Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Rear Axle Commodity Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The comprehensive analysis of the rear axle commodity market, showcasing a promising trajectory of expansion through 2024, has recently been added to our extensive research repository. The market, which reached a valuation of $55.32 billion in 2023, is poised to ascend to $56.89 billion by 2024. This translates to a robust CAGR of 2.8%, fueled by the burgeoning automotive production, heightened consumer preference for SUVs and trucks, and a global push for fuel-efficient and high-performance vehicles.
Growth Projections and Market Dynamics
The detailed market report anticipates continued growth with a CAGR of 3.2%, leading to a market size of $64.65 billion by 2028. The expansion is primarily driven by the accelerating shift towards electric vehicles, consumer demand for lightweight axles, and advancements in safety features. The industry is also adapting to the wave of autonomous and connected vehicle technologies and the global increase in commercial vehicle sales.
- The passenger vehicle sector's demand, a cornerstone for rear axle use, is a significant catalyst in this growth equation.
- Technological breakthroughs, such as integrated electric rear axles, are disrupting the market, with industry giants like Volvo Trucks and Magna International Inc. leading the innovation front.
Strategic Acquisitions Shaping the Market
Key acquisitions, such as Cummins Inc.'s purchase of Meritor Inc., underscore the strategic moves by major market participants to widen their technological horizon and strengthen their positions as integrated powertrain solution providers.
Regional Insights and Powertrain Evolution
North America emerged as a dominant force in the rear axle commodity market in 2023, with Asia-Pacific predicted to exhibit the fastest growth owing to the rise in vehicle production and deployment of advanced automotive technologies in the region.
The Study's Methodology and Scope
The research sheds light on the rear axle commodity market's trajectory, offering a granular examination of types including drive, dead, and lift axles across diverse applications from heavy vehicles to luxury and economy classes. The report, based on exhaustive analytical methods, furnishes stakeholders with unparalleled data on the current state and future market prospects.
Conclusion
The industry report stands as an indispensable tool for understanding market dynamics, competitive landscapes, and growth opportunities within the rear axle commodity market. It is an essential read for anyone looking to gain a comprehensive understanding of the direction in which this key automotive sector is headed.
A selection of companies mentioned in this report includes
- Meritor Inc.
- GNA Axles Limited
- Talbros Engineering Limited
- ROC Spicer Limited
- Daimler Trucks LLC
- Automotive Axles Limited
- Mitchell Differential Inc.
- U.S. Axle Inc.
- Heavy Duty Transaxle Inc.
- Currie Enterprises
- FPW Axles Ltd.
- IM Axle Specialists
- Axle Dynamics LLC
- BPW Limited
- American Axle & Manufacturing Holdings Inc.
- Denso Corporation
- Hanon Systems Corporation
- Sanden Holdings Corporation
- Mitsubishi Heavy Industries Ltd.
- MAHLE GmbH
- Valeo S.A.
- Keihin Corporation
- Calsonic Kansei Corporation
- Samvardhana Motherson Group
- Subros Limited
- SMAC Auto Air Inc.
- TransAir Manufacturing Inc.
- Eberspacher Group GmbH & Co. KG
- Marelli Corporation
- ZF Friedrichshafen AG
- Dana Incorporated
- Eaton Corporation
- GKN Automotive Limited
- Magna International Inc.
- Showa Corporation
- JTEKT Corporation
- NSK Ltd.
- Schaeffler AG
- NTN Corporation
- Aisin Seiki Co. Ltd.
- BorgWarner Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2yqg1n
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