Key priorities of automotive manufacturers include increasing operational performance, improving drivability, and ensuring safe transport of cargo and passengers. Increasing acceptance of hybrid and electric vehicles and integration of smart and connected technologies have prompted manufacturers to focus on improving the power and drivetrain systems that include components such as clutch, transmission, propeller shaft, and rear axle. An axle serves different functions of steering and transmission depending upon its position and application. An automotive axle is a key component that generates momentum in vehicles by transferring torque from differential to wheels and engine to differential. An axle transfers torque from the differential to the wheels or serves only as a support for the load on a vehicle, while providing the mounting for wheel assembly. The type of axle depends on its position and function. Commercial vehicles such as heavy trucks, medium duty trucks, and buses may possess more than two axles depending on the application and role of the vehicle, whereas most passenger cars have one axle.
The global automotive axles market can be segmented based on type, shaft type, material, vehicle, electric vehicle, and region. In terms of type, the automotive axles market can be segmented into live axle, dead axle, and tandem axle. Live axle drives the wheel connected to it and supports the weight of the car. Increase in preference of consumers toward SUVs and MUVs as well as consistent rise in overall vehicle production are anticipated to propel the live axle segment during the forecast period. Based on shaft type, the automotive axles market can be segmented into single axle and multi axle. Based on material, the automotive axles market can be segmented into alloy and carbon fiber. The carbon fiber axle segment is the latest trend that is projected to boost the automotive axles market during the forecast period. Utilization of carbon fiber in new applications in various industries as a replacement for metal has increased due to its advantages such as higher strength-to-weight ratio, corrosion resistance, and workability. The automotive industry has witnessed adoption of carbon fibers for applications where reduction of weight plays a crucial role.
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Emission control regulations demand the reduction in consumption of fuel by vehicles, which in turn has led to the usage of carbon fiber. Based on vehicle, the automotive axles market can be segmented into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The high production of passenger vehicles is estimated to increase the demand for automotive axles in the automobile sector. In terms of electric vehicle, the automotive axles market can be segmented into hybrid electric vehicle, battery electric vehicle, and plug-in hybrid electric vehicle. Rise in preference for electric vehicles in regions such as Europe and the Americas due to the increase in environmental pollution has further propelled the sales of e-axles. Incentives such as tax benefits and free parking space provided by the governments of various countries encourage customers to purchase electric vehicles. This, in turn, is anticipated to increase the sales of electric vehicles, which in turn is likely to drive the automotive axles market.
In terms of region, the automotive axles market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is the dominant market for the automotive sector, wherein India, China, and Japan are the leading contributors, due to the increase in production of vehicles in these countries. This is expected to have positive impact on the demand for automotive axles, which is projected to drive a large number of local and international component suppliers based in the region.
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