Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The automotive axle market is seeing critical patterns that mirror the advancing scene of the car business and buyer inclinations. The rising demand for lightweight materials in axle construction is one notable trend. With a developing accentuation on eco-friendliness and decreased outflows, automakers are progressively consolidating materials, for example, high level high-strength steel, aluminum combinations, and composite materials in pivot plan. This pattern not just adds to the general weight decrease of vehicles yet additionally upgrades eco-friendliness, lining up with worldwide endeavors to address natural worries.
The shift towards electric and cross breed vehicles is reshaping the market. As electric vehicles get some decent momentum in light of ecological supportability objectives, there is a developing interest for axles planned explicitly for these powertrains. Electric vehicles (EVs) frequently highlight remarkable pivot arrangements to oblige electric engines and batteries, underscoring the requirement for hub makers to adjust and foster particular arrangements. Both axle manufacturers & original equipment manufacturers (OEMs) are getting induced by the electrification trend to transform and meet the specific requests of electric and hybrid vehicles.
Mechanical progressions in hub configuration are adding to improved execution and security highlights. One unmistakable pattern is the reception of electronic differential locks and high-level suspension frameworks. Electronic restricted slip differentials and versatile suspension innovations are turning out to be progressively common, giving superior footing, soundness, and generally driving elements. These mechanical progressions upgrade the driving experience as well as add somewhere safe and vehicle control, mirroring the business' obligation to convey progressed and modern hub arrangements.
The interest in independent and associated vehicles is driving development in the automotive axle market. As vehicles become more independent and associated, there is a requirement for axles that can uphold the incorporation of cutting-edge driver help frameworks and network highlights. Pivot producers are answering by creating savvy axles outfitted with sensors and availability abilities. These contribute to features like lane-keeping assistance, adaptive cruise control, and real-time data transmission, all of which add to the vehicle's complete intelligence.
The market is being swayed by a growing weight on environmental responsibility & sustainability. Makers are investigating eco-accommodating materials and creation cycles to line up with worldwide supportability objectives. Recyclable materials and economical assembling rehearse are acquiring significance, mirroring a more extensive industry pattern towards greener arrangements. Organizations that focus on ecological manageability in pivot fabricating position themselves well on the lookout, reverberating with naturally cognizant buyers and meeting administrative prerequisites.
Customization and modularization are arising patterns in the market. As vehicle producers try to offer a different scope of models and setups to take special care of fluctuating customer inclinations, there is a developing interest for particular hub arrangements. Measured axles consider adaptability in plan and application, empowering producers to proficiently adjust to various vehicle stages and determinations. This pattern mirrors the business' requirement for adaptable arrangements that can oblige the assorted prerequisites of a steadily growing scope of vehicle models.
Globalization and local market patterns are affecting the automotive axle market elements. Axle specifications are shaped by regional preferences and regulatory standards, even though global players dominate the market. Various locales might focus on unambiguous hub arrangements in light of street conditions, driving propensities, and ecological contemplations. Pivot makers should fit their items to satisfy provincial needs, adding to a different and locale explicit market scene.
All in all, the market is encountering groundbreaking patterns driven by variables like lightweight materials, charge, mechanical headways, independent and associated vehicles, manageability, customization, and globalization. These patterns aggregately shape the course of the market, provoking hub producers to develop and adjust to the advancing necessities of the auto business. As vehicles keep on going through innovative changes and purchaser inclinations develop, the auto pivot market stays a dynamic and responsive area inside the more extensive auto scene.
Automotive Axle Market Highlights:
Automotive Axle Market Overview
The global automotive axle market size is projected to expand USD 61,190 million at a CAGR of 5.10% during the forecast period 2022 - 2030. The global automotive axle market's shipment was recorded at 195 million units in 2019. There has been an increase in automotive production across the globe. The trends suggest that the rising consumer preference for hybrid and luxury vehicles with advanced technology is expected to fuel the market growth from 2022 to 2030. Besides, the commercialization of advanced technologies in the global market help to reduce the overall vehicle weight is anticipated to drive the market for the automotive axle.
The rising degree of consumer awareness concerning the need to reduce vehicular emission and fuel consumption has led to significant growth in the demand for hybrid vehicles. Hybrid vehicles in the market are driven by multiple power sources that reduce fuel consumption and enhance the driving experience. Thus, the rising demand for hybrid vehicles is also expected to fuel the demand for automotive axles.The automotive axle market report has been prepared to understand the functions of the market, followed by the market requirements that are likely to be fulfilled with the help of the market resources and investments for the continuous period ending in 2030. The global market has been prepared to understand the effect of the pandemic outbreak and also know the basics of the market segments, followed by the role of the regional and international players as per their recent developments for the period.
Long trailers followed by the presence of heavy commercial vehicles have witnessed significant demand from Europe and North America. An extended trailer has around 6 to 8 axles to distribute the vehicle's overall load uniformly. Thus, there has been an increase in the demand for long trailers is anticipated to boost the demand for automotive axles between 2022 and 2030. For instance, in the European region, around 188,000 units of long trailers were sold in 2016. Moreover, demand for trailers is growing significantly due to their demand across the e-commerce industry. Hence, some of the leading trailer truck manufacturers plan to increase annual production capacity by around 10-20% by 2021.
COVID 19 Analysis
The automotive axle and propeller shaft market includes significant Tier I and II suppliers like ZF, GKN Automotive, Dana Incorporated, Meritor, Automotive axle & manufacturing, and others. The global automotive axle market suppliers have their manufacturing facilities spread across various countries across the Asia Pacific, Europe, North America, South America, and Middle East & Africa. The outbreak of the COVID-19 pandemic has impacted all of its businesses globally; these players have announced a temporary shutdown of production due to lockdown and also to protect the safety of their employees, which created lowered demand and supply chain disruptions in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic.
