Some other factors promoting market growth include the increasing trade between some nations, which has given rise to initiatives like Belt and Road Initiative to drive the sales of commercial vehicles. Improving economic status of countries like India with impressive growth in GDP also benefits the market.
Segmentation
To offer a better analysis of the global Automotive Axle Market Size, 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
The APAC market for automotive axle is considered to be the most profitable, thanks to the high sales of automotive in the region. India as well as China boasts of a thriving automotive industry, which has profited the regional market to a great extent. In addition, availability of affordable labor as well as advancements in engineering and the intensifying competition in the automotive manufacturing hub have also stimulates the market growth in the region. Advancements in speed trains in the region are also expected to drive the market growth in subsequent years.
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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