Portland, OR, Aug. 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global trailer axle market was estimated at $5.93 billion in 2021 and is expected to hit $9.36 billion by 2031, registering a CAGR of 4.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Trailer Axle Industry Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $5.93 Billion |
| Market Size in 203 | $9.36 Billion |
| CAGR | 4.8% |
| No. of Pages in Report | 303 |
| Segments Covered | Trailer Type, Axle Type, Capacity, Application, Sales Channel, and Region. |
| Drivers | Rapid expansion of the automotive & transportation industries |
| Introduction of e-axle in trailers | |
| Opportunities | Increase in use of lightweight materials for manufacturing of axles |
| Emergence of emission regulations for transport refrigeration units | |
| Restrains | Fluctuating prices of raw materials used for manufacturing of axles |
Covid-19 scenario-
- Decreasing demand and supply outlook from the COVID-19 crisis restrictions in end-use industries such as manufacturing, electronics, and textile & apparel, and construction impacted the global trailer axle market negatively.
- Operations with limited workforce capacity worsened the market condition even more. However, as the global situation is getting back to normalcy, the market for trailer axle has also started gaining traction.
The global trailer axle market is analyzed across Trailer Type, Axle Type, Capacity, Application, Sales Channel, and Region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
Based on trailer type, the dry van & box segment accounted for nearly one-third of the total market share in 2021, and is anticipated to rule the roost by 2031. The others segment, however, would register the fastest CAGR of 7.4% during the forecast period. The other segments analyzed in the report include Refrigerator, Chemicals & liquid, Tippers, and Flatbed.
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Based on Axle type, the tandem axle segment contributed to nearly two-fifths of the total market revenue in 2021, and is expected to lead the trail by the end of 2031. The three or more than three-axle segment, on the other hand, would exhibit the fastest CAGR of 6.1% throughout the forecast period. The single axle segment is also analyzed in the report.
Based on sales channel, the OEM segment contributed to 89.1% of the total market revenue in 2021, and is expected to dominate by 2031. At the same time, the aftermarket segment would showcase the fastest CAGR of 6.2% throughout the forecast period.
Based on application, the medium-weight trailers segment held more than two-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The heavy trailers segment, simultaneously, would manifest the fastest CAGR of 6.2% throughout the forecast period. The lightweight trailer segment is also assessed in the report.
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Based on region, the market across Asia-Pacific generated more than half of the total market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The LAMEA region, at the same time, would manifest the fastest CAGR of 7.1% during the forecast period. The other regions studied in the report include North America and Europe.
The key market players analyzed in the global trailer axle market report include BPW Group, Dana Incorporated, DexKo Global Inc., GuangZhou TND Axle Co., Ltd., Hendrickson Corporation, American Axle & Manufacturing, Inc., Dexter Axle Company, Hitachi Ltd., SAF-Holland, Schmitz Cargobull, Shandong Huayue, ZF Friedrichshafen AG, FUWA K Hitch, and JOST Axle Systems, Meritor, Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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