The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
A fair distribution of demand shares between on-road and off-road trailers, trailer axles have recently been witnessing higher demand from the latter. Trailer axles, installed in medium to heavy duty trailer vehicles, are widely subjected to bulk load transportation. However, increasing adoption for applications in construction and mining industries is expected to account for the demand growth facing trailer axles in off-road vehicles. A new research study of Persistence Market Research (PMR) suggests that Asia pacific (APAC) and Europe will remain at a forefront in global market for trailer axles.
Some of the prominent growth opportunities indicated by the report include strong demand for heavy-duty trailers. Freight vehicles are major contributors to climate change, emissions, and fuel consumption in on-road transportation sector. As per the report, in the era of industrialization, the BRICS nations (i.e. Russia, India, China, Brazil) are witnessing a mass shift towards three-axle trailers owing to requisites associated with long distance transportation.
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Key Takeaways – Global Trailer Axle Market
- Global trailer axle market is said to be highly consolidated with top five players accounting for over 70% of the market value.
- APAC is identified as the highly lucrative regional market for trailer axle sales, attributing to the high-scale assembly of trailers in China.
- Over the forecast period, markets in Latin America, followed by APAC, will also emerge attractive, registering substantial growth.
- For logistics companies owing to the fleet of commercial trailers, financing can provide immediate access to required trailers with a much lower up-front cost, competitive interest rates, and low down payments to address concerns related to their operating costs.
- Manufacturing, construction, and industrial sector operators focusing on goods transportation prefer to purchase their own equipment over rental.
- In terms of volume, medium duty or trailer axles with 8,000-15,000 lbs capacity are anticipated to lead the way in the trailer axle market.
- Market analysis by sales channel reveals that OEMs are expected to preferred among trailer axle manufacturers, with bulk of trailer axle sales and installation at OEM sites. The market value of replacement will remain relatively stable.
- Implementation of new and advanced technologies to enhance product quality and compliance with government policies and regulations to meet emission standards may improve sales output that in turn would spur the demand for trailer axle market
- Demand for telematics will experience spectacular growth at a yearly rate as high as 15%, consequently driving the demand for trailer axles over the forecast period.
Leading axle manufacturers are focusing on market consolidation by expanding their manufacturing, distribution, and sales network in fast developing economies of Latin America & Asia Pacific. They are thereby seeking significantly lowered manufacturing and operational costs. In the near future, increasing installation and maintenance of off-road vehicles will evoke the need for trailer axle which are subjected to severe load based operations. This will eventually augment the growth of trailer axle sales.
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More about Trailer Axle Market Report
The trailer axle report provides the adoption rate, growth rate, market share, market trends, and discusses the historical and future growth of the trailer axle market. Additionally, the trailer axle report also discusses key trends that are being adopted by major manufacturers to maintain their dominance in the trailer axle market. The trailer axle report also tracked key developments of companies, patent analysis for the historical period, regional ongoing and upcoming projects/tenders, and government & PPP investments in end-use industries in order to get an idea about the forecast period, i.e. opportunity for the market in the coming years.
About PMR – Automotive and Transportation
The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry, encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.
Top Key Players:
- Meritor, Inc.
- Hendrickson Corporation
- BPW Group
- SAF-Holland S.A
- Guangdong Fuwa Engineering Group Co., Ltd.
- Schmitz Cargobull
- Gigant – Trenkamp & Gehle GmbH
- Guangzhou TND Axle Co., Ltd.
- Redneck Trailer Supplies
- JOST Axle Systems
- York Transport Equipment (Asia) Pte Ltd.
- H D TRAILERS PVT LTD
- Rogers Willex
- Dexter Axle Company
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