(MENAFN- Straits Research)
A fender is one of the automobile components used to frame a wheel and prevent sand, mud, liquids, and other materials from being thrown into the air. The market is expected to witness remarkable growth, mainly in ASEAN regions due to the Connectivity 2025 plan, which is creating the need to improve the transportation and logistics sector in Indonesia effectively. The plan focuses on the expansion of physical (transport, ICT and energy), institutional (trade investment and service liberalization), and people-to-people linkages (education, culture, and tourism) that are the foundational supportive means for achieving economic, political-security, social, and cultural pillars of the ASEAN community. For instance, in 2017, Daimler Trucks witnessed a 12% increase in sales to reach 150,600 units from 134,200 units in 2016; the company held a total market share of around 39.2% in weight for class 6 to 8 trucks.
Regional Landscape
Geographically, the truck fender market is segmented into Asia-Pacific, North America, Europe, and Latin America and the Middle East & Africa.
North America is expected to witness the fastest growth as the region has a large truck fleet. Additionally, the construction of new trucks and trailers in the region must comply with specific standards, out of which tail lights, mudguards, and fenders are significant components in the lighting section. For instance, the Canada Motor Vehicle Safety Standards (CMVSS) have set regulations for the safety and emission performance of new vehicles and trailers.
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According to the European Automobile Manufacturers Association, Europe is expected to witness considerable growth due to the increasing demand for HCVs in France, Italy, and Germany, which grew by 9.1%, 5.0%, and 3.1%, respectively. Besides, the increasing adoption rate of drive fenders in heavy vehicles allows better airflow control, reducing the overall aerodynamic drag and allowing top speed and excellent mileage.
Asia-Pacific is expected to witness remarkable market growth, owing to the rapid growth of the manufacturing sector. In the medium & high commercial vehicles (MHCVs) segment, fleet operators are increasingly favoring trucks carrying higher rated loads to benefit their operating profits. Furthermore, stringent regulations regarding high rated loads and superior highway networks have revolutionized the operation of the transportation and logistics sector efficiently.
Latin America is expected to witness significant growth due to innovative projects that aim to reduce environmental impact from heavy vehicles such as buses and trucks and improve fuel efficiency. Expanding pharmaceutical, agribusiness, and food companies are driving the demand for heavy vehicles to transport goods. This trend has led to the increase in production of heavy vehicles, thereby fueling market growth.
Market Segmentation
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. Multiple axle fender sets are expected to witness high growth due to the growing number of infrastructure projects such as road expansion, rural development, and smart cities development, which has ultimately 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 anticipated to witness considerable growth in the truck fender market during the forecast period, 20192026. This is attributed to Advancement in heavy vehicles such as autonomous vehicle technology , increased vehicle connectivity, and others are expected to create new opportunities for high-priced aftersales services for trackmaker OEMs.
Truck Fender Market Segmentation
By Type
- Single Axle Fender Sets
- Multiple Axle Fender Sets
- Others
By Application
By Region
North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- Japan
- India
- China
- South Korea
- Australia
- Rest of Asia-Pacific
Latin America
- Brazil
- Argentina
- Colombia
- Rest of Latin America
MEA
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
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* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
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* Analysis of Market Size and CAGR between the Forecast Periods
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