Wheel Axle Market
Wheel Axle Market By End-Use (Vehicle, Rail), By Drive Torque (Below 300 Nm, 300 – 600 Nm, 600 – 900 Nm, 900 – 1200 Nm, 1200 – 1500 Nm, Above 1500 Nm), By Region - Global Market Insights 2019 to 2029
Increasing Production of Commercial Vehicles to Amp up Demand for Wheel Axle
The industrial sector is expanding in developing countries and advancements in commercial operations in logistics has led to significant demand for commercial vehicles. Increasing demand for heavy commercial vehicles is significant in developed regions such as North America and Europe.
Heavy commercial vehicles coupled with long trailers are used which generally require around 6-8 wheel Axle in order to achieve the equilibrium of load distribution. Therefore, an increase in the demand for long trailers over the forecast period will subsequently increase demand for wheel Axles.
The global wheel axle market is projected to create an absolute $ opportunity of more than US$ 23 billion, to be valued at more than US$ 87 billion by the end of the forecast period (2019 – 2029), predicts the report recently published by Fact.MR.
Burgeoning Demand for Rolling Stock to Boost the Wheel Axle Market
The governments in developing countries are increasing their focus on expanding transit facilities in their regions, owing to the growing population and rapid urbanization. The demand for rolling stock such as locomotives, carriages, and wagons is growing, as rail-vehicles possess high transportation capacity compared to other modes.
Besides, privatization of the rail in Japan has encouraged leading players to manufacture enter into the business of rail transportation which has boosted rolling stock production in the region, which supports the growth of the wheel Axle market.
Thus, increasing demand for rolling stock supports the growth of the wheel Axle market. Fact.MR opines that rail end-use segment is estimated to create an absolute dollar opportunity US$ 135.6 Mn, and is expected to grow at a CAGR of 4.4% during the forecast period (2019 – 2029).
Wheel Axle with Medium Torque Set to Accumulate Majority Share
Light commercial vehicles such as pickup trucks and sports utility vehicles which generate a drive torque of 300 – 600 Nm have been increasing, owing to benefits such as high load-carrying capacity as well as comfort while driving.
North America and Asia Pacific registered high growth rates in the production of light commercial vehicle by 4.8% and 3.7% respectively in the last couple of years. Therefore, increasing demand for light commercial vehicles is expected to create higher-value opportunities in future years.
In the Fact. MR’s report, it is projected that the wheel axles required for vehicles with drive torque between 300 – 600 Nm will hold one-third of market share in terms of value and are anticipated to grow at a CAGR of 3.3% by the end of 2029.
East Asia to Outpace other Regions in Global Wheel Axle Market
Rapid industrialization in the leading oriental countries such as China, Japan, and South Korea has given impetus to the economy of the region. East Asia has become the manufacturing hub of the world, especially for automotive production.
China has emerged as the leading manufacturer of automobiles in the world with more than 25 million motor vehicles produced in the country in the year 2018. Therefore, East Asia has become a prominent market for manufacturers of wheel Axle. Fact.MR anticipates that East Asia is projected to hold more than 41% value share of the global wheel Axle market during the forecast period.
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Manufacturers Focused on Expansion through Acquisitions and Product Launches
Market leaders are maintaining a strong position owing to the robust internationalization of companies through acquisitions and set up of subsidiaries across the globe. Besides, companies are introducing new products to expand in the market. For instance, in January 2020,
- Dexter Axle Company acquired US based drive Axle & suspension manufacturer Silent Drive to expand its product portfolio
- In April 2019, leading wheel Axle manufacturer Meritor Inc. launched a line of planetary Axles for material handling vehicles
Key Segments of the Wheel Axle Market
Fact.MR’s study on the wheel axle market offers information divided into four key segments-end use, drive torque, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
By End-Use :
- Passenger Car
By Drive Torque :
- Below 300 Nm
- 300 – 600 Nm
- 600 – 900 Nm
- 900 – 1200 Nm
- 1200 – 1500 Nm
- Above 1500 Nm
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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