Global RearAxle Market is expected to reach USD 57.77 billion by 2024. Rear axle is also termed as driving axle. It lies between driving wheels and the differential gear that transmits torque/power from the propeller shaft or directly from the gearbox to the driving wheels. The rear axle market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
The
factors that are playing a major role in the growth of rear axle market are
growing transport infrastructure and rising production of trailers and trucks
with lightweight components. However, high production cost may restrain overall
market growth in the years to come. Rear axle market is segmented based on
type, application, and region.
Lift,
drive, dead rear axle are the types that could be explored in Rear Axle in the
forecast period. The “dead rear axle” sector is estimated to grow at the
highest CAGR in the years to come. The reason behind the overall market growth
could be growing transportation infrastructure and is exclusively used in
specific heavy construction machinery, heavy trailers and trucks, and farm
machinery mainly for load bearing purpose.
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The
market may be categorized based on applications like railways, heavy vehicles,
MUV, luxury vehicles, SUV, executive vehicles, economy vehicles, and others
could be explored in Rear Axle in the forecast period. The heavy vehicles
sector accounted for the substantial market share of Rear Axle and is estimated
to continue its dominance in the years to come. The reason behind the overall
market growth could be it advances customer loyalty and services toward heavy
vehicles. Also, luxury vehicles sector is estimated to grow at highest CAGR in
the years to come.
Globally,
North America accounted for the significant market share of Rear Axle and is
estimated to lead the overall market in the years to come. The reason behind
the overall market growth could be the presence of key manufacturers in this
region and a huge investment in All Wheel Drive (AWD) vehicles. The United
States is a major consumer of Rear Axle and is estimated to lead the overall
market in the years to come.
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Europe
and the Asia Pacific are also estimated to have a positive influence on the
future growth. Europe is the second largest region with significant market
share. However, Asia Pacific is estimated to grow at the highest CAGR in the
forecast period. The aspects that may be ascribed to the growth comprise rising
manufacturing units of the rear axle in developing countries like China, Japan,
and Korea.
The key players of rear axle industry
are ROC Spicer Ltd., American Axle & Manufacturing Holdings, Daimler Trucks
North America LLC, Dana Holding Corporation, Meritor, Inc., Automotive Axles
Limited, Talbros Engineering Limited, and GNA Axles Ltd. These players are
concentrating on inorganic growth to sustain themselves amidst fierce
competition.
Market Segment:
Rear Axle Type Outlook (Revenue, USD
Million; 2015 - 2024)
• Drive
• Dead
• Lift
Rear Axle Application Outlook
(Revenue, USD Million; 2015 - 2024)
• Heavy vehicles
• Luxury vehicles
• Executive vehicles
• Economy vehicle
• SUV
• MUV
• Railways
Rear Axle Regional Outlook (Revenue,
USD Million; 2015 - 2024)
• North America
• Europe
• Asia Pacific
• RoW
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