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Automotive Axle Market Size [2021-2028] | is Projected to Reach USD 39.78 Billion by 2027, Exhibiting a CAGR of 5.1%

Pune, India, Dec. 06, 2021 (GLOBE NEWSWIRE) — According to the report by Fortune Business Insights, the global Automotive Axle market size was USD 27.19 billion in 2019 and is projected to reach USD 39.78 billion by 2027, exhibiting a CAGR of 5.1% during the forecast period. The axle is one of the most essential parts of any vehicle as it keeps the wheel position constant to the vehicle body and transmits driving torque to the wheels.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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The global automotive axles market size is projected to reach USD 39.78 billion by 2027, exhibiting a CAGR of 5.1% during the forecast period. Development of advanced axles by companies will be a crucial growth driver for this market, shares Fortune Business Insights™ in its report, titled “Automotive Axles Market Size, Share & Industry Analysis, By Application Type (Front Axle and Rear Axle), By Axle Type (Drive Axle, Dead Axle, and Lift Axle), By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecast, 2020-2027”. Automakers and component manufacturers are constantly exploring new technologies to enhance the efficiency of their vehicles and are giving a high amount of attention to automotive axles.

For example, in 2017, Bosch introduced its electric axle drive, or e-axle, powertrain, which unifies three powertrain components in a single unit, ensuring lower development time for automakers and increased efficiency. Similarly, in 2019, Kinetic Engineering Limited announced the development of axle assemblies as well as two-speed gearboxes for electric vehicles, which will be in the form of a kit, made ready-to-fit onto the vehicles. Thus, the growing presence of such advanced axle solutions will benefit the market in the long run.

Click here to get the short-term and long-term impacts of COVID-19 on this Market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-axle-market-101586

Falling Revenues & Plant Closures amid COVID-19 to Constrain Market Growth

The COVID-19 pandemic has caused a severe downturn in the automotive industry, primarily because of a drastic decline in market demand for cars and other vehicles as majority of the working population worldwide has shifted to remote working. As a result of the steep drop in demand, prominent companies in this market are grappling with shrinking revenues and reduced profits. For example, ZF Friedrichshafen announced in May 2020 that it will be slashing 15,000 jobs over the next five years at its plants across the globe owing to the frozen demand for cars amid the coronavirus pandemic.

Another major market, Dana Incorporated, reported a loss of USD 174 million in the second quarter of 2020 due to lower sales in the COVID-19 pandemic. Large automakers have been hit as well by the pandemic, with several of them being forced to close some of their plants. Fiat Chrysler, for instance, announced the closure of its plants in Poland, Serbia, and Italy in March 2020. These unfavorable developments will inevitably affect the automotive axles market growth as the coronavirus has disrupted investment plans of most of the players in the automotive industry.

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List of the Companies Operating in the Market:

  • ZF Friedrichshafen AG(Germany)
  • Dana Incorporated (United States)
  • American Axle & Manufacturing Inc. (United States)
  • GKN Ltd (United Kingdom)
  • Meritor, Inc. (United States)
  • Showa Corporation (Japan)
  • The Hyundai Wia Corporation (South Korea)
  • Gestamp Automoción (Spain)
  • JTEKT Corporation (Japan)
  • Other Players

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Global Automotive Axle Market Segmentation:

By Application:

  • Front Axle
  • Rear Axle

By Axle Type:

  • Drive Axle
  • Dead Axle
  • Lift Axle

By Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicle

By Geography:

  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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