The Global Automotive Axle market seems to reach USD 39.02 billion by 2028, at a CAGR of 5.59% from 2021 to 2028. The global automotive axle market is expected to reach record growth due to increasing demand for vehicles, the growing adoption of electric vehicles, and the development of advanced axle technology.
The increasing demand for vehicles, growing adoption of electric vehicles, and development of advanced axle technology are the major factors driving the growth of the global automotive axle market. In addition, the increasing number of entry-level vehicles, including passenger cars and light commercial vehicles, is expected to increase the demand for axles in the coming years.
The growing demand for advanced axles, such as all-wheel drive, independent suspension, and mechanical and semi-automatic axles, is expected to further fuel the growth of the market. In addition, the increasing demand for luxury vehicles and sport utility vehicles is expected to drive the demand for axles.
The report segments the global automotive axle market based on type, vehicle type, and geography. Based on type, the market is segmented into the rigid axle and independent suspension axle. By vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the automotive axle market are American Axle & Manufacturing, Inc., DANA Limited, Meritor, Inc., GKN PLC, ZF Friedrichshafen AG, AxleTech International, HYUNDAI WIA Corporation, Eaton Corporation Plc, JTEKT Corporation, and Visteon Corporation.
The major players in the industry have adopted various strategies to expand their global presence and increase their market shares. The key players have adopted various organic and inorganic strategies such as new product launches, product developments, partnerships, collaborations, and mergers & acquisitions to enhance their market presence.