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Rockville, MD , Nov. 18, 2024 (GLOBE NEWSWIRE) -- According to a recently updated industry report by Fact.MR, the global wheel axle market is estimated to reach US$ 66.73 billion in 2024 and advance further at a CAGR of 4.1% from 2024 to 2034.
An axle is a central shaft for a rotating wheel that can be attached to the wheels, rotate with them, or remain stationary while the wheels rotate around it. This is a critical component of any wheeled vehicle and can be classified as front, rear, full-floating, or semi-floating axles.
In developing countries, rapid expansion of the industrial sector and improved logistics are constantly pushing the demand for commercial vehicles, driving up the market for wheel axles in parallel. Governments are focusing on expanding transit facilities due to population growth and urbanization, which is putting added pressure on the transport and automobile sectors.
Rolling stock, including locomotives, carriages, and wagons, is in substantial demand due to its high transportation capacity compared to other modes. The market is mainly expanding due to growth in the automotive and transportation industries, electric axles in trailers, and emission regulations for transport refrigeration units. East Asia and North America will be key regional markets for wheel axle sales, together accounting for around two-thirds market share throughout the next ten years.
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Key Takeaways from Market Study
- The global market for wheel axles is projected to expand at a CAGR of 1% from 2024 to 2034.
- The market has been forecasted to climb to a value of US$ 99.73 billion by the end of 2034.
- The market in the United States is expected to reach a value of US$ 7.53 million in 2024.
- Japan is projected to occupy a market share of 6% in East Asia in 2024.
- Revenue from the rail end-use segment is ...
