Trailer Axle Market 2022
The market value of trailer axles is set to reach US$ 6.5 Bn and is expected to witness 5% CAGR through 2029. With a sizeable incremental $ opportunity facing trailer axle market over the projection period and is expected to witness 5% CAGR through 2029.
A fair distribution of demand shares between on-road and off-road trailers, trailer axles have recently been witnessing higher demand from the latter. Trailer axles, installed in medium to heavy duty trailer vehicles, are widely subjected to bulk load transportation. However, increasing adoption for applications in construction and mining industries is expected to account for the demand growth facing trailer axles in off-road vehicles. A new research study of Persistence Market Research (PMR) suggests that Asia pacific (APAC) and Europe will remain at a forefront in global market for trailer axles.
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Some of the prominent growth opportunities indicated by the report include strong demand for heavy-duty trailers. Freight vehicles are major contributors to climate change, emissions, and fuel consumption in on-road transportation sector. As per the report, in the era of industrialization, the BRICS nations (i.e. Russia, India, China, Brazil) are witnessing a mass shift towards three-axle trailers owing to requisites associated with long distance transportation.
Key Companies-
Company Profiles
- Meritor, Inc.
- Hendrickson Corporation
- BPW Group
- SAF-Holland S.A
- Guangdong Fuwa Engineering Group Co., Ltd.
- Schmitz Cargobull
- Gigant – Trenkamp & Gehle GmbH
- Guangzhou TND Axle Co., Ltd.
- Redneck Trailer Supplies
- JOST Axle Systems
- York Transport Equipment (Asia) Pte Ltd.
- H D TRAILERS PVT LTD
- Rogers Willex
- Dexter Axle Company
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Key Takeaways – Global Trailer Axle Market
- Global trailer axle market is said to be highly consolidated with top five players accounting for over 70% of the market value.
- APAC is identified as the highly lucrative regional market for trailer axle sales, attributing to the high-scale assembly of trailers in China.
- Over the forecast period, markets in Latin America, followed by APAC, will also emerge attractive, registering substantial growth.
- For logistics companies owing to the fleet of commercial trailers, financing can provide immediate access to required trailers with a much lower up-front cost, competitive interest rates, and low down payments to address concerns related to their operating costs.
- Manufacturing, construction, and industrial sector operators focusing on goods transportation prefer to purchase their own equipment over rental.
- In terms of volume, medium duty or trailer axles with 8,000-15,000 lbs capacity are anticipated to lead the way in the trailer axle market.
- Market analysis by sales channel reveals that OEMs are expected to preferred among trailer axle manufacturers, with bulk of trailer axle sales and installation at OEM sites. The market value of replacement will remain relatively stable.
- Implementation of new and advanced technologies to enhance product quality and compliance with government policies and regulations to meet emission standards may improve sales output that in turn would spur the demand for trailer axle market
- Demand for telematics will experience spectacular growth at a yearly rate as high as 15%, consequently driving the demand for trailer axles over the forecast period.
Leading axle manufacturers are focusing on market consolidation by expanding their manufacturing, distribution, and sales network in fast developing economies of Latin America & Asia Pacific. They are thereby seeking significantly lowered manufacturing and operational costs. In the near future, increasing installation and maintenance of off-road vehicles will evoke the need for trailer axle which are subjected to severe load based operations. This will eventually augment the growth of trailer axle sales.
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Key Questions Answered in PMR’s Trailer Axle Market Report
- Which region is anticipated to hold a prominent market share over the forecast period?
- What will be the key driving factors propelling the demand for trailer axles during the forecast period?
- How current trends will impact the trailer axle market?
- Who are significant market participants in the trailer axle market?
- What are the crucial strategies of prominent players in the trailer axle market to upscale their positions in this landscape?
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