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.
Request Free Sample Report Here
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.
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.
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.
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.
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.
About Growth Market Reports:
GROWTH MARKET REPORTS provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GROWTH MARKET REPORTS has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: [email protected]
Web: https://growthmarketreports.com
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the light vehicle fans market include Air International Thermal Systems, Amotech Co., Ltd., Borgwarner Inc., Brose Fahrzeugteile Gmbh & Co KG, Calsonic Kansei Corporation, DENSO Corporation, Delta Electronics, Inc., Donghwan Industrial Corp., Sanden Holding Corporation, Shanghai Aerospace Automobile Electromechanical Co Ltd, Shanghai Velle Auto Air Conditioning Co Ltd.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Light Vehicle Fans Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/light-vehicle-fans-market/download-sampleMarket DynamicsThe global light vehicle fans market is estimated to grow substantial rate in the coming six years.
Rising demand for enhanced convenience while driving, growing disposable income, and growing online sales are other vital indicators predicted to fuel market growth.
Light Vehicle Fans have made considerable leaps in comfort and tech in the last decade.
Key players are launching products with varied features like 360-degree rotation, easy installation, low power consumption, trimmed noise, and speed control.
