Global Statistics Representing Truck Fender Market Scenario
A fender is one of the automobile components that help in reducing the aerodynamic drag acting on a vehicle, increasing fuel efficiency. Additionally, the enforcement of various government regulations and policies to decrease greenhouse gas emission and upsurge fuel efficiency has significantly increased the demand for fenders, thereby boosting market growth.
The global truck fender market was valued at USD 3721.9 million in 2018 and is expected to reach USD 5252.2 million by 2026 with an anticipated CAGR of 4.5% during the forecast period, 2019–2026.
The global truck fender market is segmented by type and application.
Based on type, the truck fender market can be segmented into single-axle fender sets, multiple axle fender sets, and others. The multiple axle fender segment is expected to witness a high growth rate in the truck fender market as the significant growth of transportation and logistics, mining, and retail sectors in developing countries such as China and India has raised the demand for multi-axle trucks. Moreover, top transportation end-use sectors such as e-commerce, pharma, and durables companies are adopting less than 5 year old trucks to ferry goods. Furthermore, the increasing number of substantial infrastructure projects such as road expansion, rural development, and smart cities development has increased the demand for multi-axle trucks and tippers.
Based on application, the truck fender market can be segmented into OEM and aftermarket. The OEM segment is witnessing considerable growth in the truck fender market, owing to advancements in heavy vehicles such as autonomous vehicle technology, increased vehicle connectivity, and others, which are expected to generate new opportunities for high-priced aftersales services for trackmaker OEMs.
Geographically, the truck fender market has been segmented into Asia-Pacific, North America, Europe, and Latin America and the Middle East & Africa.
North America is expected to hold the largest share in the global truck fender market due to the strong reliance on heavy vehicle transportation for freight movements among the point of production, consumption, and suppliers’ market. According to the Energy Information Association’s (EIA) Annual Energy Outlook (AEO), HD trucks consume about 20% of the fuel for transportation in the U.S., and this share is expected to reach almost 30% till 2050. Furthermore, the construction of new trucks and trailers should meet certain standards, out of which tail lights, mudguards, and fenders are significant components in the lighting section.
Europe is anticipated to hold the second-largest share in the global truck fender market during the forecast period (2019–2026); this is attributed to rapid growth in the sales of heavy commercial vehicles (HCVs) of 16 tons and over, despite the slowdown observed in December 2018. About 311,959 new HCVs were registered across Europe, i.e. 3.4% more as compared to 2017. Country-wise, only the United Kingdom (-5.4%) and Spain (-4.2%) suffered a decline for heavy trucks, more likely due to fluctuating fleet buying cycles and ongoing falls in business confidence. Additionally, rapid adoption of drive fenders in heavy vehicles allows better airflow control, reducing overall aerodynamic drag and enabling top speed and excellent mileage.
The Asia-Pacific global truck fender market was valued at USD 1,360.3 million in 2018 and is expected to reach USD 1,898.6 million by 2026 with a CAGR of 4.3% during the forecast period, 2019–2026. The truck fender market in China is primarily driven by strong sales of heavy trucks in 2017 and concurrent steady growth in the manufacturing sector. Additionally, in the medium & high commercial vehicle (MHCV) segment, fleet operators are increasingly favoring trucks carrying higher rated loads to benefit their operating profit, which will propel the truck fender market during the forecast period 2019–2026. Moreover, the emergence of Goods and Service Tax (GST) in India has also fueled daily transportation activities as the average daily distance covered by trucks is nearly three times higher than pre-GST times. These factors are expected to drive the growth of the truck fender market.
Latin America is expected to witness significant growth during the forecast period (2019–2026) due to the favorable environmental and financial initiatives adopted by private and government organizations that have increased the sales of heavy trucks in Brazil. For instance, the project “EconomizAr” provides free technical support to the highway transportation sector, aiming to rationalize diesel consumption and improve air quality. Furthermore, earlier in 2017, Volkswagen increased truck and bus production at its Brazilian plants. Volkswagen holds a leading position in the trucks and bus market in Brazil with a market share of about 38%.
The Middle East and Africa are expected to witness steady growth in the truck fender market during the forecast period (2019–2026); this is attributed to favorable environmental and financial initiatives adopted by private and government organizations have increased the sales of heavy trucks in Brazil, which, in turn, is fueling the truck fender market growth. For instance, project “EconomizAr” provides free technical support to the highway transportation sector aiming to rationalize diesel consumption and improve air quality.
Some of the key players in the global truck fender market are Jonesco (Preston) Ltd., Hogebuilt, Inc., Minimizer LLC., ACE Manufacturing Inc., W.T.I Truck Accessories (Watt Trucking, Inc.), and Jones Performance Products.
Future Developments in Truck Fender Market
Truck Fender Market Segmentation
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