Used Vehicle Market Analysis New Highs - Current Trends and Growth Drivers Along with the Key Players

 Used Vehicle Market Analysis

The global Used Vehicle Market Size to reach USD 2,000 Billion, registering a CAGR of 8.30% from 2022- 2030.

Multiple Factors to Augment Market Growth

Across India, people in rural regions have begun to prefer riding their two-wheelers to taking public transportation. A similar trend has been observed in nations such as the United Kingdom and the United States, where customers have turned to personal commuting rather than public transportation.

In the case of automobiles, the depreciation rate is often higher. By the first year of possession, the depreciation rate has risen to 30%. Even for commercial vehicles, depreciation rates in emerging countries and heavily populated countries like India are greater, ranging between 30-35%. This has provided consumers the opportunity to buy 1-3-year-old vehicles at a low rate.

The rise of the internet has increased demand for used vehicles among consumers who lack access to important information. The internet allows organized dealers to rapidly expand their market. Consumers can afford personal vehicles through car subscription services without making any financial commitments. Consumers can use vehicles with monthly costs that cover insurance, maintenance, and roadside support due to subscription services.

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Used Vehicle Market Key Players

·        CarMax Business Services LLC (US)

·        Manheim (US)

·        Autotrader Inc. (US)

·        HERTZ CAR SALES (US)

·        Cox Automotive Inc. (US)

·        Sun Toyota (US)

·        Alibaba Group (China)

·        eBay (US)

·        PenskeCars (US)

·        TrueCar

·        Inc. (US)

·        Autonation (US)

·        and Vroom Inc. (US)

The Global Market to Grow Post COVID-19 Outbreak

COVID 19 has had a significant impact on the industries in three ways: production line and product demand, market and supply chain disruption, and financial impact. This has had a significant impact on the manufacture of new vehicles and cars, which has aided market expansion. COVID 19 has also lowered consumer purchasing power due to the negative impact on the economy, causing people to favor used vehicles and cars over new vehicles. Furthermore, the need for personal vehicles for safety has increased the market value.

Used Vehicle Market Segmentation

The global Used Vehicle Market Size has been segmented into vehicle age, vehicle type, propulsion, and sales channel. 

·        By vehicle age, the global Used Vehicle Market Size has been segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years old.

·        By vehicle type, the global Used Vehicle Market Size has been segmented into Passenger Cars, Light Commercial Vehicles, And Heavy Commercial Vehicles.

·        By propulsion, the global Used Vehicle Market Size has been segmented into ICE and Electric Vehicles.

·        By sales channel, the global Used Vehicle Market Size has been segmented into Franchised, Independent Car Dealers, Rental Car Companies, and Others.

Used Vehicle Market Regional Analysis

To boost the value of used vehicles, the Singaporean government has offered tax exemptions for battery-powered and electric vehicles. As a result, demand for vehicles that use ethanol and methanol is increasing and is projected to continue indefinitely.

Third-party dealers partner with vehicle manufacturers to build up subscription offers in countries such as Denmark, the United Kingdom, and the United States. Dealers supply automotive manufacturers with software that provides the documents required for purchasing as well as further analysis of customers' attitudes toward acquiring used vehicles in order to boost the market growth.

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Airless Tires Market Analysis size, Scope, Growth Opportunities, Trends by Manufacturers and Forecast to 2032

 Airless Tires Market Overview

The global airless tires market report by Market Research Future (MRFR) contains drivers and challenges to be faced by the industry for the forecast period (2020-2027). The devastating effects of the COVID-19 pandemic and its effect on the market are also explored in detail. Airless tires are tires being manufactured by tire companies owing to their higher capacity for long rides. They cater to customer demand for non-frequent stops for checking air pressure. Tire manufacturers are launching airless tires for improving driving performance and load-bearing of cars.

