LONDON–(BUSINESS WIRE)–Technavio analysts forecast the global truck axle market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
Technavio analysts forecast the global truck axle market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report.
The increase in the popularity of e-axle system is one of the major trends being witnessed in the global truck axle market 2019-2023. The developments in the e-axle system such as integrating electric motor with rigid rear axle in a single streamlined module help in enhancing the efficiency of electric vehicles. This system in electric vehicles permits the elimination of the propulsion system, which relies on a centrally positioned motor and propeller shaft to transfer power to rear wheels. These e-axles are designed to drop-in to existing suspension that helps it to fit in any truck structure.
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According to Technavio analysts, one of the key factors contributing to the growth of the global truck axle market is the improvements in supply chain strategies:
Global truck axle market: Improvements in supply chain strategies
Consolidation through acquisition in the automotive industry is pushing the automotive component manufacturers to enhance their supply chain strategies, which could reduce the procurement cost. The acquisition by an automotive component manufacturer positively affects the suppliers for those automotive component manufacturers. The automotive component manufacturers consolidate the supplier base and shift toward vendor managed inventory to decrease the inventory cost.
According to a senior research analyst at Technavio, “The truck axle manufacturers concentrate on supplier-vendor collaboration to enhance cost-effectiveness. The automotive component manufacturers partner with key global suppliers under the cost-reduction initiative ‘Should Cost’ business model, according to which, the supplier base and manufacturers agree on what should be the cost of the different components. This helps in eliminating the multiple negotiation rounds and could reduce cost.”
Global truck axle market: Segmentation analysis
The global truck axle market research report provides market segmentation by application (light-duty trucks, heavy-duty trucks, and medium-duty trucks) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The light-duty trucks segment held the largest truck axle market share in 2018, accounting for nearly 79% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The APAC region held the largest share of the market in 2018, followed by the Americas and EMEA respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario