May 22, 2024
Global Trailer Axle Market

Global Trailer Axle Market Is Primed For Growth Due To Rising International Trade

Trailer axles are an integral part of trailers used for transportation of goods in various industries like construction, mining, agriculture and manufacturing among others. They help distribute the weight load of cargo evenly and provide strength and stability to trailers.

Growing international trade has significantly increased transportation of goods via roads globally. Various industries are dependent on an efficient supply chain network for transportation of raw materials and finished products. This has propelled the demand for trailers and consequently trailer axles. Additionally, preference for trailer axles with advanced features like increased load capacity, improved durability and enhanced stability is driving the market. Also, development of specialized trailer axles suitable for heavy cargo loads is augmenting the growth of global trailer axle market.

The Global trailer axle market is estimated to be valued at US$ 8.23 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024-2031.

Key Takeaways

Key players: Key players operating in the global trailer axle market include BPW Group, DexKo Global Inc., Meritor, Inc., Hendrickson Corporation, FUWA K Hitch, Shandong Huayue, TND Trailer Axle, JOST Axle Systems, SAF-Ho Hendrickson USA, L.L.C., JOST Achsen Systeme GmbH, Meritor, Inc., Rogers Axle & Spring Works Pty Ltd., SAF-HOLLAND GmbH, Schmitz Cargobull AG, York Transport Equipment (Asia) Pte Ltd.

Key opportunities: Growing preference for lightweight trailer axles and adoption of advanced materials like aluminum to manufacture trailer axles offers significant opportunities in the market. Also, development of specialized electric axles for trailers used in logistics is expected to open new avenues of growth.

Global expansion: Leading manufacturers are focusing on strategic expansion across developing regions of Asia Pacific and Latin America through partnerships, joint-ventures and acquisitions. This is anticipated to bolster the regional presence and further drive the growth of global trailer axle market over the forecast period.

Market Drivers

One of the key drivers for Global Trailer Axle Market Trends is the rising international trade activities. Growing transportation of goods globally via roads has augmented the demand for trailers and trailer axles. According to the World Trade Organization, the value of world merchandise exports reached US$ 18.89 trillion in 2018 registering a growth of 3% over previous year. This significant rise in trade volumes has favorably impacted the trailer axle market. Moreover, improved infrastructure and ease of transportation has provided a fillip to cross-border trade and transportation of goods via roads, thereby propelling the trailer axle market growth.

PEST Analysis

Political: Trailer axle regulations regarding weight restrictions and size vary across countries and states. This affects the demand for trailer axles.
Economic: Economic growth increases logistics and transportation needs. This boosts demand for commercial vehicles and trailers, driving the trailer axle market. Recessions can negatively impact the market.
Social: Rising e-commerce is increasing freight transportation needs. This fuels demand for trucks, trailers, and their components like axles.
Technological: Advanced trailer axles are being developed using stronger and lighter materials like aluminum to improve payload capacity and fuel efficiency. Electric axles are gaining attention.

The regions of North America and Europe hold major shares of the global trailer axle market in terms of value. North America has extensive road freight transportation for shipping a variety of goods including construction materials. Europe has stringent vehicle regulations which spur innovation in trailer components including axles.

The Asia Pacific region is poised to be the fastest growing market for trailer axles during the forecast period. This is attributable to rising industrial and logistics activities across developing nations like China and India. Expanding road networks coupled with growing international and domestic trade volumes is propelling the regional demand for commercial vehicles and corresponding trailer axle requirements.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.