The boom in the automotive sector is the most significant factor that is propelling the rear axle commodity market. With rising disposable incomes in developing countries, the demand for passenger vehicles as well as luxury vehicles has increased tremendously, thereby fuelling the production of vehicles across the globe.
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Complementing the surge in vehicular production is the need for fuel-efficient vehicles with lightweight auto parts. This has been brought on mainly by the implementation of strict emission norms around the world. As a result, there has been a rise in research activities within the rear axle commodity market. Manufacturers and suppliers alike have been focussing on rear axle components that are lightweight, have higher axle ratios, and result in low power losses in adverse functioning conditions.
The growing demand from customers for safe, comfortable, cost-beneficial vehicles has boosted the rear axle commodity market. The recent global economic slowdown and fluctuating prices of raw materials, on the other hand, threaten to impede the growth of the global rear axle commodity market.
Drive Axles Dominate Rear Axle Commodity Market by Product Type, Economy Vehicles by Application
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The global rear axle commodity market can be segmented on three parameters: type, application, and region. By type, the market for rear axle commodity is divided into dead axle, drive axle, and lift axle. A dead axle, also referred to as the lazy axle, is free-rotating and used by trailers, semi trailers, heavy construction machinery, farm equipment, and trucks solely for load-bearing purposes. A drive axle refers to one driven by the prime mover or the engine and is used in all vehicles. A lift axle, also called a drop axle or airlift axle, is used by trailers and dump trucks. This kind of axle can be lowered to raise the weight capacity of the vehicle or to distribute the weight over more wheels. When not in use, the axle can be lifted off the ground. Among the three types, the segment of drive axles dominated the rear axle commodity market and is projected to retain its market position in the years to come
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Rear axle commodities find applications in luxury vehicles, economy vehicles, heavy vehicles, executive vehicles, multi-utility vehicles (MUV), sports-utility vehicles (SUV), and railways. Of these, economy vehicles dominated the rear axle commodity market.
Global outlook of the rear axle commodity market
Geographically, the global market is fragmented into North America, Asia Pacific, Europe, and Rest of the World. Europe is presently the largest market for rear axle commodity, with Asia Pacific following suit. The growing demand for fuel-efficient passenger vehicles from emerging and developing economies such as China, India, and Brazil is a major boost to the rear axle commodity market. Surge in average disposable income and purchasing power of consumers and marked improvement in infrastructure in these regions has also fuelled the growth of the global rear axle commodity market. The demand for personal transportation and commercial vehicles is highest in Asia Pacific, thereby making it the most promising regional market for rear axle commodity. The markets in Europe and North America, on the other hand, are on the brink of saturation due to widespread incorporation of sophisticated automotive machinery. As a result, manufacturers have been shifting focus towards All Wheel Drive (AWD) vehicles, which holds immense potential for growth in these regions.
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The rear axle commodity market is marked by the presence of global as well as regional players. Some of the top industry participants are Meritor, Inc., American Axle & Manufacturing Holdings, Inc., Dana Holding Corporation, Daimler Trucks North America LLC, ZF Friedrichshafen AG, Hyundai WIA Corporation, Gestamp, JTEKT Corporation, GKN PLC, Showa Corporation, Talbros Engineering Limited, IFA Rotorion - Holding GMBH, and ROC Spicer Ltd.
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