News

Jan 26, 2024

Automotive Axles Market size to grow by USD 21,994.05 million from 2022 to 2027, American Axle and Manufacturing Holdings Inc. and BorgWarner Inc. emerge as key contributors to market growth

News provided by 18 May, 2023, 06:15 ET Share this article NEW YORK, May 18,

News provided by

18 May, 2023, 06:15 ET

Share this article

NEW YORK, May 18, 2023 /PRNewswire/ -- The automotive axles market is set to grow by USD 21,994.05 million from 2022 to 2027. The market is expected to be progressing at a CAGR of 5.81% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing demand for commercial vehicles. Rising demand for medium and heavy-duty trucks contributes significantly to the growth of the global automotive axle market due to the availability of multiple axles to support heavy loads. Medium- and heavy-duty trucks are the backbone of commercial activities, including logistics, construction, mining, and any-trade related activities. - Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and forecast period (2023-2027). Download Sample Report in minutes!

The automotive axles market covers the following areas:

The report on the automotive axles market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.

Automotive Axles Market 2023-2027 - Market Dynamics

The increase in the popularity of e-axle systems is an emerging trend in the global automotive axles market. The demand for electric vehicles drives demand for high efficiency and extended range on a single charge. The vehicle weight is reduced by up to 100 kg by integrating the electric motor into the rigid rear axle. Efficiency is further enhanced by the development of the e-axle system, such as the integration of the electric motor and rigid rear axle into a single Streamline module. Hence, such trends fuel the growth of the automotive axles market during the forecast period.

The decline in automotive production due to the global semiconductor chip shortage is a major challenge hindering the growth of the market. The chip shortage leads automakers to halt production lines for short periods as supply shortages hamper car production. For example, in February 2023, Renault Group (Renault) announced that the production plans in India would experience a decline owing to the automotive chip shortage. Similarly, in 2022, General Motors (GM) experienced a decline in automotive sales due to an ongoing chip shortage. Hence, such challenges impede the market growth during the forecast period.

Automotive Axles Market 2023-2027: Market Segmentation

This automotive axles market report extensively covers market segmentation by vehicle type (passenger cars, SUVs, light commercial vehicles, heavy commercial vehicles, and others), axle type (drive axle, dead axle, and lifting axle), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

Companies Mentioned

Vendor Offerings

Register for a free trial today and gain instant access to 17,000+ market research reports

Technavio's SUBSCRIPTION platform

Related Reports:

The automotive premium tires market size is expected to increase to USD 33.72 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.58%. Furthermore, this report extensively covers automotive premium tires market segmentation by end-user (replacement and OEM) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The increasing penetration of TPMS in truck tires is notably driving the automotive premium tires market growth.

The automotive e-compressor market size is expected to increase by USD 7.45 billion from 2021 to 2026, at a CAGR of 25.65%. Furthermore, this report extensively covers automotive e-compressor market segmentation by application (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The increasing adoption of automotive electric HVAC compressors is notably driving the automotive e-compressor market growth.

Automotive Axles Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.81%

Market growth 2023-2027

USD 21,994.05 million

Market structure

Fragmented

YoY growth 2022-2023(%)

5.4

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 30%

Key countries

US, Canada, China, Japan, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

American Axle and Manufacturing Holdings Inc., BorgWarner Inc., Cardone Industries Inc., Carraro SpA, Cummins Inc., Dana Inc., Dorman Products Inc., GESTAMP AUTOMOCION SA, GNA Axles Ltd., Hirta Industry Co. Ltd., Hyundai Motor Group, KOREA FLANGE Co. Ltd., Magna International Inc., Melrose Industries Plc, Mercedes Benz Group AG, Press Kogyo Co. Ltd., Robert Bosch GmbH, SAF HOLLAND SE, Talbros Automotive Components Ltd., and ZF Friedrichshafen AG

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Topics Covered:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Vehicle Type

7 Market Segmentation by Axle Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

SOURCE Technavio