Automotive Axle Market is Expected to Grow at a CAGR of 5.59% from 2021 to 2028

Global Automotive Axle market seems to reach USD 39.02 billion by 2028, at a CAGR of 5.59% from 2021 to 2028.

NEWARK, UNITED STATES, NEW JERSEY, November 17, 2021 / — As per the report published by The Brainy Insights, the global automotive axle market seems to reach USD 39.02 billion by 2028, at a CAGR of 5.59% from 2021 to 2028. The Asia Pacific region is having the highest market value of USD 9.4 Billion in 2020. The surge in the per capita income of the people of developing region like India and China are also increasing the sales of the cars, which in turn is driving the automotive axle market. China, Japan and India held the majority in the production of the vehicle, which in turn is driving the automotive axle market. Europe had the second-largest market value of USD 6.36 Billion in 2020. The automotive organizations are trying to increase the fuel efficiency of the vehicles. This has led to the use of lightweight axles and light automotive parts for the vehicles.

Key players for the global automotive axle market include GKN plc, American Axle & Manufacturing, Inc., SHOWA Corporation, ZF Friedrichshafen AG, HYUNDAI WIA, CARDONE Industries, Dorman Products., Pro Comp., JTEKT Corporation and Dana Incorporated, among others.

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The type segment is divided into the front axle and rear axle. Front axle segment is accounted for the highest market value of USD 14.56 Billion in 2020. There is a rise in the number of passenger cars. At present, passenger cars are built on the front-wheel-drive platform. Also, the front-wheel-drive cars are cheap to build.The material type segment includes alloy and carbon fiber. The alloy segment accounts for 61.35% of market share in 2020. The alloy is the most commonly used material for the segment. But the carbon fiber segment will increase in the forecasting period because of its high strength and rigidity. The carbon fiber is the latest trend and will be utilized in the applications in many industries and very soon replace the metals and alloys. The propeller shaft type segment consists of single and multi-piece. The single segment accounted for USD 13.81 Billion of market value in 2020. This is because of its lightweight, which increases fuel efficiency. There is an increase in the demand of SUVs vehicle because of the increase in per capita income of the people of developed and developing countries, is fuelling the use of single-piece propeller.

The fluctuation in the price of raw materials producing automotive axle is acting as a restraint for the market. The fluctuation in the price would cause the fluctuation in supply of automotive axle, which ultimately someday would not able to meet the demand. The price of the automotive axle will then rise, resulted in the less buying of an axle, and the end-user industries would buy lesser new advanced automotive axle, which will reduce the demand of the automotive axle market.

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Source: EIN Presswire