China's Drive-Axles and Axles Market to Reach 5.9M Tons and $21.4B by 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: China - Drive-Axles with Differential and Non-Driving Axles - Market Analysis, Forecast, Size, Trends And Insights.

Driven by the rising demand for drive-axles with differential and non-driving axles, the market in China is expected to experience a positive trend in consumption. Despite a forecasted deceleration in market performance, the market is anticipated to expand with a CAGR of +2.4% from 2024 to 2035.

Driven by increasing demand for drive-axles with differential and non-driving axles in China, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.4% for the period from 2024 to 2035, which is projected to bring the market volume to 5.9M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.4% for the period from 2024 to 2035, which is projected to bring the market value to $21.4B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of drive-axles with differential and non-driving axles decreased by -0.5% to 4.6M tons, falling for the second year in a row after two years of growth. Over the period under review, consumption, however, enjoyed a buoyant increase. Over the period under review, consumption reached the peak volume at 4.6M tons in 2022; afterwards, it flattened through to 2024.

The value of the driving and non-driving axle market in China dropped modestly to $16.4B in 2024, almost unchanged from the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a remarkable increase. Over the period under review, the market hit record highs at $16.7B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

In 2024, the amount of drive-axles with differential and non-driving axles produced in China amounted to 5M tons, almost unchanged from the previous year. Overall, production recorded a resilient expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by 45%. Over the period under review, production reached the peak volume at 5M tons in 2022; afterwards, it flattened through to 2024.

In value terms, driving and non-driving axle production stood at $18.5B in 2024 estimated in export price. In general, production recorded a strong increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 36% against the previous year. Over the period under review, production reached the peak level at $18.6B in 2022; however, from 2023 to 2024, production failed to regain momentum.

In 2024, supplies from abroad of drive-axles with differential and non-driving axles increased by 11% to 80K tons for the first time since 2021, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.6% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 64%. As a result, imports attained the peak of 99K tons. From 2015 to 2024, the growth of imports remained at a somewhat lower figure.

In value terms, driving and non-driving axle imports surged to $1.1B in 2024. Overall, total imports indicated a buoyant expansion from 2013 to 2024: its value increased at an average annual rate of +5.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 40% against the previous year. Imports peaked at $1.2B in 2021; however, from 2022 to 2024, imports stood at a somewhat lower figure.

In 2023, Germany (27K tons) constituted the largest supplier of driving and non-driving axle to China, with a 38% share of total imports. Moreover, driving and non-driving axle imports from Germany exceeded the figures recorded by the second-largest supplier, Japan (7K tons), fourfold. The third position in this ranking was taken by Mexico (5.6K tons), with a 7.7% share.

From 2013 to 2023, the average annual rate of growth in terms of volume from Germany amounted to +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.1% per year) and Mexico (+31.8% per year).

In value terms, Germany ($328M) constituted the largest supplier of drive-axles with differential and non-driving axles to China, comprising 36% of total imports. The second position in the ranking was taken by Mexico ($124M), with a 13% share of total imports. It was followed by Japan, with a 12% share.

From 2013 to 2023, the average annual growth rate of value from Germany stood at +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+41.8% per year) and Japan (-1.1% per year).

The average driving and non-driving axle import price stood at $12,687 per ton in 2023, picking up by 3.3% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2015 an increase of 27%. Over the period under review, average import prices reached the peak figure at $12,705 per ton in 2021; however, from 2022 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Mexico ($22,098 per ton), while the price for Spain ($4,986 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, approx. 563K tons of drive-axles with differential and non-driving axles were exported from China; surging by 7.9% on the previous year. In general, exports saw a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 49% against the previous year. Over the period under review, the exports hit record highs in 2024 and are likely to continue growth in the immediate term.

In value terms, driving and non-driving axle exports expanded markedly to $2.1B in 2024. Over the period under review, exports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 49%. The exports peaked in 2024 and are likely to continue growth in the immediate term.

The United States (109K tons) was the main destination for driving and non-driving axle exports from China, accounting for a 21% share of total exports. Moreover, driving and non-driving axle exports to the United States exceeded the volume sent to the second major destination, Russia (49K tons), twofold. The third position in this ranking was taken by Mexico (34K tons), with a 6.5% share.

From 2013 to 2023, the average annual rate of growth in terms of volume to the United States amounted to +6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+18.6% per year) and Mexico (+20.4% per year).

In value terms, the United States ($414M), Russia ($228M) and Mexico ($112M) appeared to be the largest markets for driving and non-driving axle exported from China worldwide, with a combined 38% share of total exports.

Russia, with a CAGR of +22.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

In 2023, the average driving and non-driving axle export price amounted to $3,842 per ton, stabilizing at the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2014 when the average export price increased by 54% against the previous year. As a result, the export price attained the peak level of $5,279 per ton. From 2015 to 2023, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($5,650 per ton), while the average price for exports to Italy ($2,498 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for driving and non-driving axle in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles