Truck Wheel-end Market: Introduction
- The wheel-end components of an automobile function as a system in a synchronized manner to keep the wheels in place and the tires running straight and true
- The truck wheel-end system consists of the hubcap, seal, inboard and outboard bearings, spindle nut, and other components. Modern components of truck wheel-end systems also provide drivers with operational data of wheels, which enables drivers to avoid failure or breakdown of vehicles that can result in potential economic losses.
Key Drivers of Truck Wheel-end Market
- Trade activities are increasing across the globe due to globalization and continuous expansion of companies across multiple locations. Statistics of World Trade Organization stated that global trade activities rose by 1.2% in 2019 and are predicted to rise hereafter, although witnessing a drop in 2020 due to COVID-19 pandemic. This rise in trade activities has increased the demand for commercial vehicles for transportation of goods. For instance, Ashok Leyland witnessed a growth of 23% in sales of trucks for the month of November 2020 with a total of 4,238 units sold compared to 3,447 units sold in the corresponding period last year. This rise in sale of trucks amidst growing trade and transportation activities is driving the truck wheel-end market across the globe.
- Trucking industry is witnessing rapid developments in terms of technology, practices, and regulations. Government authorities have introduced lucrative vehicle loans for commercial automobiles. New associations are being formed, such as Modernize the Truck Fleet Coalition of the U.S., which are striving to streamline the expansion of the trucking industry. These factors are further boosting the number of operational truck fleets and subsequently, propelling the global truck wheel-end market.
Impact of COVID-19 pandemic on Truck Wheel-end Market
- The outbreak of COVID-19 pandemic has disrupted automotive supply chains, thus creating a shortage of raw materials and components. Furthermore, the lockdown imposed by several governments hindered cross-border as well as local trade activities worldwide. These factors severely hampered the production and sales of trucks, and this slump is expected to prevail in next few years. According to IHS Markit, global market for new trucks may see a further decline of greater than 9% in 2021. This drop in demand for trucks has hampered the global truck wheel-end market. However, governments are lifting restrictions and companies are restarting their operations with precautionary measures. Moreover, vaccination drives have been initiated across multiple countries, which is restoring the automotive sector. These recovery measures are anticipated to re-establish the projected expansion of the global truck wheel-end market in the next few years.
Europe and North America to hold significant share of global truck wheel-end market
- North America and Europe dominated the global truck wheel-end market in 2019 due to a well-established and prominent trucking industry in these regions. Multiple trade agreements with various countries have fueled the demand for trucks and the miles driven per truck, which in turn is propelling the demand for wheel-end solutions in OEM as well as aftermarket segments.
- The market in Asia Pacific is anticipated to expand considerably during the forecast period due to a rise in industrialization in countries such as China, India, Japan, and South Korea, which in turn is propelling the demand for trucks for transport activities and boosting the truck wheel-end market in the region
Key Players Operating in Truck Wheel-end Market
The global truck wheel-end market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the truck wheel-end market are:
- Accuride Corporation
- Amsted Seals
- BPW Bergischeachse limited partnership Ohlerhammer
- Consolidated Metco, Inc.
- CRAFT bearings JSC
- JTEKT Corporation
- NSK Ltd.
- RevHD, LLC.
- STEMCO Products Inc.
- THE TIMKEN COMPANY
Global Truck Wheel-end Market: Research Scope
Global Truck Wheel-end Market, by Type
Global Truck Wheel-end Market, by Components
- Inboard Tapered Bearing
- Outboard Tapered Bearing
- Hub Unit
- Spindle nuts
- Others (Tyre Pressure Monitoring system, Wheel-end Monitor, etc.)
Global Truck Wheel-end Market, by Truck Type
- Light-duty trucks (2 or 3 axle)
- Heavy-duty trucks (4 or more axle)
- Trailer Trucks (3 or more axle)
Global Truck Wheel-end Market, by Sales Channel
Global Truck Wheel-end Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Interested in this report?
Get a FREE Brochure now!