The global wheel axle market is projected to create an absolute $ opportunity of more than US$ 23 billion, to be valued at more than US$ 87 billion by the end of the forecast period (2019 – 2029), predicts the report recently published by Fact.MR.

Wheel Axle with Medium Torque Set to Accumulate Majority Share

Light commercial vehicles, such as pickup trucks and sports utility vehicles, with drive torques ranging from 300 to 600 Nm, have grown in popularity due to advantages such as high load carrying capacity and driving comfort.

In the last few years, North America and Asia Pacific saw 4.8% and 3.7% growth rates in light commercial vehicle production, respectively. As a result, rising demand for light commercial vehicles is expected to generate higher-value opportunities in the coming years.

Key Segments of the Wheel Axle Market

Fact.MR’s study on the wheel axle market offers information divided into four key segments-end use, drive torque, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.

• By End-Use :
  • Vehicle
    • Passenger Car
    • LCV
    • HCV
  • Rail
• By Drive Torque :
  • Below 300 Nm
  • 300 – 600 Nm
  • 600 – 900 Nm
  • 900 – 1200 Nm
  • 1200 – 1500 Nm
  • Above 1500 Nm
• By Region :
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Oceania
  • MEA

Manufacturers Seeking Expansion Through Acquisitions and New Product Launches
Market leaders maintain a strong position as a result of aggressive internationalisation of businesses through acquisitions and the establishment of subsidiaries all over the world. Companies are also introducing new products in order to increase their market share. For instance, in January 2020,

Dexter Axle Company acquired Silent Drive, a drive axle and suspension manufacturer based in the United States, to broaden its product portfolio.
In April 2019, Meritor Inc., a leading wheel Axle manufacturer, introduced a line of planetary Axles for material handling vehicles.

East Asia will outperform other regions in the global wheel axle market.
Rapid industrialization in leading oriental countries such as China, Japan, and South Korea has boosted the region’s economy. East Asia has emerged as the world’s manufacturing powerhouse, particularly in the automotive industry.

China has surpassed the United States as the world’s leading automobile manufacturer, producing more than 25 million vehicles in 2018. As a result, East Asia has emerged as a key market for wheel Axle manufacturers. Fact. East Asia is expected to account for more than 41% of the global wheel Axle market during the forecast period, according to MR.