Axle is an integral component in the automobile. Based on the mode of operations, axles are classified as driving axle and non-driving axle. The driving axle transmit the torque to the driving wheels and maintain the wheel position relatively. However, non-driving axles do not possess any shaft and hence serves as suspension and steering component. Modern automobiles primarily combine the transmission and front axle into a single unit—transaxle.
The global automotive axle market is expected to reach USD 59516.3 million by 2025.
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The global automotive axle market is segmented by type, drivetrain, application, and geography.
On the basis of the type, the market is segmented into the front axle and rear axle.
The rear axle segment is leading the market owing to the growing adoption of 6X2 axle configuration, faster axle ratios, and increasing demand for reduced tire wear. The rear axle segment is projected to dominate the market at a CAGR of 7.6% during the assessment period 2018–2025 due to increasing adoption of rear axles in heavy vehicles such as trucks and buses for efficient load management.
According to American Trucking Association, trucking industry plays a vital role in the U.S. economy; in the U.S., about 71% of all freight tonnage transported by trucks.
On the basis of the drivetrain, the market is segmented into front wheel drive, rear wheel drive, and four-wheel drive. The rear wheel drive segment is expected to drive the market growth at a CAGR of 7.8% owing to the increasing adoption in sports and luxury cars such as BMW M5 or the Cadillac CTS-V for achieving better agile handling.
Based on the application segment, the market is segmented into the commercial vehicles and passenger vehicles. The commercial vehicles is further segmented into trucks, semi-trailer trucks, and others. Moreover, the passenger vehicle is sub-segmented into lightweight, SUV/MUV, and others. The passenger vehicle segment is estimated to hold the major share for the market due to rising per capita income and emerging vehicle financing.
Geographically, the global market is segmented into North America, Europe, Asia Pacific (APAC), and Latin America and the Middle East & Africa (LAMEA).
Asia Pacific is projected to dominate the global market during the forecast period on account of increased production capacity of automotive components, especially in the countries such as Japan, Korea, and China and growing demand for vehicles.
North America and Europe are likely to emerge as the major regions and is projected witness considerble growth during the forecast period due to growing investment by the companies on developing fuel efficient vehicles as per the customer requirements.
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Some of the prominent players covered in the report: American Axle & Manufacturing, Inc. (U.S.), Meritor, Inc. (U.S.), ZF Friedrichshafen AG (Germany), PRESS KOGYO CO. LTD (Japan), GKN PLC (U.K), Hyundai Dymos (South Korea), Magneti Marelli S.p.A. (Italy), Shaanxi HanDe Axle Co.,Ltd (China), RSB Group (India), and IFA Rotorion – Holding GmbH (Germany)
Automotive Axle Market Segmentation:
Front wheel drive
Rear wheel drive
Rest of Europe
Rest of Asia Pacific
Latin America Middle East and Africa (LAMEA)
Rest of Middle East and Africa
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