Brisk rate of industrialization, buckling international trade activities, and considerable increase in disposable income in emerging economies such as India, China, and Brazil, collectively continue to offer an indirect push to the trailer axle market. Increasing demand for durability of automobiles is anticipated to drive the global automotive trailer axle market. By the end of 2019, 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, major opportunities are expected to be emerging through strong demand for heavy-duty trailers in developing economies of Latin America, followed by Russia and China.
Trailer Axle Sales to Accelerate with Growth of Construction Industry
Trailers find a wide range of applications in the construction industry and are used for transportation of machinery, equipment, and raw materials. The growing construction industry output is expected to be one of the most significant drivers assisting the growth of trailer axle market.
Construction industry is likely to hit the US$ 15 Trn mark by the end of 2025 which will create significant opportunity for manufacturers of trailers and thus, trailer axles. High load bearing capacity that facilitates transportation will remain the strongest factor influencing demand for trailer axles within the construction industry. Construction and urbanization are expected to have a moderate impact on the trailer axle market at a CAGR close to or below the global GDP growth over the forecast period.
Significant R&D Investments and Strategic Alliances
Prominent market participants are investing heavily in R&D with an intention to implement new features in commercial vehicles for advanced and efficient trailer axles all over the globe. Incorporation of new technologies in various products is another prominent trend in the global trailer axle market in recent years.
Market Players Focused on Cost Optimization
Cost sensitivity and increasing operational expenses are forcing manufacturers to reduce production, maintenance, and repair costs, which are higher for conventional and older versions of trailer axles. The complexity of axles with breaking and suspension systems makes them relatively difficult to handle and maintain. That apart, they demand high maintenance, including but not limited to regular lubrication.
Manufacturing and installation costs of a trailer axle vary based on its potential application. Customized trailer applications require more resources and raw materials. Owing to the high input cost, the cost of a customized trailer axle is more than that of an ordinary trailer axle. Manufacturers are thus focusing on providing the best quality products with maximum efficiency at minimal costs which mark one of the prominent trends and drivers associated with the global trailer axle market over the forecast period.
Manufacturers have the pressure of continuously upgrading trailer axles as these are helpful in reducing transportation costs & time, as well as increasing the load-carrying capacity of the whole system. Therefore, manufacturers aim to launch trailer axles with higher efficiency, which are easy to maintain, and turn out to be cost-effective solutions for operators.
The trailer axle market is growing at a significant rate and remains a fairly consolidated competition landscape. Characterized by the presence of a limited number of international and domestic players, the global market for trailer axle will witness prominent opportunities of growth across the Asia Pacific region. Leading manufacturers are investing in R&D activities to achieve more efficient and reliable product developments. The market has been observing a visible shift of trailer axle manufacturers towards high-strength, sturdier material alternatives to deliver highly durable trailer axles. Additionally, a notable increase in global freight transport through trailers is expected to boost the demand for trailer axles in the near future.
Trailer Axle Market - Scope of the Report
Persistence Market Research (PMR) recently published a study report on the global trailer axle market. The report provides detailed valuation on the key market dynamics such as drivers, trends, opportunities, and restraints, along with detailed information about the trailer axle market structure. This market research report presents exclusive facts and figures about how the trailer axle market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the trailer axle market over the forecast period.
The study is relevant for stakeholders in the trailer axle market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the trailer axle market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting the growth of the trailer axle market. The study also offers actionable insights based on the future trends in the trailer axle market. Furthermore, regional players and new entrants in the trailer axle market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of the Trailer Axle Market
PMR’s study on the trailer axle market is divided into three significant segments- capacity, sales channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Trailer Axle Market Report
Trailer Axle Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the trailer axle market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by assistant analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred by analysts during the evaluation of the trailer axle market study, which comprises of the facts and figures from the World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies operating in the market to make PMR’s projection on growth prospects of the trailer axle market more accurate and reliable.