As a result, the demand for overall automotive production has declined, directly affecting the automotive axle and propeller shaft market. The arrival of the COVID-19 crisis has brought about transformations such as digital platforms, touchless payments, and virtual dealerships in the automotive axle market.
Market Dynamics
-
Drivers
The global automotive axle market manufacturers are signing collaborative agreements and striking alliances with automotive OEMs to strengthen their foothold in the market. For instance, in May 2019, one of the prominent companies - Dana Incorporated, supplied driveline technologies, including Spicer prop shafts and rear and front Spicer AdvanTEK axles, to General Motors Vehicle in South and North America.
Increasing demand for AWD and FWD vehicles and the growing popularity of hybrid and autonomous vehicles are key factors creating significant growth opportunities for automotive axle manufacturers. Besides, increasing demand for safer and more comfortable automobile functions has boosted the demand for technologically-advanced automotive axles market.
Thus, global companies are significantly investing in research and development activities to manufacture highly advanced automotive axles and secure their position in the market. For instance, in April 2019, the same company that is Dana Incorporated has started the production of the Spicer AdvanTEK Ultra axle with the Spicer SmartConnect disconnecting AWD system in China. The advancement is anticipated to result in a 45% reduction in loss of energy compared to the standard automotive axle, simultaneously improving the vehicle's fuel efficiency.
-
Restraints
The fluctuating price of raw materials is one of the critical challenges faced by automotive axle manufacturers. Volatile prices of raw materials, such as aluminum, steel, and copper, can negatively impact automotive axle manufacturers' revenue and profit margins.
-
Technology Analysis
The passenger car segment is anticipated to hold a dominant share throughout the forecast period. Increasing production of passenger cars across emerging countries, including India, Mexico, Indonesia, and others like South Africa, is expected to influence the segment growth. Additionally, the rising production of Front Wheel Drive (FWD) and All-Wheel Drive (AWD) vehicles is anticipated to encourage automotive axle manufacturers to develop advanced automotive axles for luxury and hybrid passenger cars. Penetration of the all-wheel-drive systems is higher in Europe and North America than in other regions.
Segment Overview
The automotive axle market has been segmented based on the following to meet the rising needs of the global target audience for the continuous period that ends in 2027. The segments are mentioned as follows:
By Type
-
Dead
-
Live
-
Tandem
By Axle Position
-
Front
-
Rear
By Region
-
Asia Oceania
-
Europe
-
North America
-
RoW
Regional Analysis
The Asia Pacific region had held a dominant share in the overall market in 2019, and the market in this region was valued at USD 29.87 billion. Demand for the automotive axle market functions in China is mainly driven by the rapid growth of the automotive sector in the country, which provides various lucrative opportunities for automotive axle manufacturers. Moreover, favorable government initiatives such as the Make in India campaign, which allows 100% foreign direct investment (FDI), are expected to boost vehicle production, consequently driving the market. The strong presence of prominent automotive axle manufacturers, such as Korea Flange Co. Ltd. and Hyundai Transys, Inc., is also anticipated to boost the market growth in the Asian Pacific region.
North America is projected to expand at a CAGR of 1.6%in terms of volume over the forecast period. The growth can be attributed to the growing demand for luxury cars and commercial vehicles. The U.S. held most of the share in the North American market in 2019. Around 8.32 million commercial vehicles and 2.54 million passenger vehicles were manufactured in 2019. Since 2015, the country has witnessed a perpetual decline in passenger car production.
Competitive Landscape
The global automotive axle market is highly consolidated, with a few global and regional players holding a dominant share in the market during the period that ends in 2027. The key industry players include the following:
-
American Axle & Manufacturing, Inc.
-
GNA Group
-
Talbros Engineering Limited.
-
Dana Incorporated
-
Meritor, Inc.
-
Melrose Industries PLC
-
-
Daimler AG
Recent Developments
In September 2023, Tresa Motors unveiled the DAX1, which it asserts is India's inaugural e-axle. Additionally, they introduced an enhanced version of its Model V0.1 platform for medium and large electric trucks, capable of accommodating loads weighing between 18 and 55 tonnes. The start-up claims that the DAX-1 is propelled by its FLUX350 platform motors and has a power output ranging from 150Kw to 350Kw. The weight of the device is less than 25kg, and the motor has a power output of up to 350kW. Tresa asserts that its battery packs, known as Meg50, possess a capacity of 50 kilowatt-hours and feature a distinctive design, being completely immersed in a di-electric liquid. This feature ensures comprehensive cooling for all the cells and serves as a fire-resistant barrier. The start-up's truck Model V0.1 demonstrates the adaptability of its battery packs, enabling the range to be increased even after the truck is bought. The Model V has the capacity to transport up to 12 modules of Meg50, depending on the specific range and application. The cabins of Model V have centrally positioned seats that offer drivers an elevated and authoritative perspective of the road ahead. The vehicles are outfitted with air conditioning and air bags, utilizing LiDAR and AI technology to enhance safety.
In July 2023, Hendrickson, a prominent manufacturer of commercial vehicle components, unveiled its air and mechanical suspensions and axles for trailers in the domestic market. The company has successfully finalized the acquisition of Liteflex Composite Springs, a manufacturer specializing in sophisticated composite suspension springs. These suspensions, which are specifically built for the Indian terrain, will be produced domestically as part of the government's Make-in-India effort. They will be the lightest systems available in the market, providing unparalleled benefits in terms of payload capacity and operating efficiency to its clients. The company is dedicated to producing truck and trailer axles and suspensions that are specifically designed for the unique topography and terrain of India. In the Indian market, there is currently an annual need for approximately 40,000 trailers, with mechanical suspensions making up over 70 percent of the market share.
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
