Global Rear Axle Market is expected to reach USD 57.77 billion by 2024. Rear axle is also termed as driving axle. It lies between driving wheels and the differential gear that transmits torque/power from the propeller shaft or directly from the gearbox to the driving wheels. The rear axle market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
The factors that are playing a major role in the growth of rear axle market are growing transport infrastructure and rising production of trailers and trucks with lightweight components. However, high production cost may restrain overall market growth in the years to come. Rear axle market is segmented based on type, application, and region.
Lift, drive, dead rear axle are the types that could be explored in Rear Axle in the forecast period. The “dead rear axle” sector is estimated to grow at the highest CAGR in the years to come. The reason behind the overall market growth could be growing transportation infrastructure and is exclusively used in specific heavy construction machinery, heavy trailers and trucks, and farm machinery mainly for load bearing purpose.
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The market may be categorized based on applications like railways, heavy vehicles, MUV, luxury vehicles, SUV, executive vehicles, economy vehicles, and others could be explored in Rear Axle in the forecast period. The heavy vehicles sector accounted for the substantial market share of Rear Axle and is estimated to continue its dominance in the years to come. The reason behind the overall market growth could be it advances customer loyalty and services toward heavy vehicles. Also, luxury vehicles sector is estimated to grow at highest CAGR in the years to come.
Globally, North America accounted for the significant market share of Rear Axle and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in this region and a huge investment in All Wheel Drive (AWD) vehicles. The United States is a major consumer of Rear Axle and is estimated to lead the overall market in the years to come.
Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise rising manufacturing units of the rear axle in developing countries like China, Japan, and Korea.
The key players of rear axle industry are ROC Spicer Ltd., American Axle & Manufacturing Holdings, Daimler Trucks North America LLC, Dana Holding Corporation, Meritor, Inc., Automotive Axles Limited, Talbros Engineering Limited, and GNA Axles Ltd. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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Rear Axle Type Outlook (Revenue, USD Million; 2015 – 2024)
Rear Axle Application Outlook (Revenue, USD Million; 2015 – 2024)
• Heavy vehicles
• Luxury vehicles
• Executive vehicles
• Economy vehicle
Rear Axle Regional Outlook (Revenue, USD Million; 2015 – 2024)
• North America
• Asia Pacific
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/automotive-and-transport
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