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.
Get A Free Sample Report of Automotive Axle Market
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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