New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Rear Axle Commodity Global Market Report 2023" - https://www.reportlinker.com/p06464043/?utm_source=GNW
, U.S. Axle Inc., Heavy Duty Transaxle Inc., Currie Enterprises, FPW Axles Ltd., IM Axle Specialists, Axle Dynamics, and BPW Limited.
The global rear axle commodity market is expected to grow from $53.93 billion in 2022 to $55.31 billion in 2023 at a compound annual growth rate (CAGR) of 2.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The rear axle commodity market is expected to reach $60.71 billion in 2027 at a CAGR of 2.4%.
The rear axle commodity market consists of sales of semi-floating axles, full-floating axles, rear axles, front axles, stub axles, and three-quarter floating axles.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The rear axle commodity refers to a part that is located between the differential and the driving wheels and transmits power between the two.The rear axle is actually two halves connected by the differential, with each part known as the half shaft.
The axles transfer power and torque from engine to wheels.
North America was the largest region in the rear axle commodity market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the rear axle commodity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of rear axle commodity are drive axle, dead axle, and lift axle.Drive axles refer to the axles in engine-powered vehicles that transmit torque from the transmission and energy from the engine to the front, back, or all of the wheels.
The materials used are alloy and carbon fiber for various applications including heavy vehicles, luxury vehicles, executive vehicles, economy vehicles, sport utility vehicles (SUVs), multi utility vehicles (MUVs), and railways.
The increase in demand for passenger vehicles is expected to propel the growth of the rear axle commodity market going forward.Passenger vehicles refer to motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in addition to the driver’s seat.
Rear axles are responsible for transmitting power to the driving wheels.A driveshaft is connected to engine and turns the rear axle, thus rotating the passenger car’s wheels.
For instance, in February 2023, according to the Bureau of Labor Statistics, a US-based government agency for labor economics and statistics, the market for electric vehicles (EVs) had grown at a fast pace in the last decade. The share of electric cars in the US vehicle market grew to 4.6 percent in 2021 from 0.2 percent in past ten years, could reach 40 percent of total passenger car sales by 2030. Therefore, the increase in demand for passenger vehicles is driving the growth of the rear axle commodity market.
Product innovation is a key trend gaining popularity in the rear axle commodity market.Major companies operating in the rear axle commodity market are introducing innovative products to sustain their position in the market.
For instance, in February 2020, American Axle and Manufacturing, a US-based manufacturer of automobile driveline and drivetrain components, launched a new independent rear drive axle (IRDA) for GM’s (a US-based automobile firm) full-size SUVs, including the 2021 Chevrolet Tahoe, Chevrolet Suburban, GMC Yukon, GMC Yukon Denali, and Cadillac Escalade. The new design features a light-weight aluminum carrier housing and a low-offset hypoid gearset to provide improved efficiency and industry-leading noise, vibration, and harshness performance.
Growing demand for fuel-efficient vehicles is expected to propel the growth of the rear axle commodity market going forward.Fuel-efficient vehicle refers to the vehicle that has a fuel consumption of fewer than 6 liters per 100 km, which reduces global warming emissions and produces less pollution.
Rear axle commodity helps fuel-efficient vehicles by reducing fuel expenses, carbon emissions, and dependence on foreign oil and improve the use of sustainable energy by delivering power to the driving wheels.For instance, in April 2021, according to Global EV Outlook 2021 report, published by the International Energy Agency, a France-based global energy system intergovernmental organization, the number of electric vehicles sold worldwide reached 10 million in 2020, an increase of 43% from the previous year.
There were about 3 million new electric vehicles registered in 2020. Europe took the lead for the first time with 1.4 million new registrations. China registered 1.2 million new electric automobiles after the United States registered 2.95 million. Thus, growing demand for fuel-efficient vehicles is driving the growth of the rear axle commodity market.
The countries covered in the rear axle commodity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The rear axle commodity market research report is one of a series of new reports that provides rear axle commodity market statistics, including rear axle commodity industry global market size, regional shares, competitors with a rear axle commodity market share, detailed rear axle commodity market segments, market trends, and opportunities, and any further data you may need to thrive in the rear axle commodity industry. This rear axle commodity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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