The global axle shaft market is anticipated to grow at a CAGR of 3.5% during the forecast period (2022-2028). A shaft is defined as a rotating machine element, usually circular in cross section, which is used to transmit power from one part to another, or from a machine which produces power to a machine which absorbs power. The market growth is majorly attributable to the stable growth in vehicle production and their sales coupled with the significant demand for luxury vehicles all over the globe. For instance, as per the International Organization of Motor Vehicle Manufacturers (OICA), total vehicle sales including the passenger cars and light commercial vehicles, had increased to 92,654,055 units in 2018 from 91,458,490 units in 2016. This significant demand for vehicles has surged the growth of the global axle shaft market in the past few years.
Adding to this, the introduction of new technologies aiming to light-weight the overall vehicle is also projected to drive the global axle shaft market. Along with the rise in production, the automotive market is witnessing increasing demand for fuel efficient vehicles owing to an increased focus on sustainability. The Tier I suppliers along with the OEMs are combining to develop innovative fuel-efficient technologies and lightweight solutions to enhance vehicle performance. These factors are estimated to play a vital role in the global automotive axle.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Position
- By Vehicle Type
- Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape: ZF Friedrichshafen AG, IFA Rotorion-Holding GmbH, and American Axle & Manufacturing Holdings, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Axle Shaft Market Report by Segment
By Type
- Dead Axle
- Live Axle
- Tandex Axle
By Position
- Front
- Rear
By Vehicle Type
- Two-Wheelers
- Passenger Cars
- Commercial Vehicles
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Geographic Coverage
o North America Market Size and/or Volume
o Latin America Market Size and/or Volume
o Europe Market Size and/or Volume
o Asia-Pacific Market Size and/or Volume
o Rest of the world Market Size and/or Volume
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