Global Automotive Axle Market by Application (Rear, Front), by Type (Dead, Lift, Drive), by Vehicle Type (Passenger Car, HCV, LCV) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global automotive axle market was valued at USD59.18 billion in 2019. It is expected to grow at a CAGR 1.1% during the forecast period. In 2019, the global automotive axle shipment reached 195 million units. The market is expected to grow from 2020-2027 due to an increase in global automotive production and rising consumer preference for luxury and hybrid vehicles. The automotive axle market is expected to grow due to the commercialization advanced technologies that reduce vehicle weight.

The demand for hybrid cars has grown significantly due to consumer awareness about the need to reduce vehicle emissions and fuel consumption. Hybrid vehicles use multiple power sources to reduce fuel consumption while simultaneously improving the driving experience. The future demand for automotive axles will be driven by rising demand for hybrid vehicles. According to the International Council on Clean Transportation, hybrid systems can reduce fuel consumption and CO2 emissions by up to 35%.

Europe and North America are seeing a lot of demand for long trailers and large commercial vehicles. To evenly distribute the vehicle's overall weight, a long trailer typically has 6-8 axles. Accordingly, there will be an increase in demand for long trailers and an increase in demand for automotive axles from 2020 to 2027. In Europe, for example, there were 188,000 long trailers sold in 2016. Due to the increasing demand from e-commerce, trailer sales are growing at an impressive rate. Some of the most prominent trailer truck manufacturers plan to increase their annual production capacity by approximately 10-20% by 2021.

In addition, the increasing focus on semi-autonomous and autonomous vehicles will increase vehicle production and thus increase the demand for automotive axles during the forecast period. A significant market growth has also been achieved by the increasing demand for road freight transport. The road freight transport industry saw steady growth in 2016, and was up by 4.5% between 2016-2017.

Automotive axle manufacturers face many challenges due to the fluctuating prices of raw materials. Automotive axle manufacturers face volatile raw material prices, including aluminum, steel, copper. This can have a negative impact on their revenue and profit margins. The automotive industry is going through a major transformation. Additionally, global demand for hybrid vehicles which can significantly reduce greenhouse gas emissions is increasing. The demand for electric vehicles will rise and the market for automotive axles will slow down.

Type Insights

The market for automotive axles can be divided into three types based on type: drive, dead and lift. Based on volume, the drive segment held 56.5% of the market in 2019. It is expected to grow at the highest CAGR during the forecast period. The adoption of automotive axles for drive-type vehicles will be affected by the growing demand for all-wheel-drive vehicles. The segment will also grow due to the increased production of commercial vehicles in North America and Europe between 2020-2027.

From 2020 to 2027, the segment of lift axles is expected to experience significant growth. Lift axle sales reached 2.4 million units in 2019, and are expected to grow at a rate of 1.0% during the forecast period. To increase the vehicle's load-carrying capability, lift-type automotive axles are often used in heavy commercial vehicles. The European Economic Community (EEC) states that each axle can only carry a certain load. To ensure a proper load distribution, liftable axles should be automatically dropped.

Application Insights

In 2019, the market was dominated by rear applications, which accounted for 56.1% of total volume. Over the forecast period, the market share in volume will increase substantially. This is due to the increasing production of commercial vehicles in both developed and emerging countries. Most commercial vehicles are rear-driven axles. The growth in the logistics industry will also boost the demand for long trailers, which will have an impact on the segment's growth over the forecast period.

From 2020 to 2027, the value-based CAGR for front applications is 1.4%. This growth can be attributed mainly to the increasing production of mid-range and economy segment cars. The segment growth is expected to be aided by the increasing use of all-wheel drive vehicles such as four-wheel drive (4WD), six wheel-drive (6WD), or eight-wheeldrive (8WD).

Vehicle Type Insights

The dominant market share for the forecast period is expected to be held by the passenger car segment. The segment's growth is likely to be influenced by the increasing production of passenger cars in emerging countries like India, Mexico and Indonesia. Automotive axle manufacturers are expected to produce advanced automotive axles for luxury or hybrid passenger cars, due to rising production of Front Wheel Drive and All-Wheel Drive vehicles. The penetration of all-wheel-drive systems in North America and Europe is higher than other regions.

Between 2020 and 2027, the revenue-based CAGR for Heavy Commercial Vehicles (HCV) is 0.6%. This growth can be attributed mainly to the increasing production of HCVs across North America and Europe. The segment is also benefiting from the increasing use of lift-type automotive wheels in HCVs. Automotive axle manufacturers will need to produce more than two wheels for heavy commercial vehicles.

