The automotive sector is one of the booming sectors currently, and is expected to witness significant growth during the forecast period. The automotive sector is presently more inclined towards customer safety and comfort, as well as improved performance. Apart from this, emission norms passed in various regions is fueling the usage of light-weight rear axles in the automotive sector.
Rear Axle is one of the most important components used in a vehicle’s manufacturing process. A drive axle system is driven by the engine where the axle transmits torque to the wheel. It also maintains the proximity of the wheels relative to one another when the vehicle is in motion. The rear axles also ensure the stability in vehicles by distributing the weight of the vehicle equally in all its part. A non-driving axle such as the dead axle in heavy vehicles and light trucks do not have shafts and serves only as a steering component and suspension.
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Drive axle, dead axle and lift axle are the major types of rear axle commodities used in vehicles. The application and use of rear axles in railways is also of utmost significance. Straight rear axles are used for the engine of the trains and straight dead axles are used for the wagons. A straight axle is a rigid shaft which connects the left side of the wheel to the right side. This ensures the fixed axis rotation of both the wheels and such design keep the wheels stable under difficult situations.
The major type of rear axles is applicable in all vehicles and therefore the increasing demand for automobiles is directly driving the market for rear axle components. Need for compliance with various emission norms, changing customer demands along with safety, comfort and security needs are boosting the demand for rear axles. Apart from this, the demand for luxury vehicles and passenger vehicles is expected to experience exponential growth owing to higher amount of disposable income in developing regions fueling the demand for automotive components including rear axles. Apart from this, growing demand for fuel-efficient vehicles with light-weight rear axle components is also expected to drive the rear axle commodity market globally.
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Over the last few decades, stringent government regulations regarding fuel economy and safety are considerably influencing the automotive industry. Automobile manufacturers are required to follow Corporate Average Fuel Economy (CAFE) standards. This has driven the demand for various, improved automotive components that enable better fuel efficiency and low emission in vehicles. The rear axle, being a major automotive component, largely influences the fuel economy in vehicles. In addition to fuel-efficiency benefits, the demand for improved and lightweight rear axles from automobile manufacturers is also driven by the better on-road and off-road traction these rear axles provide to enhance the longevity of vehicles.
In addition, the need for comfort, safety, and security in passenger vehicles is expected to rise in the coming years. This factor is expected to drive the growth of the rear axle commodity market. Lightweight and advanced rear axles reduce the overall weight of vehicles, enabling better handling and even weight distribution of the vehicle. Hence, these factors are estimated to drive the growth of the rear axle commodity market during the forecast period. However, rising fuel prices, higher finances for purchasing vehicles and inflation in emerging markets have adversely affected medium and heavy commercial vehicle (MHCV) manufacturers. This factor has also affected rear axle manufacturers as the rear axle is a vital automotive component used in all vehicles.
Major market participants profiled in this report include American Axle Manufacturing Inc., (U.S.), Meritor Inc., (U.S.), GNA Axles Limited (India), Talbros Engineering Limited (India), ROC Spicer Limited (Taiwan) and Daimler Trucks North America LLC (U.S.).