Light Vehicle Axle System Market

Light Vehicle Axle System Market By Axle Types (Drive, Dead, and Lift), Application (Front and Rear), Vehicle Types (Passenger Car and Light Commercial Vehicle (LCV)), Sales Channels (Aftermarket, OEMs), and Sub-region (West, Midwest, Northeast, Southeast, and Southwest)

  • Report ID: AL-310
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 135
  • Format:
  • Pub. Date: 01-04-2021
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Market Outlook:

The US light vehicle axle system market was valued at USD 8,712.2 Million in 2019 and is projected to reach USD 8,450 Million by 2027, expanding at a CAGR of 2% during the forecast period. The market is driven by surging sales of hybrid and electric vehicles, increasing demand for passenger cars, growing demand for and advancements in technology for improving performance of vehicles, and rising demand of fuel-efficient vehicles are expected to fuel the demand for light vehicle axle system. An axle is an essential shaft for a rotating wheel and is classified as a front and rare axle. The rear axle function is in vehicles having rear-wheel drive. The front axle supports the front wheels of the automotive. Additionally, the front axle supports weight and absorbs the shocks, owing to patchy roads. This helps in effortless steering and absorption of the sudden torque, owing to braking. An axle system transmits the torque by differential technique to wheels and the engine transmit the torque to the vehicle. The kind of axle used in the vehicle is determined by the function of the automotive and the location of the axle placed in the vehicle.

US Light Vehicle Axle System Market Key Takeaways

Market Dynamics
Drivers
Increasing sales of hybrid and electric vehicles are expected to boost the market during the forecast period, 2019-2027, as governments are recognizing the significance of decreasing carbon emissions in the transportation sector. Growing acceptance of lightweight axles, as it improves efficiency in electric vehicles, is expected to boost the market. Several technological developments and increasing usage of composite tools in axles for reducing the weight of hybrid and electric vehicles is fueling the market. Additionally, government initiatives such as free parking space and tax benefits are expected to encourage customers to purchase electric vehicles, which in turn, is projected to increase the sales of these vehicles.

Demand for light vehicles is increasing in the US, owing to the presence of major manufacturers in the country. Infrastructure growth, rising population, and increased use of personal cars are fueling the passenger car production in the US. Government initiatives for the adoption of electric vehicles to reduce carbon emissions are responsible for the increasing demand for light vehicles in the US. Growing demand for light vehicles is projected to drive the demand for light vehicle axle systems during the forecast period.

Light vehicles consume less energy to accelerate. Improvement in fuel-efficient vehicles provides broad economic benefits. Increasing demand for fuel-efficient vehicles is expected to increase the demand for light vehicles, which in turn, is projected to drive the demand for the light vehicle axle system in the US during the forecast period.

Restraints
An important component of light vehicles is the axles, which are central shafts and connect to the wheels. The number of axles in a light vehicle or automotive depends on the type of vehicle. In most cases, vehicles have two axle system to rotate the wheels. Vehicles with a carrying capacity of six to eight passengers have more wheels, which requires more axles. Some vehicles or automotive have pre-designed axles in standard layouts and others have modified axles, which fit the specifications and needs of the vehicles. Customized axles are optimal for usage in vehicles, as they allow for modified control over the wheels. Extra components such as axel set up in vehicles, increases the cost of vehicles, which is expected to restrain the market growth.

Opportunities
Increasing adoption of electric vehicles (EVs) to decrease fuel consumption and greenhouse gas emissions contributes to the global efforts of reducing the causes of climate change. Additionally, government initiatives for the adoption of electric vehicles are responsible for the increasing demand for electric vehicles. Growing demand for electric vehicles is expected to drive the demand for the light vehicle axle system, as it is used in electric vehicles.

Segmental Outlook

On the basis of axle types, the US light vehicle axle system market is categorized as drive, dead, and lift axle. The drive axle segment accounted for market share of 65.8% in 2019. The growth of the segment is attributed to increasing demand for technologically advanced axles. The dead axle segment is anticipated to expand at a CAGR of 1.9% during the forecast period, owing to increasing demand for long-haul trailers.

US Light Vehicle Axle System Market By Axle Type

Based on application, the US light vehicle axle system market is bifurcated into front axle and rear axle. The rear segment constituted for market share of 56.7% in 2019, owing to increasing production of vehicles. The front axle segment is anticipated to expand at a CAGR of 2.2% during the forecast period, as it helps in effortless usage in steering and absorbs the shocks owing to patchy roads and sudden torque.

US Light Vehicle Axle System Market By Application

In terms of vehicle types, the US light vehicle axle system market is categorized as passenger car and light commercial vehicle (LCV). The passenger car segment accounted for a market share of 32.0% in 2019 owing to increasing demand for all-wheel-drive drivetrain by consumers of passenger cars. The light commercial vehicle (LCV) segment is anticipated to expand at a CAGR of 2.1% during the forecast period, owing to the increasing penetration of transportation trailers.

