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. Increases 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.
Furthermore, increasing purchasing capacity in regions like the 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 into axles that will help the vehicle to carry heavy loads.
Key Takeaways from the Market Study
- By vehicle type, passenger cars are expected to hold nearly 45% market share for automotive axles in the forecast period 2022-2032.
- By type, drive axles are expected to possess a 60% market share for automotive axles in the sales indicator period 2022-2032.
- Asia Pacific is expected to possess a 36% market share for automotive axles in the assessment period 2022-2032.
- North America is expected to hold a 25% market share of automotive axles
- Europe is expected to hold a 20% market share of automotive axles as of 2022
“Passenger vehicles are gaining immense popularity across different geographical locations. In addition, an increase in transportation activities is playing a pivotal role in the demand for automotive axles.” says an analyst at FMI
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
- In February 2022, Meritor Inc extended its agreement with Wabash until 2026. Due to the agreement, the company will provide loose axles for Wabash’s configuration.
- Dana Incorporated, a key player in the automotive axle market is focusing on offering a wide variety of axles for different types of vehicles.
These insights are based on a report on Automotive Axle Market by Future Market Insights