Europe Trailer Axle Market Expected to Reach $ 2,831.7 Million by 2032-Allied Market Research

The Europe trailer axle market size was estimated at $ 1,605.2 million in 2022, and is projected to reach $ 2,831.7 million by 2032, registering a CAGR of 5.9% from 2023 to 2032.

The Europe trailer axle market has seen significant growth and change due to economic growth, increased infrastructure development, international trade and demand for efficient transportation solutions across various industries. Trailer axles are critical components designed to support and facilitate the movement of trailers within the transportation and logistics industry, which are non-motorized vehicles used for hauling various types of cargo. These axles are connected to a trailer structure and are in control for bearing the weight of the cargo, ensuring stability, and allowing for smooth and controlled movement when attached to a towing truck.

The demand for transportation and logistics services, which is influenced by economic activities and international trade, plays a pivotal role. As Europe continues to be a hub for trade and commerce, the need for efficient and reliable trailer axles to move goods from one location to another remains high. In addition, European regulations on emissions, safety, and vehicle weight restrictions have been evolving, necessitating axle designs that comply with these requirements. This has led to innovations in axle technology, such as lightweight and environmentally friendly options, to meet these stringent standards. Furthermore, the addition of smart and connected trailer systems, as well as improvements in axle design and materials, improve the efficiency and performance of trailers which becoming increasingly important in the market as companies seek to optimize their operations and reduce costs. Thus, such factors stimulus the Europe trailer axle industry during the forecasted period.

The Europe trailer axle market is segmented on the basis of trailer type, axle type, capacity, application, sales channel, and region. By trailer type, it is segmented into dry van & box, refrigerator, chemical & liquid, tippers, flatbed, and others. As per axle type, it is classified into single axle, tandem axle, and three or more than three-axle. Depending on capacity, it is fragmented into lower than 8,000 lbs, 8,000-15,000 lbs, 15,000-25,000 lbs, and more than 25,000 lbs. By application, it is divided into lightweight trailers, medium-weight trailers, and heavy trailers. According to sales channel, it is fragmented into original equipment manufacturer (OEM), and aftermarket. Country-wise, the report is analyzed across France, Spain, UK, Germany, Russia, and Rest of Europe.

The growth of the European trailer axle market is propelling, due to expansion of automotive & transportation industry, introduction of e-axle in trailers, and introduction of emission regulations for transport refrigeration units. However, fluctuating prices of raw materials used for manufacturing of axles and regulatory constraints are the factors restraining the growth of the market. Furthermore, increase in use of lightweight material for manufacturing of axle and rise in e-Commerce sector are the factors expected to offer growth opportunities during the forecast period.

In 2022, by considering the sales channel of the Europe trailer axle, OEM witnessed the leading market share. Moreover, in terms of axle type, the tandem axle segment is expected to witness leading growth and dominate the Europe trailer axle market share by the end of the forecast period. In addition, market participants are entering into acquisitions and contracts with end users such as trailer axle OEM to gain a competitive advantage in the European market. Germany dominated the market in 2022.

Germany, the UK, and France are expected to be the countries with high potential in the Europe trailer axle market. The Europe trailer axle industry is a fairly consolidated market with several number of players operating in the Europe region. The majority of the market participants are strategically involved in contract, expansion, investment, partnership, product development, and product launch activities.

On the basis of axle type, the Europe trailer axle market is divided into single axle, tandem axle, and three or more than three-axle. Three or more than three-axle segments will create lucrative growth opportunities due to the rise in demand for multi-axle trailer in vehicle transportation, wind & energy, construction, mining, and other heavy engineering equipment transportation, owing to the greater load-carrying capacity and better off-road performance compared to single and tandem axle trailer is one of the primary factors driving the segmental growth.

COVID-19 Impact Analysis

The pandemic has spurred discussions around sustainability and environmental responsibility. As governments and businesses prioritize green initiatives and emissions reductions, the trailer axle market has seen an increased focus on eco-friendly solutions, such as lightweight and electric axles. This aligns with the broader European push for a greener transport sector, contributing to a more sustainable future. The post-COVID-19 era has also driven innovation in the trailer axle market in Europe, with a growing interest in smart and connected trailer systems. These technologies enhance the monitoring and control of axles, improving efficiency and reducing maintenance costs.

Key Findings Of The Study

• By Trailer Type, the other segment is anticipated to exhibit significant growth in the Europe trailer axle market in the near future.
• By Axle type, the three or more than three-axle segment is anticipated to exhibit significant growth in the Europe trailer axle market in the near future.
• By Capacity, the above more than 25,000 lbs. segment is anticipated to exhibit significant growth in the Europe trailer axle market in the near future.
• By Application, the heavy trailers segment is anticipated to exhibit significant growth in the Europe trailer axle market in the near future.
• By Sales Channel, the aftermarket segment is anticipated to exhibit significant growth in the Europe trailer axle market in the near future.
• By Country, the UK is anticipated to register the highest CAGR during the forecast period.

Key players covered in the Europe trailer axle market report include American Axle and Manufacturing, BPW Bergische Achsen KG, DexKo Global, Gigant GmBH, Hendrickson USA, L.L.C., Jost Werke AG, Meritor, Inc., SAF-HOLLAND S.A., Schmitz Cargobull and ZF Friedrichshafen AG.

By trailer type, the dry van & box segment dominated the Europe market in 2022, in terms of revenue, and is expected to lead the market throughout the forecast period. By axle type, the tandem axle segment accounted for a major share in 2022. Based on the capacity, the 15,000-25,000 lbs. segment is anticipated to dominate the market over the forecast period. By application, the medium-weight trailers segment is expected to dominate the market over the forecast period. Based on the sales channel, the OEM segment is projected to dominate the market over the forecast period. At present, Rest of Europe is the highest revenue contributor, followed by Germany, UK, Russia, France, and Spain