Press release
Rear Axle Commodity Market: Green Revolution in Automotive Industry & Rising Demand for Lightweight Automotive Parts Drives Growth
The valuation of the global rear axle commodity market was US$38.39 bn in 2015 and is anticipated to reach US$45.99 bn by 2020, rising at a CAGR of 3.7% between 2014 and 2020. By type, drive axle will remain the leading segment throughout the forecast period, accounting for 57.3% of the overall market revenue. The dead axle segment is expected to exhibit a CAGR of 4.2% during the same period. The rising construction activities in emerging countries is driving the demand for dead axle.
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Green Revolution in Automotive Industry to Fuel Growth of Asia Pacific
Europe will continue to be the dominant regional market until 2020, representing 35.9% of the overall market revenue. The changing demographics of developed countries have opened new avenues for the rear axle commodity market in Europe. The rising demand for light-weight rear axles and strict government regulations pertaining to emissions are bound to fuel the growth of the region.
The Asia Pacific market for rear axle commodity is likely to expand at a CAGR of 4.7% during the forecast period. The emerging middle class in countries such as India and China along with the green revolution in the automotive industry is propelling the market.
Stringent Government Regulations Pertaining to Fuel Economy and Safety to Drive Demand
Over the past few years, stringent government regulations regarding safety and fuel economy are providing significant momentum to the rear axle commodity market. “These regulations have driven the demand for efficient automotive parts that aid better fuel efficiency and low emission in vehicles,” says TMR’s lead analyst. In addition to fuel-efficiency, the need for better on-road and off-road traction is boosting the demand for improved and lightweight rear axles. Lightweight and advanced rear axles reduce the overall weight of vehicles, enabling better handling and even weight distribution of the vehicle. Moreover, the increasing emphasis on comfort, safety, and security of passenger vehicles is providing a fillip to the growth of the market.
Read more: http://www.transparencymarketresearch.com/rear-axle-commodity-market.html
Volatile Fuel Prices to Negatively Impact Market Growth
The profits of rear axle commodity manufacturers are largely dependent on the medium and heavy commercial vehicle (MHCV) manufacturers. The fluctuating fuel prices, higher financing requirements for purchasing vehicles, and inflations in emerging markets are adversely affecting the latter. Therefore, this factor is limiting the market from realizing its full potential. Nevertheless, the burgeoning demand for passenger vehicles and the presence of cheap labor are paving way for automotive components and rear axle manufacturers to expand in emerging economies.
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