Europe Trailer Axle Market to Reach $2.83 Billion, by 2032 at 5.9% CAGR: Allied Market Research
Due to expansion of automotive & transportation industry, introduction of e-axle in trailers, and introduction of emission regulations for transport refrigeration units drive the growth of the Europe trailer axle market.
Wilmington, Delaware, Nov. 14, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Europe Trailer Axle Market By Trailer Type, Axle Type, Capacity, Application, Sales Channel, and Country. By trailer type, (dry van & box, refrigerator, chemical & liquid, tippers, flatbed, and others). By axle type (single axle, tandem axle, and three or more than three-axle). By capacity, (8,000 lbs, 8,000-15,000 lbs, 15,000-25,000 lbs, and more than 25,000 lbs.). By application, (lightweight trailers, medium-weight trailers, and heavy trailers). By sales channel, (original equipment manufacturer (OEM), and aftermarket). Region Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the Europe trailer axle industry size generated $1.60 billion in 2022, and is anticipated to generate $2.83 billion by 2032, witnessing a CAGR of 5.9% from 2023 to 2032.
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Prime determinants of growth
The Europe trailer axle market has experienced significant growth and transformation, driven by increasing demand for transportation services, stringent regulatory standards, technological advancements, and a growing focus on sustainability. These factors have shaped the market’s evolution, making it more dynamic and responsive to the changing needs of the transportation and logistics sector in Europe. Also, technological advancements, including e-axles and lightweight axles, are likely to shape the industry’s future, enhancing safety and efficiency.
Report Coverage & Details:
|Market Size in 2022||$1.60 billion|
|Market Size in 2032||$2.83 billion|
|No. of Pages in Report||211|
|Segments Covered||Trailer Type, Axle Type, Capacity, Application, Sales Channel, and Country|
|Drivers|| Expansion of the automotive and transportation industry
Introduction of e-axle in trailers
Introduction of emission regulations for transport refrigeration units
|Opportunities|| Increase in use of lightweight materials for manufacturing of axle
Rise in e-Commerce sector
|Restraints||Fluctuating prices of raw materials used for manufacturing of axles|
- The pandemic affected the movement of goods and the overall functioning of supply chains. Commercial road transport in Europe initially experienced a decrease in truck traffic. COVID-19 caused disruptions in the supply chains of various industries, including the automotive sector. The impact on the wider automotive supply chain is considered critical.
- The negative effect of the pandemic caused by the lockdown was that it hindered the movement of the whole transportation system including trucks, which impacted the trailer and trailer axle markets negatively in Europe market.
The dry van & box segment to maintain its leadership status throughout the forecast period
Based on trailer type, the dry van & box segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to these trailers provide added security to the material being transported. This keeps the contents enclosed in a container and protects them from weather elements and from any other security threats. However, the other trailer segment is projected to obvious the highest CAGR of 7.1% from 2023 to 2032, owing to increasing collaborations and developments by the key players operating in other trailers such as vehicle transporters, machinery carriers, medical trailers etc.
Key Highlights of the Report:
- The study on the Europe trailer axle market spans 14 countries, offering in-depth country and segment analysis for the projected period of 2023-2032 in terms of value ($million).
- Employing a research approach that integrates high-quality data, professional insights, and critical independent perspectives, this study aims to present a well-balanced view of global markets. The goal is to assist stakeholders in making informed decisions aligned with their ambitious growth objectives.
- To ensure a comprehensive understanding, the research meticulously reviewed over 3,700 pieces of product literature, annual reports, industry statements, and other comparable materials from major industry participants. This extensive examination enhances our insights into the market dynamics.
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The tandem axle segment to maintain its leadership status throughout the forecast period
Based on axle type, the tandem axle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to these trailers are more heavy-duty and generally larger in size compared to other axle trailers. This makes them more suitable for transporting heavier loads at higher speed such as landscaping products or firewood. However, three or more than three-axle segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032, owing to the greater load-carrying capacity and better off-road performance compared to other.
The 15,000-25,000 lbs. segment to maintain its lead position during the forecast period
Based on capacity, the 15,000-25,000 lbs. segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, rise in transportation of heavy equipment and machinery across the globe owing to an increase in road freight capacity for loading larger units in trailers. However, the more than 25,000 lbs. segment is expected to portray the largest CAGR of 6.3% from 2023 to 2032, owing to trailers with such type of capacity being used for steel coil transportation and other heavy industrial machinery.
The medium-weight trailers segment to maintain its lead position during the forecast period
Based on application, the medium-weight trailers segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to these are designed to transport cars, machinery, and other materials from one location to another which provides a smooth ride experience with good shock absorption and damping. However, the heavy trailers segment is expected to portray the largest CAGR of 6.4% from 2023 to 2032, owing to trailer manufacturers are launching new and improved heavy trailers for the utilization in several sectors such as rental, construction, and towing, which in turn is boosting the growth of this segment.
The OEM segment to maintain its lead position during the forecast period
Based on sales channel, the OEM segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to original equipment manufacturers focusing on the development and testing of new e-axle for trailers, which fuels the growth of the market. However, the aftermarket segment is expected to portray the largest CAGR of 7.7% from 2023 to 2032, due to introducing new methods to search and identify correct components for trailer axles in the aftermarket product range, which in turn is expected to fuel the market growth.
Rest of Europe to maintain its dominance by 2032
Based on country, Rest of Europe held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the players operating in the country like Netherlands, Sweden, Poland, Italy and other are focusing on R&D investments, acquisitions and mergers, and product innovation to strengthen their market presence. However, the UK country is expected to witness the fastest CAGR of 7.2% from 2023 to 2032, owing This geographical advantage has contributed to increased demand for trailers as the country serves as a vital logistics and distribution center. The demand for axles is closely tied to the expansion of the trailer manufacturing sector in country.
Leading Market Players: –
- American Axle and Manufacturing
- BPW Bergische Achsen KG
- DexKo Global
- Gigant GmBH
- Hendrickson USA, L.L.C.
- Jost Werke AG
- Meritor, Inc.
- SAF-HOLLAND S.A.
- Schmitz Cargobull
- ZF Friedrichshafen AG
The report provides a detailed analysis of these key players in the Europe trailer axle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Regional/ Country Specific Reports We Have:
Global Trailer Axle Market Research Report 2023-2032
U.S. Trailer Axle Market Research Report 2023-2032
North America Trailer Axle Market Research Report 2023-2032
LAMEA Trailer Axle Market Research Report 2023-2032
Asia-Pacific Trailer Axle Market Research Report 2023-2032
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