Airless Tires Market Scope

The global airless tires market is expected to register a CAGR of 9% over the forecast period. This is attributed to rising concerns over driver safety and large accident rates globally. Airless tires work without air pressure and are being manufactured using eco-friendly materials. Low maintenance and replacement costs of airless tires coupled with puncture resistance and driver assistance can drive market demand significantly.

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Expansion of the e-commerce sector and rise of industrial vehicles can create a huge opportunity for the airless tires market. Autonomous and semi-autonomous sectors are likely to create opportunities for growth in light of rising connected systems in the transport sector.

The COVID-19 pandemic has negatively affected the market growth owing to production units of airless tire manufacturers being shut down to curb the virus. But economic stimulus packages may revive the market.

The high noise emitted by airless tires and dip in driving experience may deter market growth.

Segmentation

By product type, the airless tires are divided into bias tires and radial tires. The largest market share is held by radial tires owing to its features of higher flexibility, better shock-absorbing ability, and low fuel consumption rate. Preference of radial tires by automotive manufacturers can drive the demand in the segment.

On the basis of vehicle, the market is segmented into LCVs, HCVs, terrain vehicles, military vehicles, two-wheelers, and utility vehicles. HCVs are expected to lead in market demand owing to development of tires for rugged activities. Demand for non-pneumatic tires due to higher durability can spur the segment demand in the airless tires market.

By material, the airless tires market is segmented into plastic material and rubber material. Plastic can lead the market owing to recycling of plastic for reuse in two-wheelers.

By size, the market is segmented into 21”-25”, 26”-30”, <20”, 31”-35”, and >35”.

On the basis of sales channel, the market is segmented into OEMs and aftermarket. OEMs are likely to gain a higher market share as safety standards and durability and easy installation features offered by tire manufacturers.

Regional Analysis

North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global airless tires market.

North America is expected to dominate the global market owing to early adoption of airless tires and manufacture of premium cars. Agreements between tire and automobile manufacturers may drive the market demand significantly. Re-treading of tires without replacing them can extend the lifespan of tire and may garner huge interest among customers.

Europe has assumed the second position in the airless tires market due to regards for driver safety and convenience. Installation of low-cost chips in non-pneumatic tires for increasing the safety level is expected to drive market demand in the region.

Competitive Landscape

Toyo Tire and Rubber Co. Ltd., Bridgestone Corporation, Tannus Ltd., Pirelli, The Goodyear Tire and Rubber Company, Michelin, Amerityre Corporation, Hankook Tire, Cooper Tire, and Sumitomo Rubber Industries are prominent manufacturers in the global airless tires market. Sustainable production methods and recycling techniques are expected to be the main focus of these manufacturers for lowering the carbon footprint and reducing rubber waste volumes. Joint research agreements between tire manufacturers and automotive behemoths can bolster the market growth.

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Automotive Tow Bar Market Analysis Trends, Size and Demand Growth up to 2032 for Applications and Outlook

 Automotive TowBar Market Overview:

The estimated market size of this Automotive tow bar market Size is $5.59 Billion by 2032. During the forecasted period 2023-2032 it is termed to register a CAGR growth rate of 4.39%. This is because of an increase in the demand for adventure and use of caravans and motorhomes. To be more precise, A tow bar is a device used to tow attached to a vehicle's chassis. It may take the shape of a tow ball to allow the trailer to pivot and move, a tow pin, or a tow hook with a trailer loop. For large or agricultural vehicles, where slack in the pivot pin permits similar motions, the tow bar is frequently.

The crucial reason behind the growth of the market is Customisation. This market works as per the customers demand, here manufacturers are in a close coordination with the clients, as per that they design the Tow bars.

With respect to the, Covid-19 just like other industries, the Automotive industry is badly impacted, due to the decrease in the demand. The experts & Research analysts are further deep driving the market. As per their words, the market would recover in the upcoming year. Due to an increase in the disposable income & demand in the vehicles.

