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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 market, 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 market, the regional dissection mentioned in the report includes Europe, Middle East and Africa (MEA), Asia Pacific (APAC), along with North America.
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. Some of the renowned players in the region are striving to develop technologically innovative products that can lower down the weight of the vehicle and make it more fuel-efficient, in addition to catering to the Euro VI emission norms. This factor is touted to favor the regional market in the ensuing years.
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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