The global automotive axle market is projected to reach USD 8.3 billion in 2023, bolstered by the expanding marine market sector. This growth trend is expected to continue, with the market anticipated to grow at a CAGR of 12.1% from 2023 to 2033, potentially reaching approximately USD 26.1 billion by 2033.
However, fluctuations in raw material prices could pose challenges to market growth during this period. Despite this, the increasing demand for hybrid and electric vehicles, along with rising requirements for all-wheel-drive (AWD) vehicles, presents significant opportunities for the market.
The shift towards electric vehicles (EVs) and hybrid vehicles may impact the automotive axle market’s growth. Nonetheless, advancements in axle technology—such as the development of lightweight, compact, and high-performance axles—are expected to drive further market expansion and address emerging industry needs.
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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.
Top Key Players
- 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.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global automotive axle market providing historical data from 2018 to 2022 and forecast statistics between 2023 and 2033.
To understand opportunities in the automotive axle market is segmented based on major By 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) and by Region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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