The market for heavy axles used in off-highway vehicles was valued at US$ 10.7 billion in 2016, with a CAGR of 4.2%, expected to reach US$ 14.8 billion by 2024. This rise in demand for heavy axles used in off-highway vehicles is primarily attributed to the rising demand for wheeled construction and mining equipment, supported by increasing investment in the construction and mining sectors. In addition, increasing mechanization of the agricultural sector to meet the rising demand for food and other agricultural production is influencing the production of agricultural machinery. All these factors represent a positive outlook for heavy axle manufacturers and vendors across the value chain of this industry.
The key factors influencing the growth of the heavy axle market are the increasing production of off-highway vehicles such as agricultural machines, construction and mining machines, and defense vehicles. This is primary research assisting the growth of the heavy axle market. In addition, advancements in driven axle technology are also expected to drive the growth of this market due to the rising demand for driven wheels. In order to increase the mechanization of agriculture, the governments of several countries have introduced several schemes to encourage farmers to buy agricultural machinery by offering attractive subsidies. This is increasing the demand for advanced agricultural machinery in emerging markets, which represents a positive outlook for heavy axle manufacturers.
The report also includes sections on the competitive profiling of the leading players in the heavy axles market, appealing investment propositions, and market positioning of key vendors to aid in strategic decision-making.
Other in-depth analysis provided in the report includes:
Current and future market trends to justify the forthcoming attractive markets within the heavy axle industry
Market influencing factors, market impediments, and their impact on market growth
Company profiles of leading players in the global heavy axle industry (including financial overview, product portfolio, recent developments, and major competitors)
Overall, the research study provides a holistic view of the global heavy axles market, offering market size and estimates for the period from 2014 to 2024, keeping in mind the above-mentioned factors.
The global market for heavy axles is classified into the following categories:
Wheel Style
Front Wheel
Rear Wheel
By Technology
Driven
Non-driven
By Region
North America
U.S.
rest of North America
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Rest of the World
Latin America
Middle East and Africa
Frequently Asked Questions:
The market for Heavy Axles Market is expected to reach US$ 14.8 Bn by 2024.
The Heavy Axles Market is expected to see significant CAGR growth over the coming years, at 4.2%.
The report is forecasted from 2016-2024.
The base year of this report is 2015.
AxleTech International, KG Industries Ltd., Meritor, Inc, Automotive Axles Limited (AAL), Dromos, SRL and Kessler + Co. are some of the major players in the global market.
