The market for heavy axles used in off-highway vehicles was estimated US$ 12.94 Bn in 2020 which is expected to reach US$ 17.90 Bn by 2029 at a CAGR of 4.2% through the forecast period. This rise in demand for heavy axle used in off-highway vehicles is primarily attributed to rising demand for wheeled construction and mining equipment supported by increasing investment in construction and mining sectors. In addition, increasing mechanization of agricultural sector to meet rising demand of food and other agricultural production is influencing the production of agricultural machineries. All these factors represents a positive outlook for heavy axle manufacturers and vendors across the value chain of this industry.

The key factors influencing the growth of heavy axles market are the increasing production of off-highway vehicles such as agricultural machineries, construction and mining machineries and defense vehicles. This is primary research assisting the growth of heavy axles market. In addition, advancement in driven axle technology is also expected drive the growth of this market due rising demand for driven wheels. In order to increase the mechanization government of several countries have introduced several schemes to encourage farmers to buy agricultural machinery by offering attractive subsidy. This is increasing the demand for advanced agricultural machineries in emerging markets which represents positive outlook for heavy axle manufacturers.

1.1.1   USP and Key Offerings

The report titled “Heavy Axle Market- Growth, Future Prospects, and Competitive Analysis, 2021 – 2029” offers strategic insights into the overall heavy axle market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on type of wheel, technology and different geographies. The report include market estimates in terms of both revenue and volume for regional markets (North America, Europe, Asia Pacific and Rest of the world) as well as for major countries in the region. 

In order to assist in strategic decision making, the report also includes competitive profiling of the leading players in heavy axles market, attractive investment proposition and, and market positioning of key vendors sections. 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 the market growth
• In-depth competitive environment analysis
• Historical 3-Years market size data (2019 – 2021)
• Market Forecast for the period 2021 – 2029
• Market investment proposition – Key Investment Segments
• 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 treatment global heavy axles market, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above-mentioned factors. 

We have considered heavy axles used in following type of heavy vehicles:

• Agricultural Equipment
• Construction Equipment
• Mining Equipment
• Others (Aerospace, defense etc)

Agricultural equipment accounts for the largest application segment for heavy axles. Potential equipment used across agriculture sector includes high power tractors, baling equipment and harvesting equipment among others. Modernizing agricultural practices in emerging economies may significantly spur the production of such equipment in the coming years. Construction equipment is the second largest application segment for heavy axles. The demand for construction operations to meet residential, commercial and industrial development needs particularly in urban areas is expected to boost the demand for construction equipment globally. This is expected to increase the production of construction equipment manufactured across the world. A rise in the housing and commercial construction projects will boost the demand for construction equipment and in turns for heavy axles.

The global heavy axles market is classified into four major regions i.e. North America, Europe, Asia Pacific and Rest of the World (RoW). The Rest of the world is further classified into South America, Africa and Middle East.

Asia Pacific was the largest regional market for heavy axles in 2020 and expected to maintain its dominating position through the forecast period with increasing number of travelers particularly in India and China.

India is one of the largest tractor producers in the world and accounts for around 20% of the global tractor production. In 2020, India produced around 400,000 tractors out of this 350,000 units were sold in the domestic market and remaining were exported to Australia, Thailand, United States, Bangladesh, South Africa, Belgium and more than other 50 countries across the world. Heavy axles market in India is expected to witness considerable growth with increasing production of agricultural and construction machineries in the country.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Heavy Axles market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Heavy Axles market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Heavy Axles market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Heavy Axles market?
• Which is the largest regional market for Heavy Axles market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Heavy Axles market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Heavy Axles market worldwide?