The rear axle commodity market size is expected to see steady growth in the next few years. It will grow to $64.65 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to shift towards electric vehicles (evs), demand for lightweight components, integration of advanced safety features, autonomous and connected vehicle trends, global expansion of the commercial vehicle market. Major trends in the forecast period include globalization of automotive manufacturing, integration of electric propulsion systems, continued growth in the suv and crossover segment, development of all-wheel drive (awd) and four-wheel drive (4wd) systems, focus on advanced safety features.
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Segmentation & Regional Insights
The rear axle commodity market covered in this report is segmented –
1) By Type: Drive Axle, Dead Axle, Lift Axle
2) By Material: Alloy, Carbon Fiber
3) By Application: Heavy Vehicles, Luxury Vehicles, Executive Vehicles, Economy Vehicles, Sport Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs), Railways
North America was the largest region in the rear axle commodity market in 2023. Asia-Pacific is expected to be the fastest-growing region in the rear axle commodity market report during the forecast period. The regions covered in the rear axle commodity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in demand for passenger vehicles is expected to propel the growth of the rear axle commodity market going forward. Passenger vehicles refer to motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in addition to the driver’s seat. Rear axles are responsible for transmitting power to the driving wheels. A driveshaft is connected to engine and turns the rear axle, thus rotating the passenger car’s wheels. For instance, in February 2023, according to the Bureau of Labor Statistics, a US-based government agency for labor economics and statistics, the market for electric vehicles (EVs) had grown at a fast pace in the last decade. The share of electric cars in the US vehicle market grew to 4.6 percent in 2021 from 0.2 percent in past ten years, could reach 40 percent of total passenger car sales by 2030. Therefore, the increase in demand for passenger vehicles is driving the growth of the rear axle commodity market.
Key Industry Players
Major companies operating in the rear axle commodity market are focused on developing innovative products, such as electric rear axles, to gain a competitive edge in the market. An electric rear axle is a powertrain component that integrates an electric motor and differential into a single unit used in electric vehicles (EVs) to drive the rear wheels and provide propulsion. For instance, in September 2022, Volvo Trucks, a Sweden-based truck manufacturer, launched E-Axle. The electric motors and gearbox are integrated into the rear axle of the new e-axle, and the truck can now carry even more batteries. The E-axle is a modular design that can be adapted to different truck configurations, including rigid trucks, semi-trailer trucks, and heavy-duty construction vehicles. It has a maximum output of 440 kW and a peak torque of 2,800 Nm. The axle can be integrated with Volvo’s existing electric powertrains, and it can also be used with Volvo’s fuel-cell electric trucks.
The rear axle commodity market report table of contents includes:
1. Executive Summary
2. Rear Axle Commodity Market Characteristics
3. Rear Axle Commodity Market Trends And Strategies
4. Rear Axle Commodity Market – Macro Economic Scenario
5. Global Rear Axle Commodity Market Size and Growth
……………………..
31. Global Rear Axle Commodity Market Competitive Benchmarking
32. Global Rear Axle Commodity Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Rear Axle Commodity Market
34. Rear Axle Commodity Market Future Outlook and Potential Analysis
35. Appendix
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