Regional Insights

Asia Pacific was the dominant market share in 2019, with the region's market worth USD 29.87 million. The rapid growth in China's automotive industry is driving demand for Chinese automotive axles. This provides many lucrative opportunities for manufacturers of automotive axles in China. Favorable government initiatives, such as Make in India campaign which allows foreign direct investment (FDI) of 100%, are expected to increase vehicle production and drive the market. The market growth in Asia Pacific is expected to be boosted by the strong presence of top automotive axle manufacturers such as Korea Flange Co. Ltd. or Hyundai Transys Inc.

North America is expected to grow at a 1.6% CAGR in terms of volume during the forecast period. This growth can be attributed largely to the growing demand for luxury vehicles and commercial vehicles in this region. The United States held the largest share of North America's market in 2019, with around 8.32 million commercial vehicles and 2.54 million passenger cars. In 2019, the country produced around 8.32 million commercial vehicles, and 2.54 million passenger vehicles. The country has seen a steady decline in passenger vehicle production since 2015. This decline is offset by an increase in production of light commercial vehicles as well as heavy commercial vehicles.

Market Share Insights & Key Companies

The automotive axle market is well-consolidated, with a handful of global and regional players having a significant share. American Axle & Manufacturing, Inc., Dana Incorporated, Daimler AG, GNA Group, Meritor, Inc., ZF Friedrichshafen AG, Melrose Industries PLC, and Talbros Engineering Limited are key industry players.

To strengthen their market share, the manufacturers have signed collaborative agreements with OEMs and formed alliances. Dana Incorporated provided driveline technology, such as Spicer prop shafts, rear and front Spicer AdvanTEK wheels, to General Motors Vehicles in South and North America in May 2019.

Automotive axle manufacturers have significant growth potential due to increasing demand for AWD and FWD cars and the growing popularity of hybrids and autonomous vehicles. Besides, increasing demand for safer and comfortable automobile functions has boosted the demand for technologically-advanced automotive axles.

Companies in the market invest heavily in research and development to produce advanced automotive axles and maintain their market position. Dana Incorporated, for example, has begun production of the Spicer AdvanTEK ultra axle in China with the Spicer SmartConnect disengaged AWD system. This advancement will result in a 45% decrease in energy loss compared to standard automotive axles, while simultaneously increasing the vehicle's fuel efficiency.

Automotive Axle Market Report Scope

The Report Covers Certain Segments

This report forecasts revenue growth and volume growth at global, regional and country levels. It also provides analysis of industry trends and potential opportunities for each sub-segment from 2016-2027. Grand View Research has divided the global automotive axle market report by type, application type, vehicle type and region.

• Type Outlook (Volume of Thousand Units; Revenue USD Million, 2016-2027)

  • Drive

  • Dead

  • Lift

• Application Outlook (Volume of Thousand Units; Revenue USD Million, 2016-2027)

  • Front

  • Rear

• Vehicle Type Outlook (Volume of Thousand Units; Revenue USD Million, 2016-2027)

  • Passenger Car

  • LCV (Light Commercial Vehicle)

  • Heavy Commercial Vehicle (HCV).

• Regional Outlook (Volume of Thousand Units; Revenue USD Million, 2016-2027)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • The U.K.

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Rest of the World (RoW).

These are the most frequently asked questions about this report

b. Global automotive axle market was valued at USD 59.2 Billion in 2019, and is forecast to grow to USD 60.2 Billion by 2020.

b. Global automotive axle market will grow at a compound annual rate of 1.1% between 2020 and 2027, to reach USD 64.8 million by 2027.

b. Asia Pacific was the dominant market for automotive axles in 2019, with a 50.5% share. This is due to the high demand for automotive axles in China, which is mainly driven in part by China's rapid growth.

b. American Axle & Manufacturing, Inc., Dana Incorporated, Daimler AG, GNA Group, Meritor, Inc., ZF Friedrichshafen AG, Melrose Industries PLC, and Talbros Engineering Limited are some of the key players in the automotive axle market.

b. The market growth is being driven by increasing global automotive production and rising consumer preference for hybrid or luxury vehicles with advanced technology.

Up Market Research published a new report titled “Automotive Axle Market research report which is segmented by Application (Rear, Front), by Type (Dead, Lift, Drive), by Vehicle Type (Passenger Car, HCV, LCV), By Players/Companies Inc; ZF Friedrichshafen AG; Melrose Industries PLC; and Talbros Engineering Limited, Inc; Dana Incorporated; Daimler AG; GNA Group; Meritor, American Axle & Manufacturing”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Automotive Axle Market Report Segments:

The market is segmented by Application (Rear, Front), by Type (Dead, Lift, Drive), by Vehicle Type (Passenger Car, HCV, LCV).

Automotive Axle Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Automotive Axle Market

Overview of the regional outlook of the Automotive Axle Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Automotive Axle Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Automotive Axle Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Rear

                2. Front

                1. Dead

                2. Lift

                3. Drive

                1. Passenger Car

                2. HCV

                3. LCV

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Automotive Axle Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Automotive Axle Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.