Global Commercial Vehicle Axles Market Worldwide Industry Analysis, Future Demand and Forecast till 2028

The global commercial vehicle axles market is anticipated to grow at a CAGR of 4.1 % during the forecast period (2022-2028). An automotive axle is a critical component that generates momentum in vehicles by transferring torque from the differential to the wheels and from the engine to the differential. An axle either transfers torque from the differential to the wheels or simply supports the load on a vehicle while providing a mounting point for wheel assembly. The shape of an axle is determined by its position and function.
The rising consumer preference for hybrid and luxury vehicles with advanced technology, rising disposable income, increased vehicle production and technological advancements are expected to drive the growth of the commercial vehicle axle market during the forecast period. However, the growing demand for higher capacity lifting applications coupled with the fluctuation in the price of raw materials used to manufacture commercial vehicle axles is expected to stymie the growth of the market over the forecast period. Furthermore, the growing demand for hybrid and electric vehicles, as well as the increasing demand for AWD vehicles is expected to provide potential opportunities for the growth of the automotive axle market in the coming years.

The Asia-Pacific region is expected to hold the remarkable share in the market, Due to the rapid development of the automotive sector. The initiatives taken by the government and the presence of prominent commercial vehicle axle manufacturers is expected to accelerate the region's growth. Moreover, the North America region is expected to grow at a significant growth rate, Due to the sheer rise in luxury cars and commercial vehicles and the growing production of light commercial vehicles and heavy commercial vehicles.

Some major players in the market include American Axle & Manufacturing, Inc., Meritor, Inc., Dana Inc., ZF Friedrichshafen AG, Press Kogyo, Shaanxi Hande Axle Co., Ltd., Benteler International AG, Sichuan Jian'an Industrial Ltd., Korea Flange Co., Ltd., Gestamp Automoción, S.A., Shandong Heavy Industry, and others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, Hyundai announced two brands Maruti Suzuki and Hyundai Motor.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Position
o By Product
o By Sales Channel
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- American Axle & Manufacturing, Inc., Meritor, Inc., Dana Inc., ZF Friedrichshafen AG, Press Kogyo, Shaanxi Hande Axle Co., Ltd., Benteler International AG, Sichuan Jian'an Industrial Ltd., Korea Flange Co., Ltd., Gestamp Automoción, S.A., Shandong Heavy Industry, and others.

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Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

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Global Commercial Vehicle Axles Market Report by Segment

By Position
• Front Axle
• Rear Axle

By Product
• Dead Axle
• Live Axle
• Tandem Axle

By Sales Channel
• Aftermarket
• OEMs

By Application
• Freight Transport
• Passenger Transport

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This release was published on openPR.