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Trailer Axle Industry Analysis and Forecast 2024
Trailer Axle Industry Analysis
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
Expansion of the transportation industry is expected to drive the trailer axle market. The transportation industry encompasses the movement of goods and people from one location to another. It involves various modes of transportation, including road, rail, air, water, and pipelines. Trailers, often attached to trucks and other transport vehicles, require durable and technologically advanced axles to ensure smooth and safe journeys. For instance, in February 2023, according to Zippia, US-based provides a career exploration solution, The U.S. transportation industry is worth $1.36 trillion as of 2022. Therefore, the increasing prominence of the automobile market will drive the trailer axle market.
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.
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Major Key Players of the Market:
DexKo Global Inc., Meritor Inc., BPW Bergische Achsen KG, Guangdong Fuwa Engineering Group Co. Ltd., JOST Werke AG, SAF-Holland S.A., Hendrickson Holdings LLC, Shandong Huayue Vehicle Parts Co. Ltd., TND Trailer Axle Co. Ltd., Schmitz Cargobull AG, York Transport Equipment (Asia) Pte Ltd., Dexter Axle Company, American Axle & Manufacturing Inc., Jiangling Motors Corporation Group Co. Ltd., Dana Incorporated, ZF Friedrichshafen AG, Redneck Trailer Supplies, Lippert Components Inc., Al-Ko Kober SE, GKN Wheels & Structures Ltd., TSE Brakes Inc., Haldex AB, AxleTech International SAS, Tuthill Transfer Systems, Ingersoll Axles Corp., Torsion-Flex, Rockwell American, Hayes Axle Inc., Timbren Industries Inc., Southwest Wheel Co., Kodiak Trailer Components Inc., Tie Down Engineering Inc.
Trailer Axle Market 2024 Key Insights:
• 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%.
• Driving The Future The Trailer Axle Market Accelerates With The Global Surge In Automobile Demand
• Technological Advancements Reshape The Landscape Of The Trailer Axle Market
• North America was the largest region in the trailer axle market in 2023
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