Deep Analysis of Impact of COVID-19 on “Rear Axle Market 2019-2025” Growth Worldwide….


The global rear axle market size 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 automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.
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.
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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 this market include American Axle & Manufacturing Holdings, Dana Holding Corporation, Meritor, Inc., Daimler Trucks North America LLC, and ROC Spicer Ltd.
The global rear axle market size was valued at USD 40.87 billion in 2015. The increasing demand for fuel-efficient vehicles and stringent norms by the government regarding emissions are expected to drive the industry over the forecast period. Lightweight rear axles are developed and designed to fulfill the consumer demands.
The growing demand for safety, optimum comfort, and cost advantage to consumers is anticipated to increase the adoption of the technology. Rising production of vehicles with lightweight fuel-efficient automotive parts has also significantly contributed to growth. Rear axles undergo wear and tear under difficult conditions and are considered to be the vital type for steering, load bearing, and driving a vehicle.
The increasing development for safer and cleaner vehicles has led to the development of alternative fuel vehicles for reduced emissions. Technological developments for enhanced road safety, including vehicle-to-vehicle communication and intelligent vehicles which have the facility of collision avoidance, has surged the demand for these products.
The increasing demand for Value For Money (VFM), which includes high mileage and fuel efficient products, is anticipated to catapult the vehicle industry in the emerging countries. The optimization of cost efficiency programs and fuel-driven combustion engines are the key opportunities for the automobile industry.
The entry into new markets, such as BRIC and the Asian countries, is expected to result in an upsurge in demand for economy vehicles. The collaboration of OEMs with suppliers and manufacturers has led them to co-invest in new platforms for innovation in the industry. However, the economic slowdown in various regions, such as Europe and Japan, acts as a restraint to the market development.
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The market has been categorized by type into drive, dead, and lift axles. The dead segment is expected to lead with a CAGR of over 4.0% over the forecast period. This growth can be attributed to the increasing transportation infrastructure across the globe that raises connectivity between numerous nations, thereby influencing the production of trucks and trailers with rear axles.
Grand View Research has segmented the global rear axle market on the basis of type, application,:
Rear Axle Type Outlook (Revenue, USD Million; 2015 - 2024)
·         Drive
·         Dead
·         Lift
Rear Axle Application Outlook (Revenue, USD Million; 2015 - 2024)
·         Heavy vehicles
·         Luxury vehicles
·         Executive vehicles
·         Economy vehicle
·         SUV
·         MUV
·         Railways
Rear Axle Regional Outlook (Revenue, USD Million; 2015 - 2024)
·         North America
·         Europe
·         Asia Pacific
·         RoW

About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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