LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global commercial vehicle axle market to grow at a CAGR of above 5% during the period 2018-2022, according to their latest report.
This market research report segments the global commercial vehicle axle market into the following applications (LC and M&HCV) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the rising demand for commercial vehicles in emerging countries as a key factor contributing to the growth of the global commercial vehicle axle market:
Rising demand for commercial vehicles in emerging countries
Axles form an integral part of commercial vehicles. The production and sales of commercial vehicle axles are highly dependent on the sales of commercial vehicles. Countries such as India and China are the main manufacturing hubs in the world. These countries deal with a large amount of inventory that must be delivered to various locations of interest, such as the port and warehouse. There is an increase in the road mode of freight transport due to the improved connectivity of motorways and insufficient rail network in emerging countries such as India and China. This is expected to drive the demand for additional commercial vehicles and encourage OEMs to produce more commercial vehicle axles.
According to a senior analyst at Technavio for automotive components, “The manufacturing processes of such vehicles entail the transportation of large amounts of heavy raw materials from the place of procurement to the place of manufacture. Also, factors such as rising levels of global urbanization, increasing pace of economic development, and progressing volumes of freight to be transported are contributing towards an increased demand for commercial vehicles during the forecast period.”
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Global commercial vehicle axle market segmentation
Of the two major applications, the M&HCV segment held the largest market share in 2017, accounting for nearly 51% of the market. However, by 2022, LCV is expected to surpass the M&HCV to become the leading segment, accounting for a market share of nearly 51%.
APAC was the leading region for the global commercial vehicle axle market in 2017, accounting for a market share of nearly 58%. By 2022, the Americas is expected to display the highest growth of nearly 2%.
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