A recently published study by FMI expects the global automotive axle market reached a market value of US$ 61.2 billion in 2022 and is anticipated to reach US$ 74.60 billion by 2032, growing at a CAGR of 2%. Increase in sales of luxurious cars, passenger cars and heavy commercial cars are escalating the demand for automotive axles. As electric vehicles penetrate the market, the demand for automotive axles is expected to grow with time.

Electric Vehicle (EV) Adoption: With the growing adoption of electric vehicles, the demand for lightweight and efficient axles is expected to increase. EVs require axles that are capable of handling the high torque produced by electric motors and are designed to accommodate the battery and other electric components.

Technological Advancements: Automotive axles are evolving with new technologies such as 3D printing, carbon fiber, and advanced materials. These advancements are expected to improve the efficiency and durability of the axles, resulting in increased demand.

Commercial Vehicle Demand: The demand for automotive axles in commercial vehicles, such as trucks and buses, is expected to grow due to the increasing demand for efficient transportation and logistics services. Commercial vehicle axles are required to handle heavy loads and provide better fuel efficiency.

From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 2% and closing at US$ 60 Billion. Although the COVID-19 pandemic halted the growth of the automotive axle market, post the pandemic, the demand is expected to rise. Manufacturers of automotive axles are focusing on producing cost-efficient and durable axles. Hybrid and electric vehicles are creating lucrative opportunities for automotive axles.

For more information: https://www.futuremarketinsights.com/reports/automotive-axle-market

Furthermore, increasing purchasing capacity in regions like Asia Pacific, North America and Europe is positively influencing the market for automotive axles. Moving ahead, owing to the research undertaken for automotive axles, manufacturers are planning to integrate smart features to axles that will help the vehicle to carry heavy loads.

Key Takeaways from the Market Study

• By vehicle type, passenger cars are expected to hold nearly 45% market share for automotive axles in the forecast period 2022-2032.
• By type, drive axles are expected to possess 60% market share for automotive axles in the sales indicator period 2022-2032.
• Asia Pacific is expected to possess 36% market share for automotive axles in the assessment period 2022-2032.
• North America is expected to hold 25% market share of automotive axles
• Europe is expected to hold 20% market share of automotive axles as of 2022

“Passenger vehicles are gaining immense popularity across different geographical locations. In addition, increase in transportation activities is playing a pivotal role in the demand for automotive axles.” says an analyst at FMI

Market Competition

Top Global automotive axle manufacturers are ZF Friedrichshafen AG, Melrose Industries PL, American Axle Manufacturing, Inc., Meritor Inc., Dana Incorporated, Daimler AG, Talbros Engineering Limited and GNA Group

• In February 2022, Meritor Inc extended agreement with Wabash till 2026. Due to the agreement, the company will provide loose axles for Wabash’ configuration.
• Dana Incorporated, a key player in the automotive axle market is focusing on offering a wide variety of axles for different types of vehicles.