NEW YORK, Feb. 27, 2017 /PRNewswire/ -- The global rear axle market is expected to reach USD 57.77 billion by 2024, according to a new report by Grand View Research, Inc. 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.
The development of new technology, which includes connected cars, is a fully-digitized vehicle with advanced infotainment systems. Moreover, apps, Wi-Fi, and vehicle-to-vehicle communications have enhanced the basic safety such as position and speed, real-time location, and routing based on traffic conditions. Also, the development of smart cars, which provide a relinquishing control of vehicles with functions such as self-parking, self-braking, automatic accident avoidance features, automatic cruise control based on road conditions. The economic slowdown and falling stock prices have affected the sales of the automotive industry. China Association of Automobile Manufacturing (CAAM) confirmed a weaker growth of the sector as compared to that in 2014.
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, Meritor, Inc., Daimler Trucks North America LLC, and ROC Spicer Ltd.
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