USD 62.05 billion
Automotive Axle Market Size, Share, Growth Analysis, By Type(Live Axle and Dead Axle), By Material(Steel and Aluminium) - Industry Forecast 2024-2031
Report ID:
SQMIG25AG2011 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|
Tables:
59 |
Figures:
75
Automotive Axle Market Insights
Global Automotive Axle Market size was valued at USD 62.05 billion in 2022 and is poised to grow from USD 62.98 billion in 2023 to USD 70.95 billion by 2031, growing at a CAGR of 1.5% in the forecast period (2024-2031).
The automotive axle market is expected to grow due to various factors such as the growing demand for heavy duty commercial vehicles, the rise in the sales of passenger vehicles in developing economies like Mexico, China, and India, and the increasing sales of luxury vehicles that require higher torque and performance. Additionally, the growing concerns over carbon emissions have led to a shift in consumers' preference for hybrid and electric vehicles over conventional ones. Governments worldwide are strongly advocating for the adoption of EVs and hybrid vehicles, further contributing to market growth. The automotive industry is also developing technically advanced lightweight axles that provide improved efficiency and contribute to lowering the overall weight of hybrid, EV, and commercial vehicles. The aftermarket services for replacing and maintaining axles in powertrains are also creating new market opportunities. Key players are also developing lightweight, fuel-efficient axles that can carry heavy cargo loads. However, the volatile and fluctuating cost of raw materials required to manufacture automotive axles, such as steel, copper, and aluminum, is a major restraint hampering the growth of the market. The high initial cost of technologically advanced and lightweight axles and expensive aftermarket service cost of maintenance and replacement can also prove to be hindrances to market growth. In response to the evolution of powertrains in automobiles, the design of axles is changing, and manufacturers are developing faster axles with lower ratios. Many axles now also include modular motor design, which provides easy service and maintenance accessibility and is scalable due to their motor interchanging capability. The growing trend of vehicle electrification and innovation continues for drive axle coupled with electric powertrain. To meet the greenhouse emission regulations, downsizing, weight reduction, and torque-carrying qualities have been prioritized in drive and steer axle development.
US Automotive Axle Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Live Axle
Fastest Growth
Dead Axle
Growth Rate
1.5% CAGR
Global Automotive Axle Market ($ Bn)
Country Share for North America Region (%)
Global Automotive Axle Market Size By Type ($ Bn)
Global Automotive Axle Market Size By Type (%)
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Automotive Axle Market Segmental Analysis
The Global Automotive Axle market is segmented by type, material, and region. Based on type, the market can be segmented into live axle, and dead axle. Based on material, the market is segmented into steel, and aluminium. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Automotive Axle Market Analysis by Type
By type the market can be segmented into live axle and dead axle. Live Axle dominated the Automotive Axle Market due to its widespread use in passenger cars and commercial vehicles. Live axles are preferred in passenger cars due to their ability to provide better handling and comfort, while in commercial vehicles, they offer better stability and load-bearing capacity.
The Dead Axle segment is expected to witness faster growth in the coming years due to the increasing demand for off-highway vehicles such as agricultural tractors, construction equipment, and military vehicles. Dead axles are preferred in these vehicles as they can bear heavier loads and are less complex than live axles, making them easier to maintain.
Automotive Axle Market Analysis by Material
By material, the market can be segmented into steel and aluminium. Steel dominated the Automotive Axle Market due to its widespread use in heavy commercial vehicles, where load-bearing capacity and durability are of utmost importance. Steel axles are also preferred in off-road vehicles due to their superior strength and ability to withstand extreme conditions.
The Aluminum segment is expected to witness faster growth in the coming years due to the increasing demand for fuel-efficient and lightweight vehicles. Aluminum axles are preferred in passenger cars and light commercial vehicles due to their lightweight, which reduces the overall weight of the vehicle, leading to better fuel efficiency and lower emissions.
Global Automotive Axle Market Size By Type, 2023 (%)
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Automotive Axle Market Regional Insights
North America dominated the automotive axle market. The increasing demand for fuel-efficient vehicles, rising environmental concerns, and favorable government initiatives are the driving factors for the automotive axle market growth in this region. The United States is expected to dominate the market due to the presence of key market players and increasing demand for commercial vehicles. The growth rate is expected to be moderate due to the market's maturity level.
The APAC region is the fastest-growing market for the automotive axle due to the presence of emerging economies like China and India. The rapid industrialization and increasing disposable income are driving the demand for passenger cars and commercial vehicles. The shift towards electric vehicles and the growing concern for fuel efficiency and emission regulations are further propelling market growth in this region. China is expected to be the dominant market due to the presence of a large consumer base, increasing government initiatives, and high demand for commercial vehicles. India is also expected to show substantial growth due to the increasing investment in the automotive industry and the rise in the sales of passenger vehicles.
