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Jan 25, 2024

Efficient and Reliable Drivetrain: Automotive Axle Market to Reach US$ 74.60 Billion by 2032 with a Steady CAGR of 2%

A recently published study by FMI expects the global automotive axle market

A recently published study by FMI expects the global automotive axle market reached a market value of US$ 61.2 billion in 2022 and is anticipated to reach US$ 74.60 billion by 2032, growing at a CAGR of 2%.

As sales of luxury automobiles, regular passenger vehicles, and big commercial vehicles rise, so does the demand for automotive axles. Over time, the need for automotive axles is projected to rise as the market for electric vehicles grows.

Between 2017 and 2021, the industry had rapid growth, growing by 2% in terms of value and reaching US$ 60 billion. Although the COVID-19 pandemic halted the market's growth for automotive axles, demand is expected to rise in the aftermath of the pandemic. The goal of automotive axle manufacturers is to make durable, cheap axles. Due to hybrid and electric vehicles, the market for automotive axles has expanded significantly.

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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 tow heavier loads in the future.

Key Takeaways from the Market Study

"Passenger vehicles are gaining immense popularity across different geographical locations. In addition, increase in transportation activities is playing a pivotal role in the demand for automotive axles." says an analyst at FMI

Market Competition

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

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Key Segments Profiled in the Automotive Axle Market Industry Survey

Automotive Axle Market by Axle Type:

Automotive Axle Market by Application:

Automotive Axle Market by Vehicle Type:

Automotive Axle Market by Region:

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More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the global automotive axle market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of Type (Dead, Drive, Lift), Application (Front, Rear), Vehicle Type (Passenger Cars, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

About Us

Future Market Insights (ESOMAR certified 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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