In 2020, the global Rear Axles Market was valued at over USD 49.17 billion and is projected to reach a valuation of USD 79.80 billion by 2028. This report provides a comprehensive assessment of the factors contributing to the projected growth of the Rear Axles market. It covers all the essential aspects of the industry, including size, share, demand, growth, gross profits, earnings, and net revenue, based on data gathered from 2016 and 2017, with 2018 as the base year for exclusive insights into the market's future.
Rear Axles play a critical role in keeping vehicles in motion by transferring power generated by the engine to the wheels. They are a key component of the vehicle's powertrain/powerplant.
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The demand for better fuel-efficient vehicles driven by rising environmental concerns and fuel prices will continue to drive the market forward. Stringent government regulations regarding fuel economy will further boost industry growth. Lightweight vehicle components will enhance vehicle handling, safety, and reduce emissions, leading to increased demand for lightweight vehicle parts. The growth of transportation infrastructure and increased demand for trucks and trailers for goods transportation across the globe will contribute to the growth of Rear Axles manufacturers. The development of newer technologies like vehicle-to-vehicle communication and automatic brakes will create new opportunities for growth.
The Asia Pacific region is expected to witness the highest growth, primarily due to the presence of a large number of manufacturing bases of major key players, especially in emerging economies like China, India, Korea, and Japan. The Indian automotive rear axle market has witnessed significant growth with Kinetic Engineering Ltd, a Pune-based company, planning to develop gearbox and axle units for electric cars. North America has shown potential, with increased adoption of all-wheel-drive (AWD) and rising investments in the vehicle manufacturing sector. The European market is also anticipated to grow due to the implementation of Euro VI emission norms.
Key companies profiled in the report include:
- American Axle Manufacturing
- Talbros Engineering Limited
- GNA Enterprises Ltd.
- Automotive Axles Limited
- Meritor Inc.
- ROC Spicer Ltd
- Dana Incorporated
- ZF Chassis Systems Tuscaloosa LLC
- Seohan
- Hefei AAM
Market segment based on Product:
- Three Quarter Floating Axle
- Semi Floating Axle/Half Floating Axle
- Fully Floating Rear Axle
Market segment based on Application:
- Passenger Vehicles
- Coach Cars
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- SUV
- Off-Road Vehicles
Based on Region market is segmented into:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East Africa
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