Global Truck Axle Market 2019-2023
About this market
Development of intelligent truck axle to drive growth in the market. The demand for the increase in fuel efficiency is one of the important factors considered during the development of a new technology. Technavio’s analysts have predicted that the truck axle market will register a CAGR of over 4% by 2023.
Improvements in supply chain strategies
The strategies in the upstream side of supply chain would reduce the cost at all stages of value chain, which is expected to drive the global truck axle market.
High manufacture cost of medium and heavy-duty truck
The incorporation of advanced technologies in heavy-duty trucks is increasing the manufacturing cost, which is partially being transferred to the end-users. This is decreasing the sales of new trucks with high price, which affects the growth of the medium and heavy truck axle market.
For the detailed list of factors that will drive and challenge the growth of the truck axle market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including AXLETECH and Dana the competitive environment is quite intense. Factors such as the improvements in supply chain strategies and the development of intelligent truck axle, will provide considerable growth opportunities to truck axle manufactures. American Axle & Manufacturing, AXLETECH, Dana, Meritor, and SAF-HOLLAND GROUP are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Truck Axle Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the development of intelligent truck axle.”
According to the report, one of the major drivers for this market is the improvements in supply chain strategies.
Further, the report states that one of the major factors hindering the growth of this market is the high manufacture cost of medium and heavy-duty truck.
American Axle & Manufacturing
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