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Key players

The major companies of this Automotive Tow Bar Market are form US, Ireland, Germany, Netherlands, Australia, New zealand & UK. 

·        Curt Manufacturing LLC (US)

·        David Murphy Towing (Ireland)

·        Trimas Corporation (US)

·        Acps Automotive GmbH (Germany)

·        Horizon global corporation(US)

·        Brink Group B.V. (Netherlands)

·        Hayman Reese (Australia)

·        Mccabe Towbars (Ireland)

·        North Shore Towbars (New Zealand)

·        PCT Automotive Limited (UK)

Regional analysis

The Automotive Tow Bar Market Size, is majorly dominated by 5 specific reasons that is,  North America, Europe, Asia Pacific, South America, & the Middle East and Africa.

Out of these, North America, holds the largest market share, then Followed by Europe & Asia Pacific. The reason behind North America domination is because of the presence of the Numerous manufacturing hubs. In addition to this, there's also a rise in the sale  of  commercial vehicles & passenger cars.  These Tow bars are specifically used by passenger cars, light commercial vehicles, and heavy commercial vehicles.

Market Segmentation

The market segmentation for this Automotive Tow Bar has been broadly done into 3 segments. Segmentation based on Product Type, Sales type & Vehicle type.

On the basis of product type, market is segmented into Fixed, Detachable & Swivelling. Out of this, Detachable segment is expected to be more fruitful in the projected period. Based on Sales type, it has been segmented into Oem & Aftermarket. Lastly, on the basis of Vehicle type, it has been further subdivided into Passenger Cars, Lcv & Hcv.

What is a car tow bar?

A car towbar is a device that is attached to the back of a car and allows it to tow another vehicle or trailer. Tow bars are typically made of steel or aluminum and come in a variety of sizes and weight capacities.

Tow bars are typically used to tow trailers, campers, boats, and other types of recreational vehicles. They can also be used to tow disabled vehicles.

There are two main types of tow bars:

·        Bumper mount tow bars: Bumper mount tow bars are attached to the bumper of the car. They are the most common type of tow bar and are relatively easy to install.

·        Frame mount tow bars: Frame mount tow bars are attached to the frame of the car. They are more expensive and difficult to install than bumper mount tow bars, but they are also stronger and more durable.

When choosing a tow bar, it is important to consider the following factors:

It is also important to make sure that the tow bar is compatible with your car. You can check your car's owner's manual to see if there are any specific requirements for tow bars.

Once you have chosen a tow bar, you will need to install it on your car. This can be done by yourself or by a professional. If you are installing the tow bar yourself, be sure to follow the instructions carefully.

Once the tow bar is installed, you will need to connect it to the vehicle or trailer you are towing. This can be done using a ball mount, trailer hitch, or electrical connector.

When towing a vehicle or trailer, it is important to follow the manufacturer's instructions. Be sure to overload the tow bar or vehicle. Also, be sure to drive slowly and carefully.

How much does it cost to fit a tow bar electrics?

The cost to fit tow bar electrics can vary depending on a number of factors, including:

·        The type of tow bar you have

·        The make and model of your vehicle

·        Whether you have any special requirements, such as a reversing camera or fog light cutout

MARKET SEGMENTATION

By Product Type

Fixed

Detachable

Swiveling

By Vehicle Type

Passenger Cars

LCV

HCV

By Sales Channel

OEM

Aftermarket

BY REGION

North America

Europe

Asia Pacific

Middle East & Africa

South America

FACTORS STUDIED FOR MARKET FORECAST

Drivers:

Growing demand for commercial and passenger vehicles.

Restraints:

growing demand for automotive tow bars.

