The global automotive axle market is expected to reach USD 8.3 billion in 2023, driven by growth in the marine market sector. This upward trend is projected to continue, with the market anticipated to grow at a CAGR of 12.1% from 2023 to 2033, potentially reaching around USD 26.1 billion by 2033.
However, fluctuations in raw material prices may pose challenges to this growth trajectory. On the positive side, the rising demand for hybrid and electric vehicles, along with increasing needs for all-wheel-drive (AWD) vehicles, offers significant opportunities for the market.
The shift toward electric and hybrid vehicles is likely to influence the automotive axle market’s growth. Nevertheless, advancements in axle technology, including the creation of lightweight, compact, and high-performance axles, are expected to further propel market expansion and meet the evolving needs of the industry.
Comprehensive Market Insights: Full Report Overview
Key Takeaways from the Market Study
- The global automotive axles market experienced a CAGR of 11.3% between 2018 and 2022.
- In 2022, the United States held a market share of 25.21%.
- North America accounted for 31% of the market share in 2022.
- Europe represented a market share of 27.2% in the same year.
- Germany is projected to achieve a CAGR of 6.9% from 2023 to 2033.
- The United Kingdom expanded its market share to 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
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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