Axles Market Growth Drivers and Opportunities 2021 to 2031
The Axles Market is expected to register a CAGR of 4.5% during 2023–2031. The rise in focus towards development of technically advanced axles for enhanced performance is likely to remain a key trend in the market.
Axles Market Analysis
- The vital factor in the growth of the Axles Market is driven by the increase of the automotive sector, Automotive axle manufacturers stand to benefit greatly from the spike in demand for high-performance vehicles, fuel efficiency and growth in urbanization,
- Opportunity in the axles market include upsurge of Technological progress, manufacturers developing innovative solutions to meet the specific needs of these electric vehicles and growing popularity of hybrid vehicle is being aggressively encouraged by governments throughout the world, which is creating the conditions for a large market expansion in this industry.
Axles Market Overview
- Axles deliver the driving power from the engine to the wheels. The growing demand for fuel-efficient vehicles, increasing environmental alarms, and favourable government initiatives are the driving factors for the growth in the North America and North America has been the dominant leader in the axle market.
- The Asia pacific is the fastest-growing market for the automotive axle due to emerging economies, rising demand for private vehicles fuelled by disposable income and rising population.
- Another trend is the growing implementation of lightweight materials in axle manufacturing. Lighter axles can advance fuel efficiency in vehicles, leading to reduced emissions and operational costs.
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Axles Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Axles Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Axles Market Drivers and Opportunities
The Growth of the Automotive Industry Across the Globe to Favor the Market
- The automotive industry is experiencing steady growth worldwide with increasing vehicle production and sales. As the number of vehicles on the road continues to increase, there is a greater need for emissions testing and compliance. Axles are essential tools for automobile manufacturers, service centers and regulators to ensure vehicles meet required manufacturing standards, driving demand for these components.
- As countries around the world pushed towards the rise in adoption of hybrid EVs for reducing carbon emissions and promote sustainability, production and sales of hybrid electric vehicles experienced significant growth. This expansion of the hybrid electric vehicle market created a need for advanced Axles.
Technological Advancement and the Utilization of Advanced Material in the Production of Axles
- The market offers opportunities for the development of lighter and higher performance materials for use in axles. The market growth is expected to be driven by the continued use of advanced materials in the production of axles, which include alloy steel, carbon steel and nickel steel produced for automobile axles.
- The increasing demand for environmentally friendly and technologically advanced products provides the axles industry with an opportunity to produce environmentally friendly axles that appeal to the consumer looking for environmentally friendly products.
Axles Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Axles Market analysis are type and application.
- Based on type, the Axles Market is divided into Live axle, dead axle, and tandem axle.
- Based on application, the Axles Market is divided into passenger vehicles, light duty vehicles, and heavy-duty vehicles.
Axles Market Share Analysis by Geography
- Axles Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Axles Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the Axles Market in these regions.
Axles Market Report Scope
Axles Market News and Recent Developments
The Axles Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Axles Market are listed below:
- AISIN CORPORATION and the BMW Group have agreed on a strategic partnership. The aim of this partnership is a cooperation in the field of build-to-print e-axle production by AISIN based on a BMW Group design. (Source: AISIN Corporation, Company Website, July 2024)
- Allison Transmission, a leading designer and manufacturer of conventional, electric hybrid, and electrified vehicle propulsion solutions for tactical wheeled and tracked defence vehicles, and medium- and heavy-duty commercial vehicles, completed the installation of a new e-Axle production assembly line at Allison’s electric axle development and manufacturing facility in Auburn Hills, Michigan. (Source: Allison Transmission, Company Website, November 2021)
Axles Market Report Coverage and Deliverables
The “Axles Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Axles Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Axles Market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Axles Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Axles Market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global Axles Market is expected to grow at a CAGR of 4.5% during the forecast period 2023 - 2031.
The growth of the automotive industry across the globe is the major factors driving the Axles Market.
The rise in focus towards development of technically advanced axles for enhanced performance is the key future trend in the global Axles Market in the coming years.
