Press release
Rear Axle Commodity Market to Reach US$45.9 bn in 2020, Driven by Robust Growth of Automotive Industry
Automotive axles play a pivotal role in the operation of a vehicle as they bear the entire weight of the vehicle and cargo. While live axles provide the torque to the wheels, rear axles ensure the function of driving, steering, and braking of the vehicles. Stringent emission norms implemented by governments across the globe, coupled with the growing demand for fuel-efficient vehicles, are driving the growth of the global rear axle commodity market. The need for safety, comfort, and security in vehicles is further augmenting the growth of the market.
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However, the report points out that economic slowdown will affect the automotive sector, thereby negatively impacting the global rear axle commodity market. The overall market has a huge opportunity to grow in the emerging markets during the forecast horizon. The report also analyzes the impact of Porter’s five forces on the growth of the market.
On the basis of product type, the report segments the global rear axle commodity market into dead axle, drive axle, and lift axle. The drive axle segment accounts for a majority share in the market. In terms of application, the report categorizes the market into MUVs, heavy vehicles, luxury vehicles, economy vehicles, executive vehicles, SUVs, and railways. Currently, the economy vehicles segment dominates the overall market.
The report studies the rear axle commodity market across four key regions: Asia Pacific, Europe, North America, and Rest of the World. Currently, Europe is the leading region in the market. However, during the forecast horizon, the rear axle commodity market in Europe and North America will not witness considerable growth as the automotive industry in these regions has reached maturity. Asia Pacific exhibits lucrative growth opportunities for the market owing to the rapid growth of the automotive sector across the emerging nations in the region. In fact, Asia Pacific is anticipated to be the fastest growing region in the market in the coming years.
Describing the competitive landscape, the report profiles some of the key players in the global rear axle commodity market such as GNA Axles Ltd., ROC Spicer Ltd., American Axle & Manufacturing Holdings Inc., Meritor, Inc., Talbros Engineering Limited, and Daimler Trucks North America LLC. The report provides detailed information about the key players including their business strategies, financial overview, and recent developments. The key players are focusing on manufacturing light-weight rear axle components with higher axle ratios and low power losses to gain competitive edge in the market.
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