The Trailer Axle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Trailer Axle Global Market Report 2024, The trailer axle market size has grown strongly in recent years. It will grow from $4.07 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to growing transportation and logistics industry, demand for specialized trailers, stringent emission regulations, focus on fuel efficiency, safety regulations.
The trailer axle market size is expected to see strong growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to demand for electric and hybrid trailers, green initiatives and sustainability, integration of advanced safety features, focus on lightweight materials, adoption of predictive maintenance. Major trends in the forecast period include customization for urban mobility, integration of telematics and iot technologies, durable and low-maintenance designs, adoption of disc brakes over drum brakes, partnerships for innovation.
The rising prominence of the automobile market is expected to drive the trailer axle market. The growing economy and rising standard of living have changed purchasing power, and increased the demand for automobiles. Moreover, due to COVID-19, there is a sudden increase in demand for personal mobility worldwide. The surge in automotive demand has led to increased production and demand for trailer axle. For instance, in April 2022, according to a report published by European Automobile Manufacturers Association, 79.1 million motor vehicles were produced worldwide in 2021, a 1.3% increase over 2020. Therefore, the increasing prominence of the automobile market will drive the trailer axle market.
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The trailer axle market covered in this report is segmented –
1) By Axle Type: Single Axle, Tandem axle, Three or more than three-axle
2) By Trailer Type: Dry van and box , Refrigerator, Chemicals and Liquid, Tippers, Flatbed, Other Trailers
3) By Application: Lightweight Trailers, Medium-weight Trailers, Heavy Trailers
Technological advancement is a key trend in the trailer axle market. Major players in the trailer axle market are innovating new technologies, such as e-axle, to sustain the market. An e-axle combines one or more electric motors with power-control electronics, two- or three-speed reduction gearing, and the axle’s center. For instance, in 2022, Woolworths Group, a Sydney-based retailer, conducted testing of Australia’s first “”e-axle trailer,”” which produces electricity using the kinetic energy of its axle and wheels. A battery that can power the refrigeration system and reduce diesel consumption is fueled by the electricity produced by the trailer’s axle and wheels.
The trailer axle market report table of contents includes:
1. Executive Summary
2. Trailer Axle Market Characteristics
3. Trailer Axle Market Trends And Strategies
4. Trailer Axle Market – Macro Economic Scenario
5. Global Trailer Axle Market Size and Growth
…………….
31. Global Trailer Axle Market Competitive Benchmarking
32. Global Trailer Axle Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Trailer Axle Market
34. Trailer Axle Market Future Outlook and Potential Analysis
35. Appendix
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