Rear Axle Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1343
Rear Axle Market size is influenced by global automotive industry growth which is undergoing a great transformation owing to increase in demand for automobiles in emerging economies. Rising fuel prices and stringent government regulations concerning fuel economy significantly compelling automotive industry for innovation in technology. Growing demand of various improved automobile components for better fuel efficiency and minimum emission in vehicles will drive the growth of rear axle market in forecasted time frame.
Rear axle is one of the major component for automobile industry and powers the fuel economy in vehicles. The automobile makers are now shifting their focus on the design of undercarriage components to reduce overall weight and emission. Therefore, efforts are being made to provide lightweight yet strong components as they are vital for load bearing, steering, and driving a vehicle to undergo wear and tear under tough conditions. It provides ease of handling and safety by reducing overall weight of the automobiles. Increasing demand for passenger safety and comfort will further propel the growth of rear axle market.
Drive, Dead and lift are the major types of rear axle components used in automobiles. The drive is responsible for transmission of power from the differential assembly to the rear wheels. Dead is used in heavy trucks and trailers, farm equipment and certain heavy construction machinery for load bearing purpose. Lift is a component which is widely used in some dump trucks and trailers which need to be mechanically raised or lowered. It is primarily configured to increase the weight capacity or to distribute the weight of cargo over more wheels. Increasing transport structure across the globe leading to a surge in connectivity amongst numerous countries, thereby influencing the manufacturing of trucks and trailers with lightweight components will drive the growth of rear axle market in forecasted time frame.
Asia pacific is expected to witness a significant growth, owing to the high production capacity of rear axle types in the emerging countries such as Japan, Korea, and China. In last few years, the region dominated the market in terms of light vehicle production. China is one of the largest automobile makers worldwide in terms of production. Increasing buying power of consumers and infrastructure development in metropolitan cities have resulted in an increase in demand for commercial vehicles and personal transportation. Indian automobile industry is also witnessing significant development in rear axle market supported by increasing demand for vehicles in the region. Cutting-edge navigation technologies in automobile industry with a vehicle to vehicle communication, supported by an enormous thriving of new amenities such as accident avoidance and automatic brakes will further propel rear axle market growth in the Asia pacific region.
North American automobile industry is witnessing rising adoption of All Wheel Drive (AWD) vehicles and manufacturers are investing in this major opportunity. Most of the vehicle growth production will come from Japanese, Europe, And South Korean automakers. The industry is focusing on meeting the criteria of fuel economy standards and forcing service providers to adjust to consumer demands for products that make vehicles lighter, safer, and more fuel-efficient this will further propel rear axle market demand in region.
Europe is anticipated to offer a huge platform for growth of the rear axle market in forecast period owing to stringent Euro VI emission norms. In 2015, the automobile industry had generated a trade surplus of USD 105 billion from region and the motor vehicles account for more than USD 421 billion in tax contributions. European companies have invested heavily in complex technology to produce clean heavy-duty vehicles which meet the emission standards. The demand for light commercial vehicle segment will rise significantly which will lead to growth of rear axle market in forecasted time frame.
Globally, Australia and the Middle East are the major manufacturing and export bases for the automotive OEMs. Australia is one of the most open automobile market in the world and currently over 140 original equipment manufacturers are in production. Rising geographical presence of OEMs in these regions is driving the industry of automotive rear axle market.
The major players in the market are Meritor, Dana Daimler Trucks, ROC Spicer Ltd, North America LLC, and Holding Corporation. The manufacturers are focused on the production of lightweight vehicles with revolutionized technology for surviving the competition in the market. Other potential players include GNA Axles Ltd and Tabors Engineering Limited. The entry into new markets of BRIC and the Asian countries is expected to result in a surge in demand for economy vehicles. The alliance of OEMs with suppliers and manufacturers for innovation will lead to the growth of rear axle market.
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