Global Commercial Vehicle Axle Market 2018-2022
About Commercial Vehicle Axle
An axle is a central shaft used for rotating the wheels. It provides rotary power to the wheels from the engines. It also bears the weight of the vehicle.
Technavio’s analysts forecast the Global Commercial Vehicle Axle Market to grow at a CAGR of 5.04% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global commercial vehicle axle market. To calculate the market size, the report considers the revenue generated from the adoption of Commercial Vehicle Axle in LCV segment.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Commercial Vehicle Axle Market 2018-2022
Technavio recognizes the following companies as the key players in the global commercial vehicle axle market: American Axle & Manufacturing, AXLETECH, Dana, Meritor, and SAF-HOLLAND.
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the growing demand for e-axles in commercial vehicles. There is a growing preference for e-axles in plug-in hybrid and battery electric vehicles, as these axles provide better load distribution, thereby improving fuel economy. OEMs are focusing on increasing fuel efficiency due to stringent emission norms and the growing popularity of fuel-efficient vehicles among the end-users.”
According to the report, one driver influencing this market is the rising demand for commercial vehicles in emerging countries. Increased connectivity of motorways and insufficient rail network in emerging countries such as India and China are driving road mode of freight transport. This is expected to drive the demand for additional commercial vehicles and induce OEMs to produce more commercial vehicle axles.
Further, the report states that one challenge affecting this market is the preference for freight trains to replace commercial vehicles for transportation. Freight transport by railways contributes far less emissions compared with road transport. Increasing preference for fuel-efficient and on-time transport for freight is driving the market for electric locomotive engines for freight transportation. Freight transportation by rail is estimated to be five times more fuel-efficient compared with freight transportation through road, as railways have the capacity to transport more cargo without being affected by traffic gridlock.
American Axle & Manufacturing