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Electric Vehicle Thermal Management System Market Analysis Latest Trends, Scope, Technological Advancement, Driving Factors and Forecast to 2032

 Electric Vehicle Thermal Management System Market Overview:

The global electric vehicle thermal management system market is expected to exhibit a strong 9% CAGR over the forecast period from 2023 to 2032, according to the latest research report from Market Research Future (MRFR). The global electric vehicle thermal management system market is primarily driven by the growing demand for electric vehicles, according to the report. The report provides readers with a complete overview of the global electric vehicle thermal management system market, including an assessment of the major drivers and restraints affecting the global market. The major players operating in the global electric vehicle thermal management system market are also assessed in the report. The impact of the COVID-19 pandemic on the global electric vehicle thermal management system market is also assessed in the report.

Electric vehicle thermal management systems perform various tasks in electric vehicles, including heat transfer and waste heat recovery. Thermal management systems monitor and regulate the temperature in the cabin, batteries, and HVAC components, among others. These systems thus provide an enhanced user experience for drivers by making the cabin more comfortable, with regard to temperature. The excess heat from batteries is also redirected by electric vehicle thermal management systems, making the performance smoother and more effective. In electric vehicles, the waste heat recovery systems also play an important role, as they can enhance the range of the vehicle considerably by diverting the heat towards the batteries and storing it as electrical energy.

The growing demand for electric vehicles is the primary driver for the global electric vehicle thermal management system market. Electric vehicles have become ever more popular among consumers all over the world due to the fact that they present no threat of toxic vehicular emissions. Since they present no risk to the environment, electric vehicles have become the vanguard of the environmental movement sweeping the world. Several countries, including leading global economic heavyweights such as the U.S. and China, have favored electric vehicles over conventional vehicles in recent years. The strong government support provided to electric vehicles in these and other countries has led to a growing demand for electric vehicles all over the world. This is likely to remain the major driver for the global electric vehicle thermal management system market over the forecast period.

Competitive Leaderboard:

Leading players in the global electric vehicle thermal management system market include Hanon Systems, Gentherm, Valeo, MAHLE GmbH, Denso Corporation, Modine Manufacturing Company, VOSS Automotive GmbH, Dana Ltd., Robert Bosch GmbH, and BorgWarner Inc.

Segmentation:

The global electric vehicle thermal management system market is segmented on the basis of system, component type, technology, application, vehicle type, and region.

·        By system, the global electric vehicle thermal management system market is segmented into heating, ventilation, and air conditioning (HVAC), powertrain cooling, fluid transport, and others.

·        By component type, the global electric vehicle thermal management system market is segmented into motor, battery, and cabin area.

·        By technology, the global electric vehicle thermal management system market is segmented into active transmission warmup, exhaust gas recirculation, reduced HVAC system loading, and others.

·        By application, the global electric vehicle thermal management system market is segmented into engine cooling, air conditioning, heated steering, waste heat recovery, transmission system, heated/ventilated seats, and others.

·        By vehicle type, the global electric vehicle thermal management system market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV).

Regional Analysis:

The global electric vehicle thermal management system market is dominated by Asia Pacific as of 2018. The Asia Pacific market is majorly dominated by China, which has enacted several policies supporting the growth of the electric vehicles market in recent years. The high volume of the China market is likely to remain a major driver for the global electric vehicle thermal management system market over the forecast period. India is also likely to support the growth of the electric vehicle market over the coming years, leading to growing demand for electric vehicle thermal management systems in Asia Pacific. Europe and North America are also important regional markets.

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Car Wash System Market Analysis Trends, Size and Demand Growth up to 2032 for Applications and Outlook

 Car Wash Service Market Overview:

 

The Car Wash Service market is anticipated to grow rapidly at a CAGR of 4.35%during the forecast year 2032. The global Car Wash Service market is driven by growth in the automotive industry as well as increase in production and sales of vehicles. These factors have helped shape the Car Wash Service market and are expected to boost the growth.

 

Companies in the Car Wash Service market could also face challenges such as high cost associated with manufacturers as well as the low level of awareness among consumers. The details covered in the Car Wash Service market report cover all the aspects of the industry. Car Wash Service market analysts have also shared growth projections in the report and have suggested Car Wash Service market players to plan growth strategies accordingly.

