DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Rear Axle Market Analysis By Type (Drive, Dead, Lift), By Application (Heavy Vehicles, Luxury Vehicles, Executive Vehicles, Economy Vehicles, SUV, MUV, Railways), By Region, And Segment Forecasts, 2015 - 2024" report to their offering.
The global rear axle market is expected to reach USD 57.77 billion by 2024. The increasing concern over safety and security is anticipated to drive demand over the forecast period.
The increasing urbanization in the developed countries has led the consumers to seek alternatives to car ownership. Integrated mobility business and car-sharing has become the ongoing trend in the developed nations. The original equipment manufacturers are expected to diversify the product portfolio for offering services which include car-sharing to have a wider presence in all the diversified segments.
The increasing demand for value for money (VFM), which includes high mileage and fuel efficient products, is anticipated to catapult the vehicle industry. Developed markets, such as Europe and the U.S., represent the dominant share in the industry. Intense competition in the developed markets has led to a shift in the focus toward the emerging markets. Furthermore, the changing lifestyle, rise in disposable income, and stabilizing economic conditions have also led the emerging countries, such as India and China, to exhibit market growth.
Further key findings from the study suggest:
- In 2015, the drive axles segment accounted for over 40% of the overall revenue. Numerous interconnecting systems have been incorporated with the drive shaft to increase efficiency, control the movement, and power. With the engine power turning the axle to create movement, drive shafts are used in a broad spectrum of vehicles.
- The economy vehicles segment is estimated to witness an enormous growth and is anticipated to reach over USD 22.0 billion by 2024. The demand is reflected in the shorter lead times in development, higher fuel economy, lower vehicle noise, and higher engine power. Rear axles used in these vehicles which offer better fuel consumption and lower noise levels.
- The Asia Pacific rear axle market is expected to grow at a CAGR of 4.9% from 2016 to 2024. Emerging countries, such as South Africa, India, and Malaysia, are expected to boost the overall industry demand. SA exhibited a significant growth under the motor industry development program. Economy vehicles are expected to dominate the overall market in context with the rear axle application.
Notable companies operating in the rear axle market include
- American Axle & Manufacturing Holdings
- Dana Holding Corporation
- Daimler Trucks North America LLC
- GNA Axles Ltd.
- Hema Endustri A.S.
- Meritor Inc.
- ROC Spicer Ltd.
- Talbros Engineering Limited
- ZF Friedrichshafen AG
- GKN plc
For more information about this report visit http://www.researchandmarkets.com/research/nss3lt/rear_axle_market