On the basis of sales channels, the market for light vehicle axle system in the US is bifurcated into aftermarket and OEMs. The aftermarket segment is expected to dominate the market, as the aftermarket offers a wide range of products and at a cheaper price than OEMs. However, the OEMs segment is expected to expand at a considerable pace during the forecast period, owing to its option of outsourcing labeling, packaging, and direct shipping to the consumers.

Geographical Outlook

On the basis of sub-regions, the market is fragmented into West, Midwest, Northeast, Southeast, and Southwest. Midwest is a promising sub-region of the market in the US and constituted 43.9% share of the market in 2019. The demand for light vehicle axle system is expected to rise due to increasing demand for LVCs and electric vehicles in the region.

US Light Vehicle Axle System Market By Sub-regions

Key Benefits for Industry Participants & Stakeholders

  • In-depth Analysis of the Global Light Vehicle Axle System Market
  • Historical, Current and Projected Market Size in terms of Value and Volume
  • Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
  • Industry Drivers, Restraints and Opportunities Covered in the Study
  • Recent Industry Trends and Developments
  • Competitive Landscape & Strategies of Key Players
  • Neutral Perspective on Global Light Vehicle Axle System Market Performance
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Light Vehicle Axle System  Market Overview
   4.1 Introduction
      4.1.1 Market Taxonomy
      4.1.2 Market Definition
      4.1.3 Macro-Economic Factors Impacting the Market Growth
   4.2 Light Vehicle Axle System  Market Dynamics
      4.2.1 Market Drivers
      4.2.2 Market Restraints
      4.2.3 Market Opportunity
   4.3 Light Vehicle Axle System  Market - Supply Chain Analysis
      4.3.1 List of Key Suppliers
      4.3.2 List of Key Distributors
      4.3.3 List of Key Consumers
   4.4 Key Forces Shaping the Light Vehicle Axle System  Market
      4.4.1 Bargaining Power of Suppliers
      4.4.2 Bargaining Power of Buyers
      4.4.3 Threat of Substitution
      4.4.4 Threat of New Entrants
      4.4.5 Competitive Rivalry
   4.5 US Light Vehicle Axle System Market Size & Forecast, 2017-2027
      4.5.1 Light Vehicle Axle System  Market Size and Y-o-Y Growth
      4.5.2 Light Vehicle Axle System  Market Absolute $ Opportunity
   4.6 Key Impacting Factors     
      4.6.1 US Automotive Industry Overview
      4.6.2 US Vehicle Sales Outlook       
      4.6.3 US Vehicle Production Outlook
Chapter 5 US Light Vehicle Axle System Market Analysis and Forecast By Axle Types
   5.1 Introduction
      5.1.1 Key Market Trends & Growth Opportunities By Axle Types
      5.1.2 Basis Point Share (BPS) Analysis By Axle Types
      5.1.3 Absolute $ Opportunity Assessment By Axle Types
   5.2 Light Vehicle Axle System  Market Size & Volume Forecast By Axle Types
      5.2.1 Drive
      5.2.2 Dead
      5.2.3 Lift
   5.3 Market Attractiveness Analysis By Axle Types
Chapter 6 US Light Vehicle Axle System Market  Analysis and Forecast By Applications
   6.1 Introduction
      6.1.1 Key Market Trends & Growth Opportunities By Applications
      6.1.2 Basis Point Share (BPS) Analysis By Applications
      6.1.3 Absolute $ Opportunity Assessment By Applications
   6.2 Light Vehicle Axle System  Market Size & Volume Forecast By Applications
      6.2.1 Front
      6.2.2 Rear
   6.3 Market Attractiveness Analysis By Applications
Chapter 7 US Light Vehicle Axle System Market  Analysis and Forecast By Vehicle Types
   7.1 Introduction
      7.1.1 Key Market Trends & Growth Opportunities By Vehicle Types
      7.1.2 Basis Point Share (BPS) Analysis By Vehicle Types
      7.1.3 Absolute $ Opportunity Assessment By Vehicle Types
   7.2 Light Vehicle Axle System  Market Size & Volume Forecast By Vehicle Types
      7.2.1 Passenger Car
      7.2.2 Light Commercial Vehicle (LCV)
   7.3 Market Attractiveness Analysis By Vehicle Types
Chapter 8 US Light Vehicle Axle System Market  Analysis and Forecast By Sales Channels
   8.1 Introduction
      8.1.1 Key Market Trends & Growth Opportunities By Sales Channels
      8.1.2 Basis Point Share (BPS) Analysis By Sales Channels
      8.1.3 Absolute $ Opportunity Assessment By Sales Channels
   8.2 Light Vehicle Axle System  Market Size & Volume Forecast By Sales Channels
      8.2.1 Aftermarket
      8.2.2 OEMs
   8.3 Market Attractiveness Analysis By Sales Channels
Chapter 9 US Light Vehicle Axle System Market  Analysis and Forecast by Region
   9.1 Introduction
      9.1.1 Key Market Trends & Growth Opportunities by Region
      9.1.2 Basis Point Share (BPS) Analysis by Region
      9.1.3 Absolute $ Opportunity Assessment by Region
   9.2 Light Vehicle Axle System  Market Size Forecast by Region
      9.2.1 West
      9.2.2 Midwest
      9.2.3 Northeast
      9.2.4 Southeast
      9.2.5 Southwest
   9.3 Market Attractiveness Analysis by Region
Chapter 10 Coronavirus Disease (COVID-19) Impact
   10.1 Introduction
   10.2 Current & Future Impact Analysis
   10.3 Economic Impact Analysis
   10.4 Government Policies
   10.5 Investment Scenario
Chapter 11 Competition Landscape
   11.1 Light Vehicle Axle System  Market: Competitive Dashboard
   11.2 US Light Vehicle Axle System Market : Market Share Analysis, 2019
   11.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
      11.3.1 Advanced Innovative Technology Corporation
      11.3.2 American Axle & Manufacturing, Inc.
      11.3.3 BorgWarner Inc.
      11.3.4 Carraro SpA
      11.3.5 Dana Incorporated
      11.3.6 DexKo Global, Inc.
      11.3.7 PRESS KOGYO Co., Ltd.
      11.3.8 The Driveshaft Shop
      11.3.9 Yukon Gear & Axle
      11.3.10 ZF Friedrichshafen AG
Key Segments Covered
By Axle Types
  • Drive
  • Dead
  • Lift
By Application
  • Front
  • Rear
By Vehicle Types
  • Passenger Car
  • Light Commercial Vehicle (LCV)
By Region
  • West
  • Midwest
  • Northeast
  • Southeast
  • Southwest

