Automotive Axle Market: Current Analysis and Forecast (2022-2028)

Report Description

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Automotive Axle Market is expected to grow at a significant rate of around 2% during the forecast period 2022-2028. A vital factor in the demand for automobile axles is the growth in transportation operations. The market is predicted to rise because of factors like rising sales of passenger cars in emerging markets like Mexico, China, and India as well as rising demand for heavy-duty commercial vehicles used to haul oversized goods. Sales of premium automobiles, which require more torque and performance, are increasing, which is further promoting market expansion. The public preference for hybrid and electric cars over conventional vehicles has changed as a result of increased worries about rising carbon emissions and their effects on the environment.

American Axle & Manufacturing,Inc., GNA Axles, Talbros Axles, Dana Limited, Meritor, Inc., Melrose Industries PLC, ZF Friedrichshafen AG, Mercedes-Benz Group AG, SHOWA CORPORATION, HYUNDAI WIA CORP are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst vehicle type, heavy commercial vehicle category to witness higher CAGR during the forecast period”

Based on vehicle type, the market is segmented into passenger cars, light commercial vehicle (LCV), and heavy commercial vehicle (HCV). Heavy commercial vehicles have a higher CAGR amongst all these types. This is due to online deliveries and instant services, thus driving demand globally which are fulfilled through heavy commercial vehicles transport system. Secondly, advanced transport vehicles are being used by companies that have higher efficiency and features due to which there has been a huge demand for newly advanced heavy commercial vehicle in the market. These newly advanced vehicles are equipped with new axles, thus having a positive impact on the market’s growth.

“Amongst axle position type, the rear axle to have highest CAGR in the market in 2020”

Based on axle position type, the market is segmented into front and rear axle. Over the assessment period, the rear axle had the highest CAGR amongst others. Increasing sales of luxury vehicle and all-wheel drive vehicles due to an increase in purchasing capacity and lifestyle is contributing to growth of rear axle in the market. Various regions such U.S.A and China are major places where rear axle demand has increased in recent years, thus boosting segmental growth.

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“APAC to have highest CAGR   in the market”

APAC is expected to grow at a significant CAGR in the coming years owing to rising demand for private vehicles fueled by disposable income and rising population. Additionally, various logistics and supply chain companies are being set up which have created a new demand for vehicles in large quantity with advanced features and technology in this region. Global automotive and industrial supplier Schaeffler celebrated the start of production of 2in1 electric axles at its production plant in Taicang, China. The electric axle system comprises an electric motor and transmission. Thus, the above mentioned factors are driving the market growth in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Automotive Axle Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive axle market were the three major steps undertaken to create and analyze the adoption of automotive axle in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the automotive axle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the automotive axle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automotive axle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as axle position type, axle type, and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive axle market. Further, we conducted factor analysis using dependent and independent variables such as axle position type, axle type, and vehicle type of automotive axle. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive axle market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the automotive axle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive axle market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the automotive axle market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the automotive axle market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of axle position type, axle type, and vehicle type in the automotive axle market.

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The main objective of the Automotive Axle Market Study

The current & future market trends of the automotive axle market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automotive axle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of axle position type, axle type, and vehicle type.
• Define and analysis of the regulatory framework for the automotive axle
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the automotive axle market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the automotive axle market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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