Global Commercial Vehicle Axles Market Overview:
The axles are central shafts that connect to the wheels and are an important component of your commercial vehicle. They usually rotate with the wheels. Every commercial vehicle must have axles in order to operate because they control the power that propels the wheels. The type of vehicle determines the number of axles in a commercial vehicle. Commercial vehicles typically have two axles to rotate the wheels. Larger commercial vehicles, with more passengers and wheels, may have more axles. Most commercial vehicles have four tyres in total, or two sets, one in front and one in back. Two axles are equal to two sets of tyres. A number of factors determine a commercial vehicle’s axle type. Some commercial vehicles have axles that are pre-designed in standard sizes. Others have axles that are tailored to the vehicle's needs and specifications. Customized axles work best for cars because they provide more personalised control over the wheels. These axles can fine-tune the speed and torque of the wheels.
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- Rising Demand for Commercial Vehicles has Been Driving the Market Growth.
- High Maintenance and Operating Cost of Commercial Vehicles is Restraining the Market Growth.
- The Growing EV Market is Bringing More Opportunities for Commercial Vehicle Axle’s Market Growth.
- The Fluctuating Cost of Raw Materials has Been Challenging for Market Growth.
To entice more end users, market players are focusing on providing Commercial vehicle axles of higher quality while adhering to all regulatory standards. In the global Commercial vehicle axles System market, there are numerous large and small-scale manufacturers. They are also concentrating on the implementation of numerous advanced technologies. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The Commercial vehicle axles market is currently expanding due to the increasing number of technological advancements in electric vehicles. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions.
Some of the key players profiled in the report are American Axle & Manufacturing (United States), Meritor (United States), DANA (United States), Benteler (Germany), RABA (Hungary), Axle Tech International (United States), SAF Holland (Luxembourg), PRESS KOGYO (Japan), Korea Flange (South Korea) and Ankai Futian Shuguang (China). Considering Market by Material, the sub-segment i.e. SAE grade 41xx steel will boost the Commercial Vehicle Axles market.
Latest Market Insights:
In May 2022, Meritor, Inc. announced that its shareholders have voted to approve the previously announced pending acquisition by Cummins Inc. at a special meeting.
AAM launched 17 product programs for global customers in 2020 including electric drive in China, front and rear axles on full-size pickup trucks, and EcoTrac systems on a minivan. The total portfolio of new businesses launched from AAM's backlog in 2020 serves a broad and diverse customer base with innovative and quality technologies that continue to meet global market trends.
Federal Size Regulations for Commercial Motor Vehicles by the U.S. Department of Transportation Federal Highway Administration mentions that Semitrailers up to 53 feet may also operate without a permit by conforming to a kingpin-to-center of rearmost tandem axle distance of 40 feet and a kingpin-to-center of single rear axle distance of 38 feet. Semitrailers that are covered by 23 CFR 658.13 (g) may operate without a permit, provided the distance from the kingpin to the center of the rear axle is 46 feet or less. Semitrailers up to 53 feet in length may operate without a permit by conforming to a kingpin-to-rearmost axle distance of 40 feet 6 inches.
What Can be Explored with the Commercial Vehicle Axles Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Commercial Vehicle Axles Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Commercial Vehicle Axles
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Commercial Vehicle Axles market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Commercial Vehicle Axles market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Axle manufacturer, Automobile manufacturer, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.