Rear Axle Commodity Global Market Report 2024

The rear axle commodity market size has grown steadily in recent years. It will grow from $55.32 billion in 2023 to $56.89 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth observed in the historical period can be attributed to the expansion of automotive production, increased consumer demand for SUVs and trucks, the need for fuel efficiency, and the evolution of vehicle performance standards.

The rear axle commodity market size is expected to see steady growth in the next few years. It will grow to $64.65 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The anticipated growth in the forecast period can be attributed to the shift towards electric vehicles (EVs), the demand for lightweight components, the integration of advanced safety features, the rise of autonomous and connected vehicle trends, and the global expansion of the commercial vehicle market. Key trends expected in the forecast period include the globalization of automotive manufacturing, the incorporation of electric propulsion systems, ongoing growth in the SUV and crossover segment, the development of all-wheel drive (AWD) and four-wheel drive (4WD) systems, and a heightened focus on advanced safety features.

The anticipated surge in demand for passenger vehicles is poised to drive the growth of the rear axle commodity market in the future. Passenger vehicles, defined as motor vehicles designed for transporting passengers with no more than eight seats in addition to the driver's seat, rely on rear axles for power transmission to the driving wheels. A driveshaft connected to the engine turns the rear axle, facilitating the rotation of the vehicle's wheels. For example, a report from the Bureau of Labor Statistics in February 2023 highlighted the rapid growth of the electric vehicle (EV) market over the last decade. The market share of electric cars in the US vehicle market increased from 0.2 percent to 4.6 percent in 2021, with projections indicating it could reach 40 percent of total passenger car sales by 2030. Hence, the rising demand for passenger vehicles is a key driver for the growth of the rear axle commodity market.

The increasing demand for electric vehicles is expected to propel the growth of the rear axle commodity market in the coming years. Electric vehicles (EVs), powered by one or more electric motors, rely on rear axles to transmit torque from the electric motor to the wheels. According to the Global EV Outlook 2023 report by the International Energy Agency in April 2023, the number of electric vehicles on the road increased by 60% to reach 26 million in 2022, with the electric car share in total car sales growing from 9% in 2021 to 14% in 2022. This surge in electric vehicle demand is contributing to the growth of the rear axle commodity market.

Technological advancements emerge as a notable trend in the rear axle commodity market, with major companies introducing innovative products to maintain their market positions. For instance, in March 2021, Magna International Inc., a Canada-based automotive parts manufacturer, unveiled the eBeam Technology, designed as a drop-in replacement for traditional beam axles. This technology is intended to electrify pickup trucks and light commercial vehicles, offering a cost-effective means of electrification.

Major players in the rear axle commodity market are actively focusing on developing innovative products, including electric rear axles, to gain a competitive advantage. An electric rear axle, integrating an electric motor and differential into a single unit, is a powertrain component used in electric vehicles to drive the rear wheels. In September 2022, Volvo Trucks launched the E-Axle, a modular design adaptable to various truck configurations, providing a maximum output of 440 kW and peak torque of 2,800 Nm. The E-Axle can be integrated with existing electric powertrains and used in conjunction with fuel-cell electric trucks.

In August 2022, Cummins Inc., a US-based manufacturer of diesel and alternative fuel engines and generators, completed the acquisition of Meritor Inc. for an undisclosed amount. This strategic move enabled Cummins to expand its product portfolio and capabilities in axle and brake technology, positioning itself as a leading provider of integrated powertrain solutions for both electric power applications and internal combustion. Meritor Inc. specializes in drivetrain solutions, including rear-drive axles.

Major companies operating in the rear axle commodity market report are Meritor Inc., GNA Axles Limited, Talbros Engineering Limited, ROC Spicer Limited, Daimler Trucks LLC, Automotive Axles Limited, Mitchell Differential Inc., U.S. Axle Inc., Heavy Duty Transaxle Inc., Currie Enterprises, FPW Axles Ltd., IM Axle Specialists, Axle Dynamics LLC, BPW Limited, American Axle & Manufacturing Holdings Inc., Denso Corporation, Hanon Systems Corporation, Sanden Holdings Corporation, Mitsubishi Heavy Industries Ltd., MAHLE GmbH, Valeo S.A., Keihin Corporation, Calsonic Kansei Corporation, Samvardhana Motherson Group, Subros Limited, SMAC Auto Air Inc., TransAir Manufacturing Inc., Eberspacher Group GmbH & Co. KG, Marelli Corporation, ZF Friedrichshafen AG, Dana Incorporated, Eaton Corporation, GKN Automotive Limited, Magna International Inc., Showa Corporation, JTEKT Corporation, NSK Ltd., Schaeffler AG, NTN Corporation, Aisin Seiki Co. Ltd., BorgWarner Inc.

North America was the largest region in the rear axle commodity market in 2023. Asia-Pacific is expected to be the fastest-growing region in the rear axle commodity market report during 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, Africa. The countries covered in the rear axle commodity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of rear axle commodities include the drive axle, dead axle, and lift axle. Drive axles are found in engine-powered vehicles, transmitting torque from the transmission and energy from the engine to the front, rear, or all wheels. Materials such as alloy and carbon fiber are utilized in various applications, spanning heavy vehicles, luxury vehicles, executive vehicles, economy vehicles, sport utility vehicles (SUVs), multi-utility vehicles (MUVs), and railways.

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.

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.


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