According to a new market report published by Credence Research Inc “Heavy Axles Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2024, the global heavy vehicle axle market was valued at US$ 10.7 Bn in 2016, and is expected to reach US$ 14.8 Bn by 2024, expanding at a CAGR of 4.2% from 2016 to 2024. Rising construction as well as mining sectors is the most prominent factor propelling the growth of heavy axles in the emerging markets. With the steadily rising demand for heavy equipment used across the sectors, the overall market for related components and equipment is expected to continue witnessing robust growth in the coming years. Subsequently, the market for heavy axles is projected to undergo strong growth in the coming years. Moreover, increasing mechanization of agricultural operations in emerging economies such as India, China, Brazil, South Africa, Russia and others is driving the demand for agricultural machineries.
As of 2016, the global heavy vehicle axles market is dominated by the rear axle segment. The segment contributed nearly 61.9% of the total market volume. This is due to the fact that most of the heavy off-highway vehicles have rear axle as their drive axle. The overall rising trend of constructing multiple wheel-ends for better efficiency and load stability, the rear axle segment growth is expected to remain strong throughout the forecast period. Contrarily, due to limited use of front axle as a drive axle (typically in 4-wheel drive) the segment share is expected to remain low throughout the forecast period.
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On the basis of operation, the overall heavy axles market in India is led by driven axles. As of 2016, the segment contributed to over 53.3% of the overall market. High volume share is attributed to the fact that most of the off-highway vehicles have multiple driven axles. Subsequently, the segment is estimated to continue its dominance in the market throughout the forecast period.
In Application, agricultural machineries represents the largest application segment and is expected to maintain its domination position through the forecast period. This is primarily attributed to rising mechanization of agricultural operations across the world and steadily increasing production of agricultural machineries. Construction and mining machineries segment also represent attractive opportunities due to improving outlook of construction and mining industries.
Asia Pacific is the largest regional market for heavy axles followed by North America and Europe. Asia Pacific expected to maintain its domination position through the forecast period 2017 – 2022 with increasing production of agricultural and construction machineries in China, India, Japan and other countries in the region.