According to a recent analysis by FMI, the market for automotive axles would grow at a 2% CAGR between 2022 and 2032. By the end of the aforementioned assessment period, a market worth of US$ 74.60 billion is anticipated. Demand for automotive axles is rising as sales of high-end cars, passenger cars, and large commercial vehicles rise. The market for electric vehicles is likely to expand over time, increasing demand for automotive axles.
The sector expanded significantly between 2017 and 2021, recording a 2% value CAGR and concluding at US$ 60 billion. Although the COVID-19 pandemic slowed the market’s expansion for automobile axles, after the pandemic, demand is anticipated to increase. Automotive axle producers are concentrating on creating affordable, long-lasting axles. Automotive axles now have significant new market potential thanks to hybrid and electric automobiles.
The market for automobile axles is also benefiting from rising purchasing power in places like Asia Pacific, North America, and Europe. As a result of the study done on automotive axles, manufacturers aim to add intelligent elements to axles that will enable the vehicle to tow heavier loads in the future.
Additional Details Available:
In its latest release, Future Market Insights offers a frank study of the worldwide automotive axle market, including historical data from 2017 to 2021 and projections for the years 2022 to 2032.
According to Type (Dead, Drive, Lift), Application (Front, Rear), and Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), across five key regions, the report provides crucial information (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
Market Competition:
ZF Friedrichshafen AG, Melrose Industries PL, American Axle & Manufacturing, Inc., Meritor Inc., Dana Incorporated, Daimler AG, Talbros Engineering Limited, and GNA Group