Global Automotive Axle Market By Region, 2024-2031
- Largest
- Fastest
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Automotive Axle Market Dynamics
Automotive Axle Market Drivers
Growing demand for fuel-efficient and high-performance vehicles
- One major driver of the automotive axle market is the growing demand for fuel-efficient and high-performance vehicles. This demand is fueled by the need to comply with environmental regulations, reduce carbon emissions, and save on fuel costs. The shift towards hybrid and electric vehicles is also driving the market, as these vehicles require specialized axles to handle the unique torque requirements. Technological advancements, such as lightweight and modular axle designs, are also contributing to the growth of the market, as they provide improved efficiency and lower vehicle weight.
Automotive Axle Market Restraints
Volatile and fluctuating cost of raw materials
- One significant restraint for the automotive axle market is the volatile and fluctuating cost of raw materials required for manufacturing axles, such as steel, copper, and aluminum. The fluctuation in metal prices negatively impacts the revenue margins of automotive axle manufacturers. Additionally, the high cost of technologically advanced and lightweight axles can deter potential customers, hindering market growth. The expensive aftermarket service cost of maintenance and replacement can also be a significant investment, discouraging customers from purchasing high-quality axles and leading to the growth of counterfeit products, which negatively affect the market.
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Automotive Axle Market Competitive Landscape
The global automotive axle market is highly competitive, with a large number of players operating in the market. These companies are investing in research and development to develop innovative, lightweight, and technologically advanced axles. They are also focusing on strategic partnerships, collaborations, and mergers and acquisitions to expand their market presence and gain a competitive edge. The market is witnessing intense competition among players, leading to pricing pressures, the introduction of new products, and the adoption of new technologies, contributing to the overall growth of the market.
Automotive Axle Market Top Player’s Company Profiles
- Meritor, Inc. (US)
- GKN Automotive Limited (UK)
- Hyundai WIA Corporation (South Korea)
- IFA Rotorion Holding GmbH (Germany)
- Talbros Engineering Limited (India)
- GNA Axles Limited (India)
- ROC Spicer Limited (India)
- Showa Corporation (Japan)
- Sichuan Jian'an Driveshaft Co., Ltd. (China)
- Wanxiang Qianchao Co., Ltd. (China)
- JTEKT Corporation (Japan)
- GKN Driveline (US)
- AAM (US)
- DANA Holding Corporation (US)
- Hefei AAM Automotive Driveline System Co., Ltd. (China)
- Pacific Metal Co., Ltd. (Thailand)
- The Timken Company (US)
Automotive Axle Market Recent Developments
- In March 2024, Japanese arch-rivals Nissan and Honda said they were exploring a strategic partnership in electric vehicles to face up to a "once-in-a-century" upheaval in the car industry. Media reports said the partnership could include joint development of a common EV powertrain -- a so-called e-axle -- and joint procurement of batteries.
- In February 2024, German supplier Schaeffler planned $230 million EV axle plant in Ohio. The operation is expected to open in the third quarter of 2025 and will make parts for light- and medium-duty vehicles.
- In July 2023, ZF Group, headquartered in Friedrichshafen, Germany, and Hon Hai Technology Group (Foxconn), based in New Taipei City, Taiwan, announced a strategic partnership that will see Foxconn acquire a 50% stake in ZF Chassis Modules GmbH.
Automotive Axle Key Market Trends
- One key market trend is the growing demand for lightweight and efficient automotive axles. With the increasing focus on reducing carbon emissions and improving fuel efficiency, manufacturers are investing in developing advanced axle technologies that can improve vehicle performance and efficiency. This has led to the adoption of lightweight materials and modular designs, as well as the integration of electric and hybrid powertrains. Additionally, the aftermarket services for maintaining and replacing axles are creating new market opportunities, as consumers seek to optimize their vehicle's performance and efficiency while minimizing maintenance costs.
Automotive Axle Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global automotive axle market analysis, the market is expected to witness significant growth in the coming years due to factors such as the growing demand for heavy-duty commercial vehicles, the increasing adoption of electric and hybrid vehicles, and the development of lightweight and efficient axle technologies. However, the volatile cost of raw materials and the high initial cost of technologically advanced axles are expected to restrain market growth. The market is highly competitive, with key players investing in research and development to improve axle performance and efficiency. North America and the Asia Pacific are the largest market, with China, India, and Canada representing some of the fastest-growing markets.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 62.05 billion |
| Market size value in 2031 | USD 70.95 billion |
| Growth Rate | 1.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Axle Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Axle Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Axle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Axle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Axle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Axle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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