Pune, India, December 6, 2021 (GLOBE NEWSWIRE) – According to the Fortune Business Insights report, the Automotive Axles Market The size was $ 27.19 billion in 2019 and is expected to reach $ 39.78 billion by 2027, with a CAGR of 5.1% during the forecast period. The axle is one of the most essential parts of any vehicle because it keeps the position of the wheels constant relative to the vehicle body and transmits the driving torque to the wheels.
The emergence of COVID-19 has crippled the world. We understand that this health crisis has had an unprecedented impact on businesses in all sectors. However, that too will pass. Growing support from governments and several companies can help fight this highly contagious disease. Some industries are struggling and others are thriving. Overall, almost all sectors are expected to be affected by the pandemic.
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The global automotive axles market size is expected to reach USD 39.78 billion by 2027, with a CAGR of 5.1% during the forecast period. The development of advanced axles by companies will be a crucial growth driver for this market, shares Fortune Business Insights ™ in its report titled “Automotive Axle Market Size, Share and Industry Analysis, By Type.” Application (Front Axle & Rear Axle), By Axle Type (Drive Axle, Dead Axle & Lift Axle), By Vehicle Type (Passenger Car, Light Utility Vehicle & Heavy Utility Vehicle) and Regional Forecast, 2020-2027 “. Automobiles and component manufacturers are constantly exploring new technologies to improve the efficiency of their vehicles and paying great attention to auto axles.
For example, in 2017 Bosch introduced its electric axle drive powertrain, or e-axle, which unifies three powertrain components into a single unit, ensuring shorter development time for automakers and increased efficiency. . Likewise, in 2019 Kinetic Engineering Limited announced the development of axle sets as well as two-speed gearboxes for electric vehicles, which will come as a kit, ready to fit on vehicles. Thus, the growing presence of these advanced axle solutions will benefit the market in the long run.
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Dropping revenues and plant closures amid COVID-19 to restrict market growth
The COVID-19 pandemic has caused a severe downturn in the auto industry, mainly due to a drastic drop in market demand for cars and other vehicles as the majority of the world’s workforce has shifted to work from a distance. Due to the sharp drop in demand, leading companies in this market are struggling with declining revenues and reduced profits. For example, ZF Friedrichshafen announced in May 2020 that it would cut 15,000 jobs over the next five years at its factories around the world due to frozen demand for cars amid the coronavirus pandemic.
Another major market, Dana Incorporated, recorded a loss of $ 174 million in the second quarter of 2020 due to lower sales due to the COVID-19 pandemic. Major automakers have also been affected by the pandemic, with several having been forced to close some of their factories. Fiat Chrysler, for example, announced the closure of its factories in Poland, Serbia and Italy in March 2020. These unfavorable developments will inevitably affect the growth of the automotive axles market as the coronavirus has disrupted the investment plans of most players in the automotive industry. .
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List of companies operating in the market:
- ZF Friedrichshafen AG (Germany)
- Dana Incorporated (United States)
- American Axle & Manufacturing Inc. (United States)
- GKN Ltd (United Kingdom)
- Meritor, Inc. (US)
- Showa Corporation (Japan)
- Hyundai Wia Corporation (South Korea)
- Gestamp Automoción (Spain)
- JTEKT Corporation (Japan)
- Other players
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Global Automotive Axle Market Segmentation:
By axle type:
- Drive axle
- Dead axle
- Lifting axle
By type of vehicle:
- Passenger cars
- Light commercial vehicles
- Heavy utility vehicle
- North America (United States, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia and the rest of Asia-Pacific)
- Latin America (Brazil, Mexico, rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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