The leading players operating in the Axles Market include GNA Group, Meritor Inc., ZF Friedrichshafen AG, Melrose Industries PLC, Talbros Engineering Limited, Daimler AG, Dana Incorporated, American Axle and Manufacturing Inc.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Axles Market - By Type
1.3.2 Axles Market - By Application
1.3.3 Axles Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AXLES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. AXLES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. AXLES MARKET - GLOBAL MARKET ANALYSIS
6.1. AXLES - GLOBAL MARKET OVERVIEW
6.2. AXLES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. AXLES MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. LIVE AXLE
7.3.1. Overview
7.3.2. Live Axle Market Forecast and Analysis
7.4. DEAD AXLE
7.4.1. Overview
7.4.2. Dead Axle Market Forecast and Analysis
7.5. TANDEM AXLE
7.5.1. Overview
7.5.2. Tandem Axle Market Forecast and Analysis
8. AXLES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. PASSENGER VEHICLES
8.3.1. Overview
8.3.2. Passenger Vehicles Market Forecast and Analysis
8.4. LIGHT DUTY VEHICLES
8.4.1. Overview
8.4.2. Light Duty Vehicles Market Forecast and Analysis
8.5. HEAVY DUTY VEHICLES
8.5.1. Overview
8.5.2. Heavy Duty Vehicles Market Forecast and Analysis
9. AXLES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Axles Market Overview
9.1.2 North America Axles Market Forecasts and Analysis
9.1.3 North America Axles Market Forecasts and Analysis - By Type
9.1.4 North America Axles Market Forecasts and Analysis - By Application
9.1.5 North America Axles Market Forecasts and Analysis - By Countries
9.1.5.1 United States Axles Market
9.1.5.1.1 United States Axles Market by Type
9.1.5.1.2 United States Axles Market by Application
9.1.5.2 Canada Axles Market
9.1.5.2.1 Canada Axles Market by Type
9.1.5.2.2 Canada Axles Market by Application
9.1.5.3 Mexico Axles Market
9.1.5.3.1 Mexico Axles Market by Type
9.1.5.3.2 Mexico Axles Market by Application
9.2. EUROPE
9.2.1 Europe Axles Market Overview
9.2.2 Europe Axles Market Forecasts and Analysis
9.2.3 Europe Axles Market Forecasts and Analysis - By Type
9.2.4 Europe Axles Market Forecasts and Analysis - By Application
9.2.5 Europe Axles Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Axles Market
9.2.5.1.1 Germany Axles Market by Type
9.2.5.1.2 Germany Axles Market by Application
9.2.5.2 France Axles Market
9.2.5.2.1 France Axles Market by Type
9.2.5.2.2 France Axles Market by Application
9.2.5.3 Italy Axles Market
9.2.5.3.1 Italy Axles Market by Type
9.2.5.3.2 Italy Axles Market by Application
9.2.5.4 United Kingdom Axles Market
9.2.5.4.1 United Kingdom Axles Market by Type
9.2.5.4.2 United Kingdom Axles Market by Application
9.2.5.5 Russia Axles Market
9.2.5.5.1 Russia Axles Market by Type
9.2.5.5.2 Russia Axles Market by Application
9.2.5.6 Rest of Europe Axles Market
9.2.5.6.1 Rest of Europe Axles Market by Type
9.2.5.6.2 Rest of Europe Axles Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Axles Market Overview
9.3.2 Asia-Pacific Axles Market Forecasts and Analysis
9.3.3 Asia-Pacific Axles Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Axles Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Axles Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Axles Market
9.3.5.1.1 Australia Axles Market by Type
9.3.5.1.2 Australia Axles Market by Application
9.3.5.2 China Axles Market
9.3.5.2.1 China Axles Market by Type
9.3.5.2.2 China Axles Market by Application
9.3.5.3 India Axles Market
9.3.5.3.1 India Axles Market by Type
9.3.5.3.2 India Axles Market by Application
9.3.5.4 Japan Axles Market
9.3.5.4.1 Japan Axles Market by Type
9.3.5.4.2 Japan Axles Market by Application
9.3.5.5 South Korea Axles Market
9.3.5.5.1 South Korea Axles Market by Type
9.3.5.5.2 South Korea Axles Market by Application
9.3.5.6 Rest of Asia-Pacific Axles Market
9.3.5.6.1 Rest of Asia-Pacific Axles Market by Type
9.3.5.6.2 Rest of Asia-Pacific Axles Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Axles Market Overview
9.4.2 Middle East and Africa Axles Market Forecasts and Analysis
9.4.3 Middle East and Africa Axles Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Axles Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Axles Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Axles Market
9.4.5.1.1 South Africa Axles Market by Type
9.4.5.1.2 South Africa Axles Market by Application
9.4.5.2 Saudi Arabia Axles Market
9.4.5.2.1 Saudi Arabia Axles Market by Type
9.4.5.2.2 Saudi Arabia Axles Market by Application
9.4.5.3 U.A.E Axles Market
9.4.5.3.1 U.A.E Axles Market by Type
9.4.5.3.2 U.A.E Axles Market by Application
9.4.5.4 Rest of Middle East and Africa Axles Market
9.4.5.4.1 Rest of Middle East and Africa Axles Market by Type
9.4.5.4.2 Rest of Middle East and Africa Axles Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Axles Market Overview
9.5.2 South and Central America Axles Market Forecasts and Analysis
9.5.3 South and Central America Axles Market Forecasts and Analysis - By Type
9.5.4 South and Central America Axles Market Forecasts and Analysis - By Application
9.5.5 South and Central America Axles Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Axles Market
9.5.5.1.1 Brazil Axles Market by Type
9.5.5.1.2 Brazil Axles Market by Application
9.5.5.2 Argentina Axles Market
9.5.5.2.1 Argentina Axles Market by Type
9.5.5.2.2 Argentina Axles Market by Application
9.5.5.3 Rest of South and Central America Axles Market
9.5.5.3.1 Rest of South and Central America Axles Market by Type
9.5.5.3.2 Rest of South and Central America Axles Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. AXLES MARKET, KEY COMPANY PROFILES
11.1. AMERICAN AXLE AND MANUFACT. HOLDINGS, INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. AUTOMOTIVE AXLES LTD.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. DAIMLER TRUCKS NORTH AMERICA LLC
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. DANA INC
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. GNA AXLES LTD
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. JTEKT CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. MERITOR, INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. ROC SPICER LTD
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. ROCKWELL AMERICAN
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. ZF FRIEDRICHSHAFEN AG
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1.American Axle and Manufact. Holdings, Inc.
2.Automotive Axles Ltd.
3.Daimler Trucks North America LLC
4.Dana Inc
5.GNA Axles Ltd
6.JTEKT Corporation
7.Meritor, Inc.
8.ROC Spicer Ltd
9.Rockwell American
10.ZF Friedrichshafen AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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