Light Vehicle Axle System Market is estimated to be US$ 32.4 billion by 2034 wih a CAGR of 7.9%; Rising demand for Electric Vehicles to Foster Industrial Growth

Light Vehicle Axle System is a rod or shaft which connects a pair of wheels to propel and retain the position of wheels to one another and supports the car’s weight, also it delivers the driving power from engine to wheels. Rear and front axle are two different types of axle system, where transaxle is the most common type of axle system used on cars and light trucks. Rising demand for hybrid and electric vehicles has become the major contribution in target market growth. For instance, in 2022, In India, demand for electric vehicles has picked up exponentially. An Indian carmaker Tata Motors has won the category with sales of 15,198 electric cars with share of 85.37% and MG Motor India sold 2,045 cars with share of 11.49% and won second place. Government initiative in decreasing carbon emissions in transportation sector has further facilitated the demand for target market growth. Rising population, technological advancement and presence of major manufacturers is expected to fuel the demand for Light Vehicle Axle System market growth.Light Vehicle Axle System Market was valued at US$ 16.2 billion in 2024 and is projected to grow at a CAGR of 7.9% to reach US$ 32.4 billion by 2034.

The report “Light 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) - Trends, Analysis and Forecast till 2034”

 Key Highlights:

• In June 2022, Schaeffler launched new 4in1 electric axles for electric mobility with integration of thermal management system, power electronics, electric power, and transmission into axle drive which makes axle more compact and lighter. New launched highly integrated complete axle system are suitable for established automobile manufacturers and upcoming new players.
• In October 2020, Allison Transmission launched “eGen Power” a new series of fully integrated zero emission electric axles. New launched “eGen Power” is the most powerful and fully integrated e-axle systems in world used for medium and heavy duty trucks.

Analyst View:

The key factor driving the growth of the Light Vehicle Axle System market is increasing demand for Light Vehicles due to its less consumption of energy. Rising automobile industries, disposable income rapid growth in urbanization and increased use of personal cars has anticipated the demand for Light Vehicle Axle System market growth. Further, adoption of electric vehicles to decrease fuel consumption is expected to fruitful the demand for Light Vehicle Axle System market in coming years. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Light 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) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Light Vehicle Axle System Market was valued at US$ 16.2 billion in 2024 and is projected to grow at a CAGR of 7.9% to reach US$ 32.4 billion by 2034. The Light Vehicle Axle System Market is segmented based on Type, Application and Region.

• Based on Type, Light Vehicle Axle System Market is segmented into Rear and Front
• Based on Application, Light Vehicle Axle System Market is segmented into Passenger Vehicle and Commercial Vehicle.
• By Region, the Light Vehicle Axle System Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Light Vehicle Axle System Market:

The prominent players operating in the Light Vehicle Axle System Market includes, American Axle & Manufacturing, Meritor Inc., DANA, Benteler, RABA, AxleTech International, SAF-HOLLAND, PRESS KOGYO CO, Korea Flange Co, Ankai Futian Shuguang Axle, and others.

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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