With the steady increase in production of commercial vehicles in the past few years, is acting as the primary driving factor behind the rise of the HCV axles market. This can be attributed to the essentiality of axles in the weight bearing power transmission functions in the vehicles.
Electrically powered vehicles are increasingly gaining higher levels of traction in the automotive market and as such, the number of commercial vehicles operating on electricity is also growing rapidly, with 1.5 million being sold in 2016 alone. Players are presently integrating the electrical energy power houses of heavy commercial vehicles directly to the axles to improve the efficient use of power output thus generated. With the increasing adoption of electric commercial vehicles e-HCV axles are also anticipated to see improved growth.
Demanding usage of HCV axles, including applications for rough terrain and higher weight loads have resulted in the dynamic load designs that allow improved weight bearing abilities without compromising on performance. Variations in chassis design has also pushed the HCV axles market into developing newer configurations that are flexible enough to handle a number of different applications with the appropriate housing options.
Improvements in light weight production materials for the different components of HCV axles is also anticipated to push up market growth with enhancements in fuel efficiency and durability.
Key market players including BRIST Axle Systems SRL, American Axle & Manufacturing Inc. and Dana Ltd., are increasing focus on design improvements to boost performance under different usage conditions to attract business.
In addition, HCV axle manufacturers are also partnering with original equipment manufacturers to achieve better customization and to cut down on overhead costs.
Both, the United States and China are anticipated to lead the heavy commercial vehicle axles market in the production aspect owing to the presence of numerous key market players in these regions, and lower component costs.
A recently growing automobile manufacturing industry in South America, particularly in Brazil and Mexico is expected to give players in the HCV axles market lucrative opportunities for growth. Also, recently implemented norms to increase axle loads for heavy commercial vehicles in India is also anticipated to provide lucrative opportunities for players in the HCV axles market in the country.
On the other hand, the recently increased trade tensions between China and the United States is anticipated to act as a major constraint for the growth of the global HCV axles market by restricted import and export activities.
HCV axles can be largely categorized on the basis of weight carrying capacity, sales channel, type of heavy commercial vehicle, and product type. On the terms of weight carrying capacity, HCV axles can be divided into more than 14 tons, 8-14 tons, and less than 8 tons. On the basis of sales channel, HCV axles can be segregated into aftermarket sales and OEMs. On the basis of HCV type, HCV axles can be divided into Semi trailers, straight trucks, fire trucks, dump trucks, buses, and others. On the terms of product type, HCV axles can be divided into Stub, rear wheel, front wheel, lift, and tandem axles.
The report on the HCV axles market provided here displays complete regional and global level analysis to identify and make use of essential information, supported by research on numerous business aspects including lucrative opportunities and competitive scenarios.
The report has been complied using first-hand information on the global HCV axles market on a qualitative and quantitative basis on factors such as market trends, economy, and market attractiveness, as derived through interactions with prominent industry experts.
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