This Heavy Truck Composite Component market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Heavy Truck Composite Component market.
For material overhaul, carriage and transport of bulk materials via heavy commercial vehicles, an able fabricated body is required to withstand heavy stress and abrasion exerted by the goods contained. To address this requirement, Heavy Commercial Vehicle OEMs have been fabricating the rear carriage via various types of composite materials ensuring durability under dynamic environments and load types. Rapidly growing industrialization, technical advancement and increasing consumer desire for more comfort, safety, heavy trucks for transportation and significant emphasis on energy efficient vehicle has led to noteworthy advancement in the global heavy-truck composite component market. Fiber reinforce plastic or fiberglass is used as a composite material for manufacturing heavy truck components such as interior components, roof, battery boxes and engine cover. Thermoset plastic resin is reinforced with glass fibers owning to fiber provides high strength, dimensional stability and heat resistance. Furthermore, some additive mix with fiber glass as a raw material product for provides color, surface finish and enhancing the properties such as withstanding and flame retardant. Owning to increasing light weight trucks high speed steel is also replaced by another extreme light composite material. Moreover, lightweight competence will be a key differentiator especially for premium OEMs in the coming years. The intelligent use and marketing of lightweight design can have a significant effect on the brand and the overall attractiveness of premium OEMs it. On the other hand, strength is the key requirement for steering, transmission. Interior parts, where light weight plastic is the predominant element today. As well, light weight plastic such as glass fiber is using for the windshield or screen as well for nonstructural body parts owing to its cost-weight ratio. Recently, BMW has started a project using carbon fiber for new electric vehicle, for reducing the weight of vehicle & enhance the driving dynamics. Over the past few years, using of carbon fiber has gained significant attraction in the heavy-trucks composite component market owing to manufacturer are using one piece carbon fiber component instead of a four-piece metal parts, allowing for a 30 percent weight reduction and a 60 percent reduction in its tooling cost. The future stance in the global heavy-truck composite component market is anticipated to remain optimistic & the market is anticipated to witness double digit CAGR growth over the forecast period.
Heavy-Truck Composite Component Market: Dynamics:
Increasing demand for heavy electric vehicle & cost reduction for electrification may increase the willingness to pay for extreme lightweight vehicle in the forecast period. Furthermore, government regulation related to carbon die oxide emission may lead to increase the global heavy truck composite component market over the forecast period. Furthermore, higher penetration of the extreme lightweight material in the automotive industry may be enforced by two potential factors such as demand for longer-range range-extended electric vehicles (REEVs) or a sluggish than the anticipated cost reduction for electrification may upsurge the noteworthy attention to the extreme lightweight material. On the other hand, tightening of CO2 regulations significantly in Europe may lead to an auxiliary increase in the penetration of the global heavy-truck composite component market since thereby a higher share of lighter vehicles and electric vehicles with recompensing lightweight measures will be required.
It is expected that high cost of carbon fiber expected to hinder the global heavy truck composite component market over the forecast period. Moreover, maintenance of carbon fiber is difficult as well damages can often not be seen through visual inspection and detection required ultrasonic, thermal or acoustic emission detection and x-ray imaging. All of these advanced technologies enforce potential investment cost on workshop and dealership. Furthermore, required trained machinist for detection, inspection and servicing of these damages.
For improving driving dynamic and fuel efficiency, heavy-truck composite component manufacture is extremely light weight material on the basis of class of vehicles. Luxury car manufacturer such as Mercedes-Benz, Audi and BMW is using light material for long-range range-extended electric vehicles (REEVs). It is expected to this trend will continue for heavy-trucks during the forecast period.
Heavy-Truck Composite Component Market: Key Participants:
Key Participants for the global heavy-truck composite component are following:
- KB Components
- Pagna Composites
- Continental Structural Plastics Inc.
- MW Industries, Inc. (MWI)
- Wausaukee Composites
- Bolwell Corporation
- Creative Composites Ltd.
- Wabash National Corporation
- Utility Trailer Manufacturing Company
- MFG Composite Systems Company
Heavy-Truck Composite Component Market: Region-wise Outlook:
North America is dominating the global heavy-truck composite component market, owning to increasing demand for fuel economic heavy truck for transporting of goods. Europe and Asia Pacific are followed by North America. The heavy-truck composite component market in North America regions is anticipated to grow with rising CAGR over the forecast period. In terms of revenue and Volume as the demand for energy efficient heavy trucks is projected to gain attraction over the forecast period in countries such as the U.S. and Canada. It is projected that Latin America and other region has significant share in the global heavy-truck composite component market in the forecast period.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Heavy-Truck Composite Component Market: Segmentation:
The global heavy-truck composite component market can be segmented on the basis of Application:
- Exterior Panels
- Hood assemblies, Fenders
- Cowl panels, Roofs
- Exterior trim
- Under Hood Panels
- Fan shrouds
- Windshield wiper housings
- Battery boxes/covers
- interior/exterior, Firewalls
- Engine covers
- Interior Panels
- chassis fairings
- Load floors
- Trim panels
The global heavy-truck composite component market cab be segmented on the basis of Material:
- High Strength Steel (HSS)
- Aluminum & Magnesium
The global heavy-truck composite component market can be segmented on the basis of components of truck:
- Conventional light weight material
- Moderate light weight material
- Extreme light weight material
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
Frequently Asked Questions
What research methodology is used to develop the Heavy Truck Composite Component Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Heavy Truck Composite Component Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
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In addition to up-to-date market figures and customized of the Heavy Truck Composite Component Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.