Key Market Players Profiled in the Report
  • Advanced Innovative Technology Corporation
  • American Axle & Manufacturing, Inc.
  • BorgWarner Inc.
  • Carraro SpA
  • Dana Incorporated
  • DexKo Global, Inc.
  • PRESS KOGYO Co., Ltd.
  • The Driveshaft Shop
  • Yukon Gear & Axle
  • ZF Friedrichshafen AG
  • Key players in the market include Advanced Innovative Technology Corporation, American Axle & Manufacturing, Inc., BorgWarner Inc., Carraro SpA, Dana Incorporated, DexKo Global, Inc., PRESS KOGYO Co., Ltd., The Driveshaft Shop, Yukon Gear & Axle, and ZF Friedrichshafen AG. These companies are considered manufacturers of light vehicle axle system based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
  • The players are adopting key strategies such as new product launches and developments in the existing product lines.
  • For instance, in February 2021, BorgWarner Inc. signed a Business Combination Agreement (BCA) for expanding its commercial vehicle electrification capabilities. As per the agreement, the company is expected to acquire all outstanding shares of AKASOL.
  • In September 2020, Carraro SpA inaugurated its R&D center in Campodarsego, which is spanned across a total area of more than 6200 square meters with an employee capacity of 100 persons. The facility increased the company’s potential testing capacity by approximately 80%.

US Light Vehicle Axle System Market By Key Players

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FAQ Section

Some frequently asked quetions about this report!

Additional company profiles can be provided on request.

Yes, the report covers vehicle type specific information based on its use and application.

According to this Growth Market Reports report, the market for Light Vehicle Axle System in the US is likely to register a CAGR of 2.0% during forecast period 2020-2027, with an anticipated valuation of USD 8,450.0 million by the end of the 2027.

In addition to market size (in USD Million) and company market share (in % for base year 2019), other data such as market volume data, US automotive industry overview, US vehicle sales outlook, and US vehicle production outlook is provided along with parent market analysis with a short term as well as long term outlook for light vehicle axle system market is available in final report.

Surging production of Light commercial vehicles and passenger cars are expected to drive the market growth during forecast period.

Passenger Car and light commercial vehicle (LCV) are the key vehicle types that are driving the light vehicle axle system market.

Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.

The market is expected to decrease by 15.4% between 2019 and 2020 owing to the negative impact of COVID-19 pandemic on the production and demand for light vehicle axle system market.

The base year considered for the US light vehicle axle system market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.

Major manufactures include American Axle & Manufacturing, Inc., Dana Incorporated, ZF Friedrichshafen AG, BorgWarner Inc., and DexKo Global, Inc.