Forecast highlights of the global trailer axle market
The global trailer axle market is highly consolidated with the top five players accounting for over 70% of the total market share. A growing construction industry and governmental policies and regulations are some of the factors estimated to drive the global trailer axle market during the forecast period. Asia Pacific is the dominating region in the global trailer axle market owing to high scale production of trailers in China. Latin America followed by Asia Pacific is likely to register substantial growth during the forecast period. The global trailer axle market is highly competitive owing to the presence of large sized manufacturers. Manufacturers are focusing on consolidating the market by expanding their sales facilities in several developing nations.
Trailer axle market likely to witness significant growth in the coming years owing to the strong demand for heavy-duty trailers
Freight vehicles such as trailers are significant contributors in the on-road transportation sector and are susceptible to climate change, fuel consumption and emissions. The demand for heavy-duty trailers is more in regions such as Latin America and also in certain countries like Russia and China. A significant growth witnessed in these regions is due to the various steps taken by the government in terms of policies and promotion of fuel-saving technologies that can reduce GHG emissions and consumption of fuel in heavy duty vehicle fleet.
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The governments in various regions have started adopting the newly imposed regulations pertaining to carbon emissions that are associated with use of trailers in commercial vehicles. For instance, lately the U.S. Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) have mutually adopted a regulation for trailers, which is part of the heavy-duty fuel efficiency standards and greenhouse gas emissions.
Construction, manufacturing and industrial companies focusing on goods transportation prefer their own equipment as opposed to renting equipment from rental companies. This is due to easy availability of financing options that give consumers the required purchasing power with flexible payment terms. Furthermore, financing can provide immediate access to the required trailers with a much lower upfront cost with competitive interest rates and low down payments. This is another factor boosting market revenue growth.
The global market is largely dominated by Tier 1 players
Several leading Tier 1 players are focusing on market consolidation by expanding their manufacturing, sales and distribution channel facilities in Asia Pacific and Latin America and significantly lowering manufacturing costs. Tier-1 players include major trailer axle manufacturing companies such as Guangdong FUWA Engineering Group CO. LTD. and Hendrickson Corporation, which are likely to gain a large part of the global market share. Players in the Tier-2 category are expected to hold a revenue share of more than 15% due to strong penetration in regional markets.
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Strong demand for trailer axles especially from China, ASEAN, and other developing countries is anticipated to create significant incremental $ opportunity during the forecast period
The Asia Pacific market is estimated to dominate the global trailer axle market with more than 35% market value share, valued at more than US$ 2,200 Mn by 2017 end; expanding at a CAGR of 6.6% over the forecast period. China—a major region in the Asia Pacific – and ASEAN countries are expected to register significant growth during the forecast period.