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Rear Axle Market is forecast to reach $49.3 billion by 2025, after growing at a CAGR of 5.13% during 2020-2025. The significant rise in the global automobile production is analyzed to drive the market during the forecast period. The significant role played by a real axle in the automotive alongside the increase in investments for setting up the automobile manufacturing sites is analyzed to impact the growth of the rear axle market. The report covers Rear Axle Market size by type and applications, Rear Axle Market share by top 5 companies and also the market share by start-ups during the forecast period.
Rear axle is main part in the car for driving, where the power from gear box to rear axle is carried out by the propeller shaft. Furthermore the increasing trend of all wheel drive vehicles is boosting the market.
Asia-Pacific dominates the Rear Axle market owing to presence of large automotive manufacturers and significant rise in the investments for seeing up the manufacturing sites in this region.
Passenger cars is analyzed to hold a significantly high share in 2018 owing to the high production of the passenger cars.
Increasing demand for battery electric vehicles and the ban on diesel and gasoline vehicles going forward in the European countries will create hurdles for the Rear Axle market.
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Design Type – Segment Analysis
Semi floating type rear axle is analyzed to grow at highest rate during the forecast period as they are highly employed in the passenger cars. Moreover the increase in the production capacity of the passenger vehicles and investments towards them is analyzed to impact the rear axle market. In March, 2091, Hyundai and Kia and announced to invest $300mn in Ola for building India-specific electric vehicles and infrastructure. Therefore the increasing investments in the passenger car manufacturing is analyzed to impact on the growth of the rear axle market during the forecast period.
Vehicle Type – Segment Analysis
Passenger vehicles are analyzed to hold the major market share in 2018 and are also growing at higher rate during the forecast period. As the rare axle maintains the stability during lateral bending and the significant rise in the global passenger vehicle market is impacting the growth of the market. In Oct, 2019, Hyundai has announced to invest $35bn in the development of autonomous driving and electric cars. Therefore the investments in the production of these cars and the employment of the rear axle in these vehicles in analyzed to boost the market. Moreover, Commercial vehicles are also analyzed to hold a significant share in the rear axle market. In Nov, 2019, Ford Motor has announced to invest $1bn in Kentucky Truck Plant, Louisville. Therefore the significant rise in the investments towards the setting up of the manufacturing plants is analyzed to boost the market during the forecast period.
Geography – Segment Analysis
APAC dominated the Rear Axle market, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the automotive industries. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow. China has the largest automotive industry in the world. According to OICA, China held 35 percent share in global passenger cars sales in 2017. India also has excellent potential for automotive industry growth in the future. The country’s automotive industry experienced 8% growth in production in 2018, over the previous year. With more than 11 million vehicles traveling on the U.S. roads, which is 11.5 percent of the total vehicles in the world as reported by the OICA in 2017, there will be tremendous demand for Rear Axle in the automotive application.
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Drivers – Rear Axle Market
Growing demand for electric vehicles
The significant rise in the adoption of the electric vehicles owing to the increasing awareness of global pollution caused by vehicle emissions and the significant rise in the investments for manufacturing of the electric vehicles is analyzed to be the key driving factor for rear axle market. The employment of the rare axles in the all types of vehicles including electric, autonomous and so on is further boosting the market.
Challenges – Rear Axle Market
The rear axle production is dependent and varies accordingly with the specific vehicle type. The manufacturers face a major challenge in producing various rare axles for every vehicle type which incurs higher costs. Furthermore maintaining of the competitive price among the market players also acts as a challenge.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Rear Axle market. In 2018, the market of Rear Axle has been consolidated by the major players including American axle and manufacturing holdings Inc, Dana Holding Corporation, Delphi Group, Hitachi, Daimler Trucks, Meritor, Inc. among others.
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