Global Commercial Vehicle Axle System Market is estimated to be US$ 76.4 billion by 2030 with a CAGR of 2.5% during the forecast period

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Published Date: May 2023

The Global Commercial Vehicle Axle System Market accounted for US$ 60.0 billion in 2020 and is estimated to be US$ 76.4 billion by 2030 and is anticipated to register a CAGR of 2.5%. The axle is one of the most important components of any vehicle because it maintains wheel position relative to the vehicle body and delivers driving torque to the wheels. A dead axle is a type of axle that keeps the wheels in place and is typically seen at the rear of vehicles. Drive axles, on the other hand, are axles with the ability to transmit torque. There are two types of axles: front and rear axles. The rear axle is made up of both dead and drive axles. The front axle bears the weight of the vehicle's front end and aids in the absorption of shocks caused by uneven road surfaces.

The report " Global Commercial Vehicle Axle System Market, By Type (Rear and Front), By Application (Passenger Vehicle and Commercial Vehicle), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”

Key Highlights:

2018 – October The AxTrax AVE Portal Axle was launched by ZF Friedrichshafen AG, one of the market's leading companies. Because of the tightening of emission regulations, this product is geared for electric buses, trolleybuses, and hybrid buses.
Meritor unveiled a new axle assembly and a USD 36.5 million research and development facility in August 2019. These facilities are designed to greatly increase product profitability and manufacturing capacity.

Analyst View:

The market is predicted to grow due to increased global automobile production and increased consumer desire for hybrid and luxury vehicles with advanced technology. Furthermore, the automotive axle market is expected to be driven by the adoption of new technologies to lower overall vehicle weight. Hybrid vehicles use several power sources to reduce fuel use while also improving the driving experience. As a result, increased demand for hybrid vehicles is predicted to drive future demand for automotive axles. Demand for vehicle axles is expected to rise as long trailers become more popular.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Commercial Vehicle Axle System Market, By Type (Rear and Front), By Application (Passenger Vehicle and Commercial Vehicle), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”

Key Market Insights from the report:

The Global Commercial Vehicle Axle System Market accounted for US$ 60.0 billion in 2020 and is estimated to be US$ 76.4 billion by 2030 and is anticipated to register a CAGR of 2.5%. The Global Commercial Vehicle Axle System Market is segmented based on the type, application, and region.

By Type, the Global Commercial Vehicle Axle System Market is segmented into Rear and Front.
By Application, the Global Commercial Vehicle Axle System Market is segmented into Passenger Vehicle and Commercial Vehicle.
By Region, the Global Commercial Vehicle Axle System Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the dominant market for the commercial vehicle axle system.

Competitive Landscape:

The key players operating in the Global Commercial Vehicle Axle System Market include American Axle & Manufacturing, Meritor, Inc., DANA Incorporated, Benteler International AG, RABA, AxleTech International, SAF-HOLLAND, PRESS KOGYO CO, Korea Flange Co and Ankai Futian Shuguang Axle Co. Ltd.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period