These beam axles are ideal for the vehicles carrying heavy and varying loads as they do not ever show any camber change as the suspension travels. The beam axles are majorly used in heavy duty trucks globally.
New York, NY -- (SBWIRE) -- 08/31/2017 -- The growth of beam axle market is dependent on the growth in the automotive sector. The global automotive sector is growing rapidly which is driving the demand for beam axle. The increase in the global population and urbanization have created the demand for buses, cars, HMVs etc. Automotive manufacturers across the globe are competing to position their product at the best. The growing requirement of consumers on vehicle comfort is creating the demand for automotive suspension systems, ultimately driving the beam axle market.
The consumers are looking for quality auto parts and components with low maintenance due to rising awareness about the automobile comfort and quality of automobiles. This trend is supposed to affect the global beam axle market over the forecast period. The economic conditions across the globe have revived and availability of various financing companies providing financial assistance to the customers have significantly increased the sales of automobiles. These factors are driving the growth of automobile industry which in turn expected to drive the beam axle market over the forecast period.
The political instability, economic turmoil, and civil wars in MEA region are expected to affect the growth of automobile industry in this region. These factors are projected to act as a restraint on the growth of beam axle market over the forecast period. The beam axle does not allow the independent motion of the wheels in response to a bump hence it reduces the ride quality and hence the use of beam axle in passenger cars is being replaced by the advanced suspension systems. The beam axle market is experiencing significant growth due to its increased use in heavy vehicles. The demand for axle beams in expected to increase in off-road vehicle segment over the forecast period. The global automotive market is optimistic in nature, is expected to grow and drive the global beam axle market over the forecast period.
The global beam axle Market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The global beam axle market is expected to register healthy CAGR over the forecast period. The APEJ region is expected to grow at higher CAGR during the forecast period. The availability of labor and other necessary resources at the low price in APEJ region is expected to drive the beam axle market in over the forecast period.
Growth in off-road vehicles for various applications such as mining, agriculture, forestry, and military are expected to drive the beam axle market. The increase in demand for heavy vehicles in North America region is expected to drive the beam axle market over the forecast period. Japan has a large number of automotive manufacturers which are projected to drive the beam axle market in this area over the forecast period. Latin America and MEA regions are experiencing a steady growth in the automobile industry. The growth in automobile industry in both these regions are expected to drive the beam axle market over the forecast period.
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Beam Axle Market: Key Players
Beam Axle market has several global players, some of the major stakeholders among them include: American Axle & Manufacturing, Inc., Knott-Avonride Limited, ARD Industries Ltd., Indespension ltd., VALX BV, Bharat Forge Ltd., Spicer India Private Limited.
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