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Global rear axle market is driven by growing demand for fuel efficient and safer vehicles across the globe

The global rear axle market revenue is expected to expand at a lucrative CAGR over the forecast period. Rising production of passenger and commercial vehicles across the world is expected to drive revenue growth of rear axle market. Moreover, growing R&D on the development of lightweight axles to lower the overall weight of automobile is expected to support revenue growth of target market over the forecast period.

The global rear axle market report has been segmented on the basis of type, application, and region.

On the basis of type, the global rear axle market has been segmented into drive, dead, and lift. The drive segment is expected to grow at a steady rate over the forecast period. The drive is responsible for the transmission of power from the differential assembly to the rear wheels.

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On the basis of application, the global market has been segmented into passenger vehicles and commercial vehicles (light commercial vehicles, heavy commercial vehicles, SUV, and buses). The passenger vehicle segment is expected to grow at a steady rate over the forecast period. Rising demand for luxury vehicles in developing economies owing to increasing purchasing power is expected to support revenue growth of this segment.

On the basis of region, the global rear axle market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe market is expected to grow at a moderate rate over the forecast period. Rising demand for commercial vehicles in countries in the region is expected to drive revenue growth of the Europe rear axle market. Moreover, the presence of a large number of automotive manufacturers in the region is expected to support revenue growth of target market in Europe.

Key players operating in the global rear axle market include: American Axle & Manufacturing, Inc., Dana Limited, Daimler Trucks North America LLC, GKN plc, GNA Axles Ltd., Meritor Inc., Hema Endustri A.S., ROC Spicer Ltd., ZF Friedrichshafen AG, and Talbros Engineering Limited.

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