Exponential industrial production in developing countries coupled with surging demand for quality products in developed countries is increasing demand for logistic fleets across the globe. On this backdrop, the wheel axle market is expected to register tremendous growth during the forecast period. The global wheel axle market will be valued at over US$ 87 Bn by the end of 2029, finds a Fact.MR study.
“Multiplying growth in automotive production will continue to bolster growth for the wheel axle market. Market players are adopting strategic partnerships and mergers & acquisitions to garner profits,” says the Fact.MR Analyst.
Wheel Axle Market – Key Takeaways
- Adoption by rail industry will grow at a steady CAGR through 2029.
- Market in North America and Asia Pacific will grow at a healthy pace throughout projection period.
- East Asia holds over 41% share in the total market revenue on the back of rising automotive demand particularly in China, Japan, and South Korea.
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Wheel Axle Market – Key Driving Factors
- Privatization of train transport in developing economies will generate continuous demand during the forecast.
- Increasing disposable income of millennial consumers will drive the sales of light and medium duty vehicles and wheel axles for the same.
- Stringent regulations to curb carbon emission from automotive verticals such as commercial vehicles, passenger vehicles, and railways will propel the demand for fuel efficient wheel axles.
Wheel Axle Market- Key Constraint
Uncertainty of raw material prices continues to pose a challenge for wheel axle manufacturers and end users in automotive industry verticals.
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The competition in the wheel axle market is fairly fragmented, with major players proactively pursuing consolidation strategies. Research and development of fuel efficient wheel axle manufacturing will provide competitive advantage during the forecast period. Wheel axle manufacturers that may shape the competitive landscape are, but not limited to, Automotive Axles Ltd, Meritor, Rockwell American, GNA Axles Ltd, Daimler Trucks North America and ROC Spicer Ltd.
About the Report
This 170-page study offers readers a comprehensive market forecast of the wheel axle market. Global, regional and country level analysis of the latest industry trends impacting the wheel axle market are covered in this Fact.MR study. The report offers compelling insights on wheel axle market on the basis of end-use (vehicle (passenger car, LCV, and HCV), and Rail), drive type (below 300 Nm, 300-600 Nm, 600-900 Nm, 900-1200 Nm, 1200-1500 Nm, and above 1500 Nm), and across six regions (Middle East and Africa, South Asia & Oceania, East Asia, Europe, Latin America, North America).