Automotive Axle Market To Reach $30.8 Bn By 2034, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Major automotive axle market participants include American Axle & Manufacturing, Benteler International, Daimler, Dana, GKN Automotive, Hyundai Transys, Mando Corporation, Meritor, Schaeffler, ZF

Selbyville, Delaware, Jan. 09, 2025 (GLOBE NEWSWIRE) --

The global automotive axle market valuation is predicted to exceed USD 30.8 billion by 2034, reported in a research analysis by Global Market Insights Inc.

This growth is primarily driven by the increasing adoption of electric vehicles (EVs), creating demand for axles to support electric drivetrains. Electric vehicles often use e-axles, where electric motors are integrated directly into the axle, offering improved efficiency and reduced vehicle weight. As the shift toward electric mobility gains momentum, manufacturers are investing in cutting-edge e-axle technologies to meet the growing needs of electric powertrains, opening significant opportunities for automotive axle market expansion.

Another key factor contributing to the market's growth is the rising consumer demand for all-wheel-drive (AWD) and four-wheel-drive (4WD) systems. These drivetrain configurations enhance vehicle stability and performance, particularly on rough or challenging terrains, making them popular for SUVs and trucks. As a result, there is a growing need for robust axles capable of supporting these systems. Additionally, the production of off-road and adventure-oriented vehicles is on the rise, further fueling the demand for specialized axles designed for durability and high performance.

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The automotive axle market is categorized by sales channels into OEMs (Original Equipment Manufacturers) and aftermarket. In 2024, the OEM segment was worth USD 13 billion and is expected to continue growing at a strong pace. OEMs are crucial in defining axle specifications for new vehicle models, particularly with the increasing production of vehicles in emerging markets. As automakers focus on meeting fuel efficiency standards and consumer preferences for EVs, OEMs are developing advanced axle systems, such as lightweight designs and e-axles, to meet regulatory demands and improve vehicle performance.

The market is also segmented based on vehicle types, which include passenger cars and commercial vehicles. Passenger cars represented a 61% share in 2024, driven by the high global demand for personal vehicles. As consumers increasingly prioritize comfort, performance, and stability, automakers focus on innovations like independent suspension axles and lightweight designs that improve fuel efficiency. The demand for electric and hybrid vehicles further supports the need for specialized axles, including e-axles, boosting growth in the passenger car segment.

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China was a dominant automotive axle market in 2024, holding 35% of the market share. The country's strong automotive manufacturing base and the increasing demand for electric and fuel-efficient vehicles have spurred innovation in axle technologies, particularly e-axles. Government policies supporting the adoption of EVs drive the development of specialized axles, solidifying China's position as a major market for automotive axles.

Partial chapters of report table of contents (TOC):

Chapter 1 Methodology & Scope

1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2034

Chapter 3 Automotive Axle Market Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material supplier
3.2.2 Component supplier
3.2.3 Manufacturer
3.2.4 Service provider
3.2.5 Distributor
3.2.6 End use
3.3 Profit margin analysis
3.4 Cost breakdown analysis
3.5 Technology & innovation landscape
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising demand for electric vehicle axles
3.8.1.2 Increasing preference for all-wheel-drive (AWD) systems
3.8.1.3 Advancements in axle design and materials
3.8.1.4 Expansion of automotive production in emerging markets
3.8.2 Industry pitfalls & challenges
3.8.2.1 Reliance on fluctuating raw material costs
3.8.2.2 Strict emission regulations influencing axle design
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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