LONDON--(BUSINESS WIRE)--The global truck axle market is expected to grow by USD 4.15 billion during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Vendors are consistently focusing on improving the product by increasing the efficiency, accuracy, and cost-effectiveness of the production process. Recent advancements in manufacturing technologies are effectively addressing these issues. For example, the use of a double-ended axle machine allows the welding of the complete axle in one cycle, thereby reducing one-eight of cycle time. It also improves the accuracy of the manufacturing process. The adoption of such advanced manufacturing technologies will drive the growth of the global truck axle market.
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As per Technavio, the increasing popularity of the e-axle system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Truck Axle Market: Increasing Popularity of E-Axle System
Electric truck manufacturers are integrating electric motor into the rigid rear axle to reduce the overall weight of the vehicle. This is crucial in improving the efficiency and driving range of electric trucks. The e-axle systems are designed to drop-in to existing suspension, which makes it easier to fit in any truck structure. Moreover, it provides extra space that can be used for the installation of a battery to extend the vehicle’s range. The rising popularity of the e-axle system is expected to boost the growth of the global truck axle market during the forecast period.
“Development of modular rear axle system and the development of intelligent truck axle are other factors that will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Truck Axle Market: Segmentation Analysis
This market report segments the global truck axle market by applications (light-duty trucks, heavy-duty trucks, and medium-duty trucks) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the high volume adoption of medium and heavy-duty trucks in the region.
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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
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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