Latest News- Automotive Axles Market: Drive axle is expected to lead the Type segment during 2024-2028

The Automotive Axles Market is being driven by Increasing demand for commercial vehicles

The Automotive Axles Market is expected to grow at a CAGR of 5.89% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 23541.9 million. The electric vehicle (EV) market is experiencing significant growth, driven by increasing consumer demand for vehicles with higher efficiency and extended driving ranges on a single charge. To address these requirements, automakers are focusing on lightweighting and expanding battery sizes. However, optimizing vehicle space for larger batteries is a challenge. One innovative solution is the integration of electric motors into rigid rear axles, reducing vehicle weight by up to 100 kg. Furthermore, advancements in e-axle systems, which combine electric motors and rigid rear axles into a single, streamlined module, promise even greater efficiency improvements. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Drive axle
  • Dead axle
  • Lifting axle
• Vehicle Type
  • Passenger cars
  • SUVs
  • Light commercial vehicles
  • Heavy commercial vehicles
  • Others
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for commercial vehicles
• Growing adoption of EVs
• High growth volume for premium vehicle segment

However, the market also witnesses some limitations, which are as follows:

• Recall of defective axles
• Decline in automotive production due to global semiconductor chip shortage
• Overloading of heavy-duty trucks

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Market Scope in Automotive Axles Market Research Report

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Research Analysis Overview

The Automotive Axles Market caters to the production of axles for various wheeled vehicles, including passenger cars, commercial vehicles, and luxury models. Axles play an integral role in ensuring safety, stability, and efficiency. They are used in fuel-efficient vehicles, electric vehicles, hybrid vehicles, and vehicles with long trailers or oversize loads. Axles consist of central shafts, rotating wheels, and integral parts like front axles, rear axles, full floating axles, semi-floating axles, rear axle assemblies, and differential assemblies. These components transmit driving torque from the engine to the wheels, impacting carbon emissions and vehicle performance. Axles are essential for wheel positioning and maintaining road infrastructure compatibility.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Market size is determined by the consolidated revenue of these manufacturers. Key growth drivers for this market include the rise of electronic components in automobiles, fueled by escalating sales of EVs, motorcycles, and PCs, leading to substantial demand for electronic control units (ECUs) and other electrical components. Additionally, factors such as safety and stability systems, lightweight materials, road infrastructure improvements, wheel position advancements, driving torque optimization, and dead axle innovations will significantly contribute to market expansion in the automotive industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/