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Demand for lightweight axle has surged over the years, on account of the rising sales of hybrid and electric vehicles. The high demand for hybrid and electric vehicles is the result of the increasing number of strict vehicular emission regulations all over the world, given the deteriorating condition of the environment.
Segmentation
To offer a better analysis of the global Automotive Axle Industry, the MRFR report has mentioned the primary segments of type, material and propeller shaft type.
Given the segment of type, the market has been considered for front axle and rear axle.
Material-wise, the market segments are alloy, and carbon fiber.
Considering the propeller shaft type, the market segments covered in the report include single, and multi-piece.
Regional Insight
Covering all the facets and potential of the Automotive Axle Industry, the regional dissection mentioned in the report includes Europe, Middle East and Africa (MEA), Asia Pacific (APAC), along with North America.
The APAC market for automotive axle is considered to be the most profitable, thanks to the high sales of automotive in the region. India as well as China boasts of a thriving automotive industry, which has profited the regional market to a great extent. In addition, availability of affordable labor as well as advancements in engineering and the intensifying competition in the automotive manufacturing hub have also stimulates the market growth in the region. Advancements in speed trains in the region are also expected to drive the market growth in subsequent years.
The Europe market for automotive axle comes second globally, with the flourishing automotive industry and the quick recovery from the economic slowdown. The region can gain a better position in the worldwide market in the years ahead, owing to the strict regulations along with the constant improvements within the electric vehicle charging infrastructure.
Top Companies
The top companies influencing the growth of the worldwide market for automotive axle include GKN Plc (U.K.), Showa Corporation (Japan), ZF Friedrichshafen AG (Germany), ELBE Gelenkwellen-Service GmbH (Germany), American Axle & Manufacturing, Inc. (U.S.), Meritor, Inc. (U.S.), to name a few.
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