 

How big is the car wash market?

 

The global car wash service market is projected to grow from USD 166 Billion in 2023 to USD 2.34 Billion by 2032

 

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The market is driven by a number of factors, including:

• Increasing disposable incomes: Rising disposable incomes have led to increased spending on car maintenance and cleaning.
• Growing urbanization: Urbanization has led to an increase in car ownership, which has boosted the demand for car wash services.
• Rising awareness of car care: Consumers are becoming more aware of the importance of car care, which is driving the demand for professional car wash services.
• Increasing popularity of self-service car washes: Self-service car washes are becoming increasingly popular due to their convenience and affordability.
  
  

The market is segmented by type, mode of payment, and region. By type, the market is divided into roll-over/in-bay, full-service, and self-service. By mode of payment, the market is divided into cash and cashless. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America is the largest market for car wash services, followed by Europe and Asia Pacific. The market in North America is driven by the high disposable incomes and the high car ownership rate in the region. The market in Europe is driven by the growing urbanization and the rising awareness of car care. The market in Asia Pacific is driven by the increasing disposable incomes and the growing middle class in the region.

The key players in the global car wash service market include:

• Sonny's Enterprises
• Mister Car Wash
• Autobell Car Wash
• Take 5 Oil Change
• Zips Car Wash
• Delta Sonic Car Wash
• Tommy Car Wash Services
• Mister Clean Car Wash
• Blue Beacon Car Wash
• Quick Quack Car Wash
• Magic Car Wash

 

What is the potential of the car wash market?

The market is driven by a number of factors, including:

• Increasing disposable incomes: Rising disposable incomes have led to increased spending on car maintenance and cleaning.
• Growing urbanization: Urbanization has led to an increase in car ownership, which has boosted the demand for car wash services.
• Rising awareness of car care: Consumers are becoming more aware of the importance of car care, which is driving the demand for professional car wash services.
• Increasing popularity of self-service car washes: Self-service car washes are becoming increasingly popular due to their convenience and affordability.

 

Market Segmentation

 

The global Car Wash Service market has been segmented based on reduced rising need for domestic car washing and high disposable income. On the basis of type, the market for Car Wash Service is segmented based on conveyor tunnel system, gantry car washes, and self-service car washes. Additionally, the market on the basis of process, is segmented into cloth friction, touchless. The global market for Car Wash Service is also covered based on components segment which is further split into jet spray, brushes, dryers, controllers, sensors, and pump.

 

Factors like features such as higher safety, improved efficiency, reliability, easy management, and time efficiency, support the Car Wash Service market growth. The performance of Car Wash Service market has also been studied for the past and current years. Additionally, the Car Wash Service market report provides analysis of these segments. The Car Wash Service market segmental analysis provided in the report offers major details about the Car Wash Service market performance and future.

 

Regional Overview

 

Companies in the Car Wash Service market are spread across the world. The Car Wash Service market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American Car Wash Service market has many companies across the United States, Canada, and Mexico. Europe has companies in the Car Wash Service market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the Car Wash Service market across India, China, and Japan in the Asia-Pacific region is also presented in the report. The Car Wash Service market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the Car Wash Service market can be found in the market research report.

 

Competitive Landscape

 

The demand for the Car Wash Service is supported by growing understanding of the environment among individuals and technical innovation and strong investment in Car Wash Services. The population growth around the world and increasing demand of Car Wash Service market based services and products also support the market growth. However, the Car Wash Service market growth can be affected due to lack of awareness.

 

The report covers all such details which will help companies in the Car Wash Service market to strengthen their business plan and improve their product portfolio. The Car Wash Service market research report also provides company profiles of major companies. The company profiles of many organizations operating in the Car Wash Service market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the Car Wash Service market. New companies and established businesses can plan their strategies based on this data provided in the Car Wash Service market research report.

