May 27, 2024
Global Trailer Axle Market

The Global Trailer Axle Market is Gaining Momentum by 4.7% CAGR Factors

Trailer axles are an important component used in trailers that connect the wheels to the main trailer frame. Trailer axles are designed to bear the load of the trailer and distribute it evenly across all wheels for smooth towing operations. The increasing demand for logistics and transportation of goods has augmented the demand for trailers across various industries, thereby driving the growth of the trailer axle market.

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

Key Takeaways

Key players operating in the global trailer axle market are 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, and Schmitz Cargobull AG. The growing e-commerce sector and increasing demand for trailers from various end-use industries such as logistics, construction, mining, agriculture, and automotive have been the major factors driving the growth of the global trailer axle market. Moreover, trailer axle manufacturers have been focusing on portfolio expansion and geographic footprint, which has accelerated the overall market growth.

The Global Trailer Axle Market Trends in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period, owing to the increasing industrial and infrastructure development activities and rapid urbanization in emerging economies such as China, India, Japan, and South Korea. North America and Europe are expected to retain their leading positions in the global trailer axle market during the forecast period due to the well-established logistics industry and growing transportation sector in these regions.

Market key Trends

Increasing research and development activities by major trailer axle manufacturers to develop advanced trailer axles with improved load bearing capacity and reduced weight have become one of the key trends observed in the global trailer axle market. Moreover, growing use of lightweight materials such as aluminum and composite materials for trailer axle manufacturing is expected to further drive the market growth during the forecast period. Trailer axle manufacturers are also focusing on electric axle integration and telematics technology to develop smart and autonomous trailer fleets, which is anticipated to open new growth avenues for the global trailer axle market in the forthcoming years.

Porter’s Analysis

Threat of new entrants: The Global Trailer Axle Industry has moderate threat of new entrants due to high initial capital requirement for infrastructure and R&D.

Bargaining power of buyers: The bargaining power of buyers is high due to presence of numerous established manufacturers providing substitute products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute components from different suppliers.

Threat of new substitutes: Threat of new substitutes is moderate as trailer axles have few alternatives for applications in truck trailers and semi-trailers.

Competitive rivalry: The competitive rivalry in the industry is high due to presence of key global and regional players offering differentiated products.

Geographical Regions

North America region accounts for the largest share in the global trailer axle market in terms of value due to high demand from the developed automotive and transportation industry in US and Canada.

Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rapid growth in the manufacturing and transportation sectors along with increasing infrastructure development activities in emerging economies like China and India.

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