Automotive Axle Market To Undertake Strapping Growth By The End 2032 | FMI

A recently published study by FMI expects the global automotive axle market reached a market value of US$ 61.2 billion in 2022 and is anticipated to reach US$ 74.60 billion by 2032, growing at a CAGR of 2%. Increase in sales of luxurious cars, passenger cars and heavy commercial cars are escalating the demand for automotive axles. As electric vehicles penetrate the market, the demand for automotive axles is expected to grow with time.

Key Takeaways from the Market Study

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“Passenger vehicles are gaining immense popularity across different geographical locations. In addition, increase in transportation activities is playing a pivotal role in the demand for automotive axles.” says an analyst at FMI

 From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 2% and closing at US$ 60 Billion. Although the COVID-19 pandemic halted the growth of the automotive axle market, post the pandemic, the demand is expected to rise. Manufacturers of automotive axles are focusing on producing cost-efficient and durable axles. Hybrid and electric vehicles are creating lucrative opportunities for automotive axles.

Furthermore, increasing purchasing capacity in regions like Asia Pacific, North America and Europe is positively influencing the market for automotive axles. Moving ahead, owing to the research undertaken for automotive axles, manufacturers are planning to integrate smart features to axles that will help the vehicle to carry heavy loads.

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Market Competition

Key players in the automotive axles market are ZF Friedrichshafen AG, Melrose Industries PL, American Axle & Manufacturing, Inc., Meritor Inc., Dana Incorporated, Daimler AG, Talbros Engineering Limited and GNA Group