 

Industry News

 

Dover today reported that it has completed the purchase of Creative Control Devices, Inc., a major supplier of technological applications for car wash controllers, payment terminals, point-of-sale and wash site management. ICS is also part of the Fueling Products segment of Dover. Headquartered in Bethlehem, Pennsylvania, ICS has served the carwash market for over 30 years, hiring more than 150 people. For its solid engineering and durability, high quality of customer support, and creative solutions, ICS is respected in the marketplace.

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Automotive Leaf Spring Market Analysis Industry Insights, Trends, and Forecasts to 2032

Global Automotive Leaf Spring Market: Trends, Opportunities, and Forecast 2023-2030

Market Research Future Insights

According to MRFR analysis, the global Automotive Leaf Spring Market is expected to register a CAGR of ~6.5% from 2022 to 2030 and hold a value of over USD 5.61 billion by 2030.

To support the car by absorbing the bumps on uneven road surfaces, an automobile leaf spring is employed as the suspension system. Such springs are made of one or more leaves and are made of leaves. They are one of the most common types of wheeled vehicle suspension systems. Their primary applications are in LCVs and HCVs.

The center hole punching, flat bar shearing, heating procedure, and heating treatment are all parts of the production process for car leaf springs. The demand for automotive leaf springs is anticipated to expand in the global market due to the rise in demand for light commercial vehicles and the long-term desire for increased vehicle comfort. Additionally, as per capita disposable income rises, worries about vehicle comfort and servicing become more prevalent, which increases demand for automobile leaf springs from OEMs and aftermarket suppliers.

Key Players

Some of the key market players are:

Rassini, Hendrickson USA, Sogefi SpA, Jamna Auto Industries, Emco Industries, LITEFLEX, IFC Composite GmbH, NHK Springs Co. Ltd, Benteler-SGL, OlgunCelik San. Tic. A.S.

Regional Analysis

Asia-Pacific is predicted to have the largest market share and be the fastest-expanding region throughout the projection period. Due to the highest consumption of commercial vehicles.  North America, on the other hand, is predicted to develop significantly due to a rise in demand for light commercial vehicles in the transportation industry.

Automotive Leaf Spring Market Growth and Demand:

The automotive leaf spring market is expected to grow in the coming years due to increasing demand for leaf springs in the automotive industry. Leaf springs are an important component of a vehicle's suspension system, providing support and stability to the vehicle's body.

The growing demand for vehicles, especially in emerging economies, is one of the main factors driving the growth of the automotive leaf spring market. The increasing preference for SUVs and light trucks, which typically use leaf springs, is also contributing to the market's growth.

In addition, the rising demand for improved suspension systems and better ride comfort in vehicles is driving the development of advanced leaf spring technologies. This, in turn, is expected to drive the growth of the market.

However, the market may face some challenges, such as increasing competition from alternative suspension systems and the high cost of advanced leaf spring technologies. The COVID-19 pandemic has also had an impact on the market, causing disruptions in the supply chain and a decline in demand for vehicles.

Despite these challenges, the automotive leaf spring market is expected to continue growing in the coming years, driven by increasing demand for vehicles and advancements in leaf spring technology.

Market Segmentation                                                                   

The Global Automotive Leaf Spring Market has been segmented into Type, Material, Vehicle Type, and Sales Channel

Based on the Type, the market has been segmented into Parabolic, Elliptic, Semi-Elliptic, and others.

Based on the Material, the market has been segmented into Metal and Composite.

Based on the Vehicle Type, the market has been segmented into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial vehicles.

Based on the Sales Channel, the market has been segmented into OEM and Aftermarket.

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Automotive Axle Market Analysis Latest Trends, Demand, Technological Advancement, Driving Factors and Forecast to 2032

 Automotive Axle Market Market Scope

The automotive axle market 2023 can procure considerable gains at a high rate between 2023 and 2030 (appraisal period). We will provide COVID-19 impact analysis with the report, offering an in-depth review of the market following the coronavirus disease outbreak.

