Rear Axle Commodity Market Growth Analysis 2031

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The rear axle also ensures the stability of the vehicle by distributing the weight of the vehicle equally across all its part. A non-driving axle, such as a dead axle, which is used in heavy vehicles and light trucks, does not have shafts and serves only as a steering component and suspens

The rear axle is the last member of the powertrain. In most vehicles, it acts as the driving axle. It is placed between the driving wheels and the differential gear. The rear axle commodity market is also known as the automotive rear beam axle. It transmits power from the differential to the driving wheels. The rear axle and differential gear are enclosed in housing, which protects them from water, dust, and damage. It carries out the function of driving, steering, and braking of the vehicle.

The rear axle also ensures the stability of the vehicle by distributing the weight of the vehicle equally across all its part. A non-driving axle, such as a dead axle, which is used in heavy vehicles and light trucks, does not have shafts and serves only as a steering component and suspension. Another factor propelling the market growth is electrified power solutions that are growing popular in passenger vehicles and SUVs to enhance the driving experience of car owners.

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Three key types of rear axle commodity are used in vehicles such as dead axle, drive axle, and lift axle. The use of rear axles in railways is also of utmost significance. Straight rear axles are used for the engine of the trains, and straight dead axle is used for wagons. A straight axle is a rigid shaft that connects the left side of the wheel to the right side. This ensures the fixed axis rotation of both wheels and such a design keeps the wheels stable under different load conditions.

According to the latest report published by Transparency Market Research, the global rear axle commodity market is projected to advance at a decent growth rate during the forecast period, owing to the increasing need for fuel-efficient vehicles as well as the demand for low emission vehicles, coupled with lightweight automotive parts.

Increasing Adoption of Heavy Vehicles to Drive Global Rear Axle Commodity Market

One of the key drivers for the rear axle commodity market is the increasing demand for heavy vehicles such as heavy trucks, buses, and coaches, from developing economies, such as India and China, for transportation purposes. The need for heavy lifting operations is rising, and these operations are carried out by heavy vehicles or heavy-duty commercial vehicles that have lift axles installed in them. These key factors are further boosting the sales of commercial or heavy vehicles in developed and developing countries.

Developing economies, such as India which are exhibiting significant GDP growth, are further expected to propel the demand for automotive components. A rapid increase in the production of heavy vehicles is ultimately expected to increase the demand for automotive components such as rear axle and propeller shaft.

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Alliances between Raw Material Suppliers and Market Players Creating Lucrative Opportunities

Manufacturers of the automotive axle are forming strategic alliances with raw material suppliers such as aluminum, steel, and other materials, and manufacturing equipment providers to cater to the rising demand from automakers. Furthermore, manufacturers are focused on producing lightweight components such as rear axles. There is also an emerging trend for designing and developing propeller shafts, which are cost-effective and lightweight. Therefore, currently, suppliers are more inclined toward using lightweight materials such as a replacement for metals to make the axle drivetrain components owing to their advantageous features, including corrosion resistance, high strength to weight ratio, and enhanced workability.

For instance, Meritor Inc., a U.S.-based axle manufacturing company, invested US$ 36.5 Mn to expand its assembly line in India. These developments are likely to propel growth in the market in the next few years.

 

High Demand for Passenger Vehicles is Fueling Need for Drive Axle Commodity

In terms of type, the global rear axle commodity market has been classified into drive axle, dead axle, and lift axle. The drive axle segment held a large revenue share of 39.67% of the market in 2021. The segment is estimated to maintain its position in the market and advance at a growth rate of more than 2.78% during the forecast period. Increasing penetration of all-wheel drives in passenger cars is fueling the demand for technologically advanced axles among consumers.

 

The dead axle segment held a significant share of the market, in terms of volume, in 2021. This segment is anticipated to grow at a sluggish pace owing to increasing demand for long-haul trailers. Segments such as dead axles and drive axles are expected to propel at a notable CAGR, in terms of value, during the forecast period.

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Lightweight Economy Vehicles Help Car Owners Achieve Fuel Efficiency

In terms of application, the global rear axle commodity market has been classified into economy vehicles, heavy vehicles, executive vehicles, luxury vehicles, MUVs, SUVs, and railways. The economy vehicles segment held a significant share of 34.12% of the market in 2021. The segment is estimated to maintain its position and grow at a CAGR of more than 2.0% during the forecast period. The need for comfort, safety, and security in passenger vehicles is expected to rise in the coming years. This factor is expected to drive the growth of the segment.

 

In addition, lightweight and advanced rear axles reduce the overall weight of vehicles, enabling better handling, fuel efficiency, and even weight distribution of the vehicle. Hence, these factors are also estimated to drive the growth of the segment during the forecast period. All these factors are likely to propel the demand for rear axle commodity during the forecast period.

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