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.
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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
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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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.