Rear Axle Commodity Market Report 2023 – Estimated Market Size, Growth Drivers And Top Trends As Per The Business Research Company's Rear Axle Commodity Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 25, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the rear axle commodity market forecasts the global rear axle commodity market size to grow from $53.9 billion in 2022 to $55.3 billion in 2023 at a compound annual growth rate (CAGR) of more than 2%. The global rear axle commodity market is then expected to reach $60.7 billion in 2027 at a CAGR of more than 2%.
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The rising demand for passenger vehicles is likely to drive the expansion of the rear axle commodity market in the coming years. Passenger vehicles are automobiles with at least four wheels that are used to transport passengers and have no more than eight seats in addition to the driver's seat. Power is sent to the driving wheels via the rear axles. A driveshaft is attached to the engine and rotates the rear axle, causing the passenger car's wheels to rotate. According to the Bureau of Labor Statistics, a US-based federal body for labor economics and statistics, the market for electric cars (EVs) had developed at a rapid pace in the previous decade in February 2023. Electric cars' market share in the United States increased to 4.6 percent in 2021, up from 0.2 percent in the previous 10 years, and might reach 40 percent of total passenger car sales by 2030. As a result, the growing demand for passenger vehicles is propelling the rear axle commodity market forward.
Major players in the rear axle commodity market are 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, and BPW Limited.
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Product innovation is becoming increasingly popular in the rear axle commodity market. To maintain their market position, major businesses in the rear axle commodity industry are offering novel products. For example, American Axle and Manufacturing, a US-based manufacturer of automobile driveline and drivetrain components, introduced a new independent rear drive axle (IRDA) for GM's (a US-based automobile firm) full-size SUVs in February 2020, including the 2021 Chevrolet Tahoe, Chevrolet Suburban, GMC Yukon, GMC Yukon Denali, and Cadillac Escalade. The new design incorporates a lightweight aluminum carrier housing and a low-offset hypoid gearset to improve efficiency and give industry-leading noise, vibration, and harshness characteristics.
North America was the largest region in the rear axle commodity market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global rear axle commodity market report during the forecast period. The regions covered in the global rear axle commodity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global rear axle commodity market is segmented by type into drive axle, dead axle, lift axle; by material into alloy, carbon fiber; by application into heavy vehicles, luxury vehicles, executive vehicles, economy vehicles, sport utility vehicles (SUVs), multi utility vehicles (MUVs), railways.
Rear Axle Commodity Global Market Report 2023 by The Business Research Company provides insights on the rear axle commodity market size, rear axle commodity market segments, rear axle commodity market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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