Global Automotive Axle Market Report 2027 size is projected to be USD 64.79 billion by 2027, as per a new report by Million Insights. The market is estimated to expand at a CAGR of 1.1% over the forecast duration. Rising demand for hybrid and luxury vehicles along with long-sized trailers are attributing to the growth of the market. Additionally, increasing demand for lift axle from heavy commercial vehicles to get better fuel efficiency is likely to drive the market growth.
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Market Synopsis of Automotive Axle Market:
The rapid rise in e-commerce industry has resulted in the need for efficient road freight transport, thereby; long trailers are gaining significant traction in the transport industry. Long trailers are capable of transporting goods over a long distance, thus, proving to be cost-efficient for logistics providers. For even distribution of load, these trailers are equipped with six axles.
Rising demand for all-wheel-drive vehicle coupled with increasing overall vehicle production is supplementing the growth of the market. Over the past few years, the demand for the all-wheel-drive vehicle is gaining traction in countries such as Japan, U.S, China and European countries. Around two-thirds of all trucks and over 10% cars that were sold in the U.S were all-wheel drive in 2017. Further, increasing demand for commercial vehicles in Europe and North America is predicted to bode well for the growth of the automotive axle market.
APAC is expected to provide a lucrative opportunity for the market players in the next few years. The growing number of automotive production in 2018 in India and China is driving the growth of the region. China produced more than 23% of the vehicle of total production worldwide. Further, APAC is the home of established manufacturers such as Somboon Advance Technology Public Co. Ltd, Korea Flange Co. Ltd and Hyundai Transys, Inc., These players supply axle to some of the leading OEMs such as Toyota, ISUZU, Mitsubishi, Hyundai, GE and Kia among others.
View Full Table of Contents of This Report @ https://www.millioninsights.com/industry-reports/global-automotive-axle-market
Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Automotive Axle: Market Variables, Trends & Scope
Chapter 4 Automotive Axle: Product Estimates & Trend Analysis
Chapter 5 Automotive Axle: Application Estimates & Trend Analysis
Chapter 6 Automotive Axle: End-use Estimates & Trend Analysis
Chapter 7 Automotive Axle: Industrial End-use Estimates & Trend Analysis
Chapter 8 Automotive Axle: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Automotive Axle: Manufacturers Company Profiles
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