Market Segmentation

·        The report aims to provide an enhanced assessment; therefore the study segments the market with respect to type, material as well as propeller shaft type.

·        The types of automotive axle in the market include front axle as well as rear axle.

·        The market categories, in terms of material, are carbon fiber and alloy.

·        The propeller shaft types are single and multi-piece.

COVID-19 Analysis

The onset of novel coronavirus led to significant impact on all the industries, which also includes the automotive sector. The short term impact pertains to manufacturing units being shut down following the lockdown policy imposed by the governments. Production units are also faced with issues including lack of staff due to social distancing practice due to the pandemic. The impact of SARS-CoV-2 has led to showrooms being closed shut, in addition to a downfall in vehicle sales in every part of the world. The automotive industry is struggling in the light of economic crisis due to the COVID-19 outbreak, coupled with disruption in the supply chain network across the globe.

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With that said, the automotive industry and related markets can expect some respite as a result of various mitigation measures being taken by governments in several regions. For instance, the European Union is backing the automotive industry with the Pandemic Emergency Purchase Program, which helps buy commercial papers and sovereign bonds from the commercial firms and member states while maintaining liquidity within the financial system. EU has also relaxed its regulations and is willing to expand the size of any asset purchase for extended period. With the advent of contingency plans across countries and financial institutions proposing relief plans, the automotive industry and in turn, the automotive axle market can make a strong comeback the COVID-19 impact.

Primary Boosters and Key Deterrents

The surge in worldwide vehicle production and the increasing preference for luxury and hybrid vehicles featuring modern technologies are some of the major growth enhancers in the automotive axle market. The increasing commercialization of the latest technologies to bring down the overall weight of the vehicle also helps boost the demand for automotive axle in the market.

Furthermore, the mounting production level of autonomous and semi-autonomous vehicles integrated with innovative technologies can boost vehicle sales and consequently drive the demand for automotive axles. The increasing popularity of road freight transport has also led to considerable market gains in recent years and the trend can remain the same even in the coming years.In the wake of mounting concerns regarding the environment and carbon emission’s toxic effects on it, consumers now prefer vehicles that emit lower amount of smoke and consume less fuel, which has led to higher sales of hybrid vehicles. Hybrid vehicles function backed by various power sources that bring down the level of fuel consumption and also improve the driving experience. In a nutshell, the higher the sales of hybrid vehicles, the more demand automotive axles can witness in the near future.

Significant Competitors

Significant competitors in the automotive axle industry include Meritor Inc. (U.S.), ELBE Gelenkwellen-Service GmbH (Germany), GKN Plc (U.K.), American Axle & Manufacturing, Inc. (U.S.), Showa Corporation (Japan), ZF Friedrichshafen AG (Germany), to mention a few.

Regional Study

North America, APAC/Asia Pacific, MEA/Middle East & Africa and Europe have been identified as the key markets for automotive axle in the study.

APAC has emerged as the biggest gainer in the global market, because of the high automotive sales in India and China. Both these countries boast of an enormous automotive industry, which works in favor of the axle industry. High availability of cheap labor and frequent advancements in engineering along with the increasing vehicle production are boosting the demand for automotive axle in the region. Rising prevalence of speed trains and the introduction of government initiatives like Make in India campaign that facilitates 100% foreign direct investment can also aid in more revenue generation during the appraisal period.

Europe has established itself as the second leading market on account of the expansive automotive sector present in the U.K., Italy and Germany. The massive speed train network and the surging air pollution are other factors that induce the sales of e-axles across the region. Incentives such as free parking space and tax benefits offered by the government promote the sale of electric vehicles. The soaring demand for electric vehicles is bound to benefit the automotive axles market in the approaching years.

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