Rear axles play a vital role in the operation of any vehicle. They bear the weight of the passengers, vehicle, and cargo and also transmit the torque to the wheels of the vehicle. Rear axles ensure the stability in vehicles by equally distributing the overall weight of the vehicle to the two rear wheels. As the noise, vibration, and harshness (NVH) levels in a vehicle depend on the drivetrain of the vehicle, rear axles certainly play an imperative role in providing a high comfort level in a vehicle.
Rear axle commodities typically find application in heavy vehicles, multi-utility vehicles (MUV), executive vehicles, luxury vehicles, sports-utility vehicles (SUV), economy vehicles, and railways. Economy vehicles are the most dominant application segment of the rear axle commodity market.
Browse Market Research Report of Rear Axle Commodity Market:
Growing Auto Industry Amplifies Rear Axle Commodity Market
The need for effective rear axles in vehicles is increasing due to the rise in the automobile sector across the globe. The automotive industry is currently focusing on providing more comfort, safety, and improved performance in vehicles and auto parts. Growth of the automotive sector is exponentially boosting demand from the global rear axle commodity market.
Transparency Market Research states that the Rear Axle Commodity Market is expected to grow at a CAGR of 3.7% during the forecast period 2014-2020, in order to reach a value of US$45,997.4 million by 2020.
With each new generation, vehicles become safer, more dynamic, and comfortable, but are usually heavier as well. Thus, besides durability and high functionality, lightness of a passenger car rear axle is becoming a valued asset, too.
Lightweight Rear Axle Components Help ReducesCarbon Emissions
Lightweight rear axles are specifically designed and used in vehicles to meet the consumer demands. The weight reduction brought about by these components reduces the car’s fuel consumption and in turn carbon dioxide emissions. They also enhance the car’s dynamic properties, since lighter cars are easier to handle and can sustain higher speeds for longer.
Worldwide, suppliers of automotive parts are focusing on lightweight rear axle components equipped with higher axle ratios and low power losses. In order to achieve these results, global suppliers are working together with international automobile manufacturers to develop efficient and improved lightweight components and auto products. Lightweight rear axle components are effective and fully operational under harsh climatic conditions, too.
The surge in vehicular production is fueling the need for fuel-efficient vehicles with lightweight auto parts. The need for lightweight automotive parts has been brought on primarily due to the implementation of stringent emission norms by governments in various regions.
Asia Pacific is the Major Market for Passenger Vehicles
India and China in Asia Pacific are the major markets for passenger vehicles in the world. Due to the growth of the automobile industry, Asia Pacific accounted for the largest share of the global rear axle commodity market in 2013.
Browse Market Research Press Release of Rear Axle Commodity Market:
In the next five years, the demand from the rear axle commodity market in this region will be the highest due to the increasingly strict emission norms and rise in the demand for lightweight cars. Moreover, the demand for commercial vehicles and personal transportation is increasing in Asia Pacific, making it the most promising regional market for rear axle commodity in the world.