Covina, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Light Vehicle Axle System also known as an automotive axle system, is a crucial component in the drivetrain of automobiles, specifically designed for light-duty vehicles like passenger cars, SUVs, and light trucks. It plays a pivotal role in transferring power from the vehicle's engine to the wheels, allowing the vehicle to move forward or backward efficiently.
The future growth of the Light Vehicle Axle System Market is influenced by various factors, including technological advancements, changes in vehicle design and manufacturing, consumer preferences, environmental regulations, and economic conditions. Overall, the ongoing safety regulations may lead to innovations in axle systems, particularly in the areas of crash avoidance and vehicle stability.
Light Vehicle Axle System Market Size:
Light Vehicle Axle System Market accounted for US$ 65.2 billion in 2022 and is estimated to be US$ 130.0 billion by 2032 and is anticipated to register a CAGR of 6.8%. Light Vehicle Axle System Market is segmented into Type, Application, and region.
Key Highlights –
- In July 2023, ZF introduces next-gen electric axle drive systems for light trucks. The freshly unveiled "AxTrax 2" and "AxTrax 2 dual" integrated systems were recently showcased at ZF's Global Technology Day in Friedrichshafen. Scalable axle and central drive systems make up the kit. They can be easily integrated with other electrification technologies, such as batteries or fuel cells, for example, just like other ZF electric systems. The kit is enhanced by a variety of internally developed and produced e-Components.
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Prominent players:
The prominent players operating in the Light Vehicle Axle System Market includes,
- American Axle & Manufacturing
- Meritor Inc.
- DANA
- Benteler
- RABA
- AxleTech International
- SAF-HOLLAND
- PRESS KOGYO CO
- Korea Flange Co
- Ankai Futian Shuguang Axle
The segmentation of the light vehicle axle system market can be done based on various factors and criteria to understand the market dynamics and cater to specific customer needs. Here are some common segmentation criteria for the light vehicle axle system market:
By Type
- Rear
- Front
- By Application
- Passenger Vehicle
- Commercial Vehicle
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Analyst View –
The shift toward electric and hybrid vehicles is expected to influence the axle system market. Electric vehicles (EVs) often have unique axle configurations to accommodate electric motors, batteries, and regenerative braking systems. As EV adoption continues to grow, the demand for specialized axle systems for these vehicles may increase.
The study seeks to attain the following objectives within the Light Vehicle Axle System Market forecast report:
- Assess Market Size and Growth
- Identify Key Market Players
- Examine Market Segmentation
- Analyze Market Trends
- Evaluate Market Drivers and Restraints
- Assess Regional Market Dynamics
- Forecast Future Market Demand
- End-User Analysis
- Technology Assessment
- Market Forecast
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