The global trailer axle market is predicted to expand at a CAGR of 5% during the forecast period of 2023 to 2030. Axles sustain the vehicle's weight and turn the wheels. It's a vital car part that might be front, rear, or stub. The vehicle's steering wheel regulates the axle's movement. It's used in cars, trucks, trailers, buses, etc. Trailers have torsion and leaf spring axles. Spring axles support the trailer and weight via a spring. Springs are cheap and easy to repair. Torsion axles have a rubber-encased square spindle along the length of the axle. The rise of the automotive and transportation industries, the introduction of e-axles in trailers, and the adoption of emission restrictions for transport refrigeration units have accelerated the global market for trailer axles. The growth of the axle market is hindered by fluctuating raw material costs. Increased use of lightweight materials in axle manufacture is also expected to boost growth over the forecast period.
In recent years, the transportation and automotive industries have undergone upheavals and a technological revolution. In reaction to the deteriorating climate, automakers have produced e-axles for electric vehicles and trailers. E-axles reduce pollutants, carbon footprints, and generate power through regenerative braking.The expansion of e-commerce has increased e-commerce businesses' reliance on transportation logistics service providers. These suppliers deliver items through warehouses and distribution centres, vital for e-commerce businesses. Due to its load-carrying capabilities, logistics organisations that ship LTL and FTL freight are using trailers. Trailers have a lower cost per tonne per kilometre than rigid trucks, which boosts their use in logistics. The growth of the automotive and transportation industries drives the trailer axle industry.
Medium- and heavy-duty cars and trailers are starting to use electric axles. E-axles reduce maintenance costs, fuel consumption, and vehicle emissions. An electric axle in a trailer absorbs energy from rolling down the road and charges an onboard lithium-ion battery. This is done by using a trailer's kinetic energy.Because of environmental concerns, automakers worldwide are emphasising electrification. E-axles are increasingly used in trailers. Several trailer manufacturers are introducing E-axles to reduce carbon footprints. The trailer's axles and wheels turn kinetic energy into electricity to power it. E-axles in trailers will promote growth in the trailer axle market.
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Reefer trailers are used in the manufacturing of chemicals and medications. These trailers convey food. Reefer trailers have refrigeration equipment to keep perishable items fresh till delivery. Reefer trailers use a lot of fuel since their refrigeration systems must run continually to keep food fresh. Some nations have established new refrigerated unit emission regulations for trucks and trailers. CARB released recommendations for TRU operation in 2023. New regulations require the use of refrigerants with lower global warming potential, a transition to zero-emissions for diesel-powered tractor-trailer units (TRUs), and a standard for particulate matter emissions from newly manufactured non-truck TRU engines (on trailers, domestic shipping containers, railcars, and generator set units). By December 31, 2023, all newly produced truck TRUs, trailer TRUs, and domestic shipping container TRUs must utilise a refrigerant with a global warming potential of 2,200 or less, or no refrigerant at all. It's now required.New requirements for TRUs in trailers will boost demand for new and improved trailers, expanding the market. Implementing emission regulations for transport refrigeration units is expected to boost the trailer axle business.
Global environmental concerns are increasing demand for trailer axles. Axles lower fuel and emissions costs. Decreased transportation costs, a growing logistics industry, and an increase in trailer axle carrying capacity further boost sales in emerging countries.Automobile manufacturers must create revolutionary lightweight materials to boost fuel efficiency, reduce vehicle weight, and comply with environmental laws and policies. A 10% weight reduction can improve fuel economy by 6% to 8%.
Because of this, companies that create trailer axles use lightweight materials like magnesium, aluminium, and glass-fibre reinforced polymer. The lightweight axle will reduce vehicle and trailer weight, which will minimise the vehicle's gas consumption.Construction trailers are used to transport machinery, equipment, and raw materials, among other things. Increasing construction output is expected to boost the trailer axle market. With construction's rapid expansion, trailer and axle producers have a significant market. High load-bearing capability that's also transportable will drive trailer axle demand in the building industry.
Leading market participants should be able to produce cheap, fuel-efficient, and lightweight products to meet the growing demand for fuel-efficient cars. The development of lightweight materials for axle construction, including as magnesium, aluminium, steel, and GFRP, is expected to fuel market growth. This is a big opportunity for trailer and axle makers. Because of its load-bearing ability, trailer axles will remain popular in the construction industry. This will affect trailer axle demand. Building and urbanisation are expected to moderately impact the trailer axle market throughout the projected period.
Multi-axle trailers led 2021 sales. Adjustable axle lines allow for ODC loading. Multi-axle trailers are versatile because their axles may be connected and detached. Each axle can carry 15 tonnes. It's agile, stable, mobile, and safe.Governments worldwide are promoting electric and hybrid automobiles. Electric and hybrid vehicles are expected to grow the market. The auto industry is also developing lighter, smaller, more fuel-efficient axles. Technical innovation has expanded the adoption of lightweight axles, which increase efficiency and lower the weight of hybrid, electric, and commercial vehicles, promoting market growth. Aftermarket services like axle maintenance and replacement create new business prospects.
North America dominated the trailer axle market. Demand for tractor-trailer trucks in the U.S. is a key driver of economic growth in this region. Popularity of the car market overall also boosts demand in this region. The global market for trailer axles is expected to grow in Asia-Pacific. India and China would likely increase the demand for trailer trucks to move goods. Demand for trailer axles will rise globally.
Cost consciousness and rising operational expenses are forcing manufacturers to decrease trailer axle production, maintenance, and repair costs. Older trailer axles are more expensive. Due to their complex braking and suspension systems, axles are difficult to maintain. They also need regular lubrication and other maintenance. Trailer axle manufacture and installation costs vary by application. Customized trailers require more resources and materials. Custom trailer axles cost more than standard ones. The inputs cost more. Manufacturers are under constant pressure to enhance trailer axles since they reduce transportation costs, time, and load capacity. Manufacturers seek to create efficient, easy-to-maintain, and cost-effective trailer axles. The report on the global trailer axle market analyses major market players like BPW Group, Dana Incorporated, DexKo Global Inc., GuangZhou TND Axle Co., Ltd., Hendrickson Corporation, American Axle & Manufacturing, Inc., Dexter Axle Company, Hitachi Ltd., SAF-Holland, Schmitz Cargobull, Shandong Huayue, ZF Friedrichshafen AG, and others. Market participants have used joint ventures, partnerships, expansion, and collaboration to increase their market shares.
