Automotive Rear Axles Market By Design, By Vehicles, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019–2026

The Global Automotive Rear Axles Market was valued at USD 40.2 Billion in 2016, and is projected to grow at CAGR of 4.25% during 2020–2026. Increase in commercial landscape of automotive equipment, OEM emphasis on producing fuel-efficient vehicles and growing consumer preference for hybrid vehicles featuring advanced technology are factors driving the market growth.

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An axle performs important tasks of movement and is also an important part of the differential. It is also a straight shaft with fixed in location and combined with bearing for rotating wheels or gears. The wheel or gear can be attached with a built in gearing or bushing. The purpose of axle is to secure the wheels to a specific location in parallel with other wheels. Technically put, the rear axle transfers power from differential to the wheel so that the vehicle performs voluntary action. It is a combination of two parts connected to the differential.

The market for rear axle is influenced as the manufacturers are now emphasizing on manufacturing design based structure leaving more room for customization. Moreover, as the global automobile industry progresses with motion technology, the market witness a significant growth in terms of customized vehicles designed for particular purpose. For instance, the scenario for construction sector within a particular country triggers the demand for improved logistics and transportation which in turn is likely to influence the automobile manufacturing sector. In another instance, as the number of civil projects are growing in accordance with infrastructural growth, the need for specificity within automotive industry rises at a high level.

Automotive Rear Axles Market Trends, Drivers and Opportunities:

Automotive rear axles market is significantly driven by rise in automobile production and growing need for high capacity rear axles. Increase in use of automobile for logistics and transportation is likely to result in enormous demand for axle and wheel for high-capacity vehicles. Moreover, the design of rear axle mainly depends on the vehicle type and variant. Technological enhancement is another aspect wherein automotive rear axles have scored high. Robust design and adaptability with external environment being the major features for latest rear axles for bikes and cars are highly instrumental in shaping the global market growth. On contrary, the market growth is restrained due to rising competition and high pricing highly prevalent on a large scale.