicles with modern technology will likely boost the market's growth over the review timeframe. Apart from that, the commercialization of innovative technologies globally assists in lowering the general vehicle weight and is projected to catalyze the market's growth over the review timeframe. Furthermore, the growing degree of consumer awareness regarding the requirement to lower vehicular emission and fuel consumption has caused a boost in demand for hybrid vehicles.

The global market for automotive axles has recorded a tremendous growth rate in the last few years, given the factors like growing automobile sales, developing economic conditions, increasing demand for AWD and FWD vehicles, and rising popularity of hybrid and autonomous vehicles.

On the other hand, the volatility in prices of raw materials may impede the market's performance.

Among all the types, the drive axle type segment is anticipated to lead the global market for automotive axles over the coming years. The front-wheel and all-wheel axles are gaining massive traction across the globe among consumers as well as manufacturers considering their capability to have enhanced traction across various terrains. Furthermore, the rising demand for commercial and passenger vehicles in North America, Europe, and Asia-Pacific will likely catalyze the segment's demand over the assessment timeframe. On the other hand, the lift axle type segment is projected to record the highest CAGR over the assessment timeframe. These axles are believed to be the ideal choice for long-haul vehicles utilized for carrying a heavy load. These axles assist in extending the vehicle's life as well as its components, improving the efficiency of the vehicle.

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Among all the application areas, the front application axle segment is projected to lead the global market for automotive axles over the assessment timeframe. It is usually installed in passenger vehicles given the lesser complexities during the assembly of mid and economy-range segment cars. Moreover, the growing adoption of all-wheel-drive vehicles such as eight-wheel-drive, six-wheel-drive, and four-wheel-drive is projected to boost the segment's growth over the coming years.

Among all the vehicle types, the passenger car segment is projected to dominate the global market for automotive axles over the assessment timeframe. The segment's growth is attributed to the factors such as growing population, increasing urbanization, and increasing disposable income across the globe. Furthermore, the growing passenger car production across the emerging economies is another crucial parameter supporting the segment's growth.

Automotive Axle Market Regional Analysis 

The global market for automotive axles is analyzed across five major regions: North America, Asia-Pacific, South America, Europe, and the Middle East & Africa.

Per the analysis reports by MRFR, the Asia-Pacific region is anticipated to dominate the global market for automotive axles over the review timeframe. The regional market secured the top globally in 2019 with a contribution of over USD 29.87 billion. The regional market's growth is driven mainly by the rapid growth of the automotive sector across China, offering several lucrative opportunities for the market players. Furthermore, the rising number of favorable government initiatives is also likely to boost the regional market's growth over the coming years.

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The global COVID-19 pandemic has had a significant impact on the majority of the industry sectors across the globe. The rapid spread of the disease across most parts of the world led to several governments implementing partial or complete lockdowns. Furthermore, the travel restrictions and social distancing norms imposed worldwide led to causing significant disruption in the supply chain networks. Some of the most affected industry areas include hospitality, automobile, construction, etc. Severe businesses from various industry sectors faced multiple unexpected challenges.

The global market for automotive axles is no different than others. As automobile sales across the globe faced a significant decline in the early phase of the pandemic, automotive axle sales declined across the globe. Some of the primary players across the market facing the maximum losses of revenues include Automotive axle & manufacturing, Dana Incorporated, ZF, Meritor, GKN Automotive, and others. Some of these players have their production units spread across various regions worldwide. As the COVID-19 pandemic impacted almost 225 countries worldwide, the players had to shut down their businesses temporarily or entirely. Given the lockdowns imposed across most parts of the world, the global economy was impacted heavily. But with the fading impact of the pandemic and fast vaccination rates, the global economy is getting back on track in the past few months. With the growth in the sales of automobiles, the global market for automotive axles is likely to experience favorable growth over the coming years.

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Automotive Axle Market Competitive Analysis

Dominant Key Players on Automotive Axle Market Covered are:

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