In a recent business intelligence study, FactMR presents the nitty-gritty of the global wheel axle market considering 2014-2018 as the historic year and 2019–2029 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting wheel axle market development. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume. The wheel axle market study outlines the key regions – Latin America, North America, MEA, Europe and APEJ – along with the countries contributing the most in the respective regions.
The global wheel axle market is projected to grow at a value CAGR of more than 3% between 2019 and 2029, surpassing a valuation of US$ 87 Billion by the end of 2029. The logistics industry has been experiencing a boost owing to disruptions in the industry such as block-chain technology, digitalization, and the trend of third & fourth-party logistics. The demand for wheel axle has flourished owing to an increase in production and sales of commercial vehicles. Besides, developed countries are privatizing train transportation, allowing private players to operate in the railway transportation business which has bolstered the wheel axle market. The trend of privatization of trains is being followed by other countries as well. India & UK have started incorporating private sector players in the train transportation business. Increasing demand from the logistics industry has resulted in an increased production of freight vehicles, which has further boosted the demand for wheel axle globally.
Key Takeaways of Wheel Axle Market
Global wheel axle market is expected to grow at a value CAGR of 3.2% to be valued at more than US$ 87 billion by the end of forecast period (2019 – 2029). In the year 2019, it was valued at US$ 63.6 billion. Passenger car end use is anticipated to accumulate the majority share in terms of value and it is expected to grow at a value share of 2.9% during the forecast period. Heavy commercial vehicle segment is projected to grow at volume CAGR of 3.5% to create absolute $ opportunity of more than US$ 5 billion and it is expected to gain 148 BPS into its market share by the end of forecast period. Wheel axle with drive torque between 300 – 600 Nm is expected to hold more than 33% market share in terms of value and it is projected to grow by 1.5X more than wheel axle with drive torque between 600 – 900 Nm. Asia Pacific is projected to create an absolute $ opportunity of more than US$ 12 billion and is expected to hold maximum share in terms of value in the global wheel axle market by the end of the forecast period.