According to a report recently released by FMI, the worldwide automotive axle market is expected to reach a market value of US$ 61.2 billion in 2022 and US$ 74.60 billion by 2032, rising at a CAGR of 2%.
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 60% market share for automotive axles in the sales indicator period 2022-2032.
- Asia Pacific is expected to possess 36% market share for automotive axles in the assessment period 2022-2032.
- North America is expected to hold 25% market share of automotive axles
- Europe is expected to hold 20% market share of automotive axles as of 2022
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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.
The market for vehicle axles is also benefiting from the increase in global consumer spending in regions like North America, Europe, and Asia Pacific. Manufacturers hope to incorporate intelligent components into axles that will enable the vehicle to haul higher loads in the future as a result of the research done on automotive axles.
“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
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Key Segments Profiled in the Automotive Axle Market Industry Survey
Automotive Axle Market by Axle Type:
- Dead Automotive Axle
- Drive Automotive Axle
- Lift Automotive Axle
Automotive Axle Market by Application:
- Front Automotive Axle
- Rear Automotive Axle
Automotive Axle Market by Vehicle Type:
- Automotive Axle for Passenger Cars
- Automotive Axle for Light Commercial Vehicles
- Automotive Axle for Heavy Commercial Vehicles
Automotive Axle Market by Region:
- North America Automotive Axle Market
- Latin America Automotive Axle Market
- Europe Automotive Axle Market
- Asia Pacific Automotive Axle Market
- Middle East & Africa Automotive Axle Market
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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).
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