The increasing need to reduce the weight of automotive vehicles is promoting the global automotive axle market, predicts Fortune Business Insights in their recent report. Axles are used for driving, braking, steering in vehicles and are an important aspect of vehicle use. The launch of AxTrax AVE Portal Axle on 30^th October 2018 by ZF Friedrichshafen AG has further intensified market competition for automobile axles. The AxTrax AVE Portal Axle is built to serve hybrid buses, electric buses, and trolleybuses for coping up with the regulations laid down by governments on harmful emissions. This advanced axle has reduced the weight of the vehicle by 500kg because of its powerful and compact design. Such innovations are likely to bode well for the global automotive axle market.

 

Among vehicle type, the market is expected to be dominated by the passenger car segment. This is attributable to the rise in production and sales of passenger cars worldwide. As per the report, the global automotive axle market size for passenger cars was 138.1 million units in the year 2018. This is likely to grow at a CAGR of 3.4% and emerge dominant. The advent of all-wheel drive transmission in light commercial vehicles and passenger cars is prognosticated to boost the automation axle market during the forecast period.

 

Increasing Demand for Heavy Commercial Vehicles to Promote Market Growth

 

A major factor boosting the global automotive axle market is the rise in demand for heavy commercial vehicles, especially from emerging economies such as China, India, and others. The demand for heavy-duty lifting operations is on the rise, and this may also help the market generate attractive revenues in the forecast duration.

 

Besides this, the growing trade between nations and the adoption of initiatives such as road and belt initiative will further add a boost to the growth of the market. Moreover, the increasing demand for adding long trailers to vehicles to reduce the cost of transport is also anticipated to promote the growth of automotive axle market in the forecast period.

 

Europe Working on Manufacturing of Lightweight Automotive to Help Register Fast Growth Rate

 

Currently Asia Pacific is leading the global automotive axle market because of the increasing number of vehicle production and their sales, especially in the developing nations such as China and India. On the other side, the automotive industry in Europe is anticipated to recover from its economic slowdown and show rapid growth in the coming years on account of continuous improvement in electric vehicle charging infrastructure and favorable regulations in the e-axle segment. Players operating in this region are emphasizing on developing and manufacturing technologically advanced products that will be not only fuel-efficient and meet the Euro VI emission laws but also be lightweight.

 

Source: https://www.fortunebusinessinsights.com/industry-reports/automotive-axle-market-101586