Rockville, MD , Nov. 18, 2024 (GLOBE NEWSWIRE) -- According to a recently updated industry report by Fact.MR, the global wheel axle market is estimated to reach US$ 66.73 billion in 2024 and advance further at a CAGR of 4.1% from 2024 to 2034.
An axle is a central shaft for a rotating wheel that can be attached to the wheels, rotate with them, or remain stationary while the wheels rotate around it. This is a critical component of any wheeled vehicle and can be classified as front, rear, full-floating, or semi-floating axles.
In developing countries, rapid expansion of the industrial sector and improved logistics are constantly pushing the demand for commercial vehicles, driving up the market for wheel axles in parallel. Governments are focusing on expanding transit facilities due to population growth and urbanization, which is putting added pressure on the transport and automobile sectors.
Rolling stock, including locomotives, carriages, and wagons, is in substantial demand due to its high transportation capacity compared to other modes. The market is mainly expanding due to growth in the automotive and transportation industries, electric axles in trailers, and emission regulations for transport refrigeration units. East Asia and North America will be key regional markets for wheel axle sales, together accounting for around two-thirds market share throughout the next ten years.
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Key Takeaways from Market Study
- The global market for wheel axles is projected to expand at a CAGR of 1% from 2024 to 2034.
- The market has been forecasted to climb to a value of US$ 99.73 billion by the end of 2034.
- The market in the United States is expected to reach a value of US$ 7.53 million in 2024.
- Japan is projected to occupy a market share of 6% in East Asia in 2024.
- Revenue from the rail end-use segment is forecasted to reach US$ 25.03 billion by the end of 2034.
- The market in East Asia is analyzed to expand at a CAGR of 4.6% from 2024 to 2034.
“Growing industrial sectors and need for improved logistics operations in developing countries driving demand for commercial vehicles, which will also push the need for wheel axles over the coming years,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Wheel Axle Market
Key players in the wheel axle market are Dana Incorporated, American Axle and Manufacturing Inc., Daimler AG, Meritor Inc., GNA Group, Melrose Industries Plc., ZF Friedrichshafen AG, BorgWarner Inc., Hyundai Wia Corporation, Talbros Engineering Limited.
Increasing Demand for More Efficient and Durable Axle Systems
Global vehicle manufacturing is increasing, particularly in emerging markets as more vehicles enter the market, demand for axles rises in tandem. The rapid growth of the EV market necessitates specialized axle designs. The emphasis is on lightweight axles to improve range and efficiency.
There is also a strong demand for more efficient and durable axle systems, which is fueling interest in SUVs and off-road vehicles. There is also a need for axles that can withstand rough terrain. Globally, aging vehicle fleets are increasing demand for replacement axles. Increased logistics and transportation activities are increasing the demand for heavy-duty axles.
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Wheel Axle Industry News:
- The Protec independent front suspension for motor coaches, built especially to support large loads, was introduced by Meritor Inc. in June 2022.
- ai, a self-driving startup, said in July 2022 that it would collaborate with Sany Heavy Industry to mass-produce self-driving trucks in China. With their sophisticated axle and drivetrain systems and "Level 4" autonomous driving technology, these trucks will be able to drive themselves fully on city streets and highways.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the wheel axle market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges insights into the wheel axle market based on end use (vehicles, rail) and drive torque (below 300 Nm, 300 to 600 Nm, 600 to 900 Nm, 900 to 1,200 Nm, 1,200 to 1,500 Nm, above 1,500 Nm), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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