The rear axle is a prime component in the power train of an automotive vehicle and it is used in rear wheel drive vehicles. It lies between the driving wheels and differential gear to transmit power from the differential gear to the driving wheels. The rear axle carries majority of the weight of the automotive vehicle and plays a major role in the power transmission from the engine to the driving wheel. It is also a prime source of power loss in the driveline and hence improvements in the rear axle may have a significant impact on the fuel efficiency of the vehicle.
Major factors driving the growth of the rear axle market like growing purchasing power, low penetration of automobiles, and infrastructure development in emerging nations has resulted in an increase in demand for personal transportation and commercial vehicles. Increasing operational performance, improving drivability and ensuring safe transport of cargo and passengers is the one of the top priority of automobile manufacturers.
Additionally, increasing need for fuel-efficient vehicles along with light-weight automotive parts and the increase in the production of vehicle. Global automotive axle market is expected to reach US$ 56.45 bn by 2021, with CAGR of 8.16% from 2016 to 2021
Further, we can say that, the increasing need for high capacity lifting applications is fuelling demand for the rear axle market as the equipment is primarily installed in heavy duty vehicles. Moreover, logistics operations of heavy weight equipment such as electrical machines and new vehicles is expected to increase the adoption of rear axles in the near future.
The production process for a rear axle is dependent on the variant of rear axle and specific vehicle type. Hence, each type of variant demands individual planning efforts. Catering to customer demand and simultaneously maintaining competitive pricing is a key challenge faced by manufacturers. As Majority of developments in the automotive rear axle market are focused towards providing light weight product solutions, primarily to assist vehicle manufacturers to comply with latest fuel efficiency standards.
The global automotive rear axle market can be segmented by design type, vehicle type and geography. Based on design type, we can segment the global automotive rear axle market into:
● Semi- floating
● Three- quarter floating
Semi-floating type is expected to hold the largest market share as it is most commonly used in passenger vehicles and low commercial vehicles. Whereas, full-floating type is mostly preferred in heavy commercial vehicles and trucks.
Global participants in the automotive rear axle market industry are:
● American Axle & Manufacturing Inc.
● Seohan Auto
● USA Corporation,
● ZF Chassis Systems
● Tuscaloosa LLC
● Automotive Axles Limited
● Guru Nanak Auto Enterprises Ltd. and
● Hefei Aam Automotive Driveline & Chassis System Co. Ltd.
We can say, in the regional analysis for Global Automotive Rear Axle Market that, the global automotive rear axle market is expected to register a single-digit growth rate during the forecast period. In terms of market revenue and volume, Asia Pacific is expected to remain dominant during the forecast period since this region accounts for the largest share in terms of global auto-mobile production.
Western Europe and North America are also expected to register significant growth in the global automotive rear axle market, as auto-mobile production is expected to grow in these regions as well.
Asian market is supposed to be in the dominant position, thereby creating the scope for investment, to the top market players.