The global automotive axle market share is anticipated to reach a valuation of US$ 8.3 billion in 2023, driven by the growing marine market culture. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 12.1% between 2023 and 2033 and reaching a total valuation of around US$ 26.1 billion by 2033.
Fluctuations in the price of raw materials can be seen in producing automotive axles are further registered to curb the growth of the automotive axle market in the timeline period. Furthermore, the surge in the need for hybrid vehicles and electric vehicles and increasing requirements for AWD vehicles are the factors expected to provide opportunities for market growth in the coming years.
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The growth in the production of electric vehicles might further challenge the growth of the automotive axle market in the forthcoming years. A rise in inclination toward electric vehicles (EV) and hybrid vehicles is assumed to propel market growth.
The development of a technically advanced axle that is lightweight, small yet fuel and performance efficient is largely worked under the automotive.
Key Takeaways from the Market Study
- The global automotive axles market captured a CAGR of 11.3% between 2018 and 2022.
- The United States captured a market share of 25.21% in 2022.
- North America developed at a market share of 31% in 2022.
- Europe held a market share of 27.2% in 2022.
- Germany is estimated to record a 6.9% CAGR from 2023 to 2033.
- The United Kingdom expanded at a market share of 7.22% in 2022.
“Getting acquainted with key innovations in automotive axles to improve maintenance and performance is considered to be one of the leading drivers of the automotive axle market”, comments a Future Market Insights analyst.
Competitive Landscape
The automotive axle industry consists of several leading players. Research and development are mainly used for the introduction of environment-friendly product lines from the core aspect of these manufacturers.
A few expansion strategies, inclusive of collaborations, mergers and acquisitions, and exploration of regulatory approvals, are also followed by the industry players in the market to strengthen their position in the market.
Key Companies Profiled
- Dana Incorporated
- American Axle and Manufacturing Inc.
- Daimler AG
- Meritor Inc.
- GNA Group
- Melrose Industries Plc.
- ZF Friedrichshafen AG
- BorgWarner Inc.
- Hyundai Wia Corporation
- Talbros Engineering Limited
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Recent Innovations
- In January 2023, Daimler Truck Holding AG started with strong business development and continues its profitable growth path. In the first quarter of the current financial year, the group significantly increased its unit sales compared to the prior year’s quarter.
- In March 2023, Siemens Digital Industries Software and Daimler Truck AG announced a new collaboration to implement a state-of-the-art digital engineering platform built using the Siemens Xcelerator portfolio of software and services.
The new platform enabled Daimler Truck to explore a future of commercial vehicle innovation and the efficient product development and lifecycle management of trucks and buses. It also rolled out globally across Daimler Trucks’ engineering hubs, brands, and business segments.
Key Segments Profiled in the Automotive Axle Market Industry Survey
By Axle Type:
- Dead Automotive Axle
- Drive Automotive Axle
- Lift Automotive Axle
By Application:
- Front Automotive Axle
- Rear Automotive Axle
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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