Future Market Insights
For material overhaul, carriage and transport of bulk materials via heavy commercial vehicles, an able fabricated body is required to withstand heavy stress and abrasion exerted by the goods contained. To address this requirement, Heavy Commercial Vehicle OEMs have been fabricating the rear carriage via various types of composite materials ensuring durability under dynamic environments and load types. Rapidly growing industrialization, technical advancement and increasing consumer desire for more comfort, safety, heavy trucks for transportation and significant emphasis on energy efficient vehicle has led to noteworthy advancement in the global heavy-truck composite component market. Fiber reinforce plastic or fiberglass is used as a composite material for manufacturing heavy truck components such as interior components, roof, battery boxes and engine cover. Thermoset plastic resin is reinforced with glass fibers owning to fiber provides high strength, dimensional stability and heat resistance. Furthermore, some additive mix with fiber glass as a raw material product for provides color, surface finish and enhancing the properties such as withstanding and flame retardant. Owning to increasing light weight trucks high speed steel is also replaced by another extreme light composite material. Moreover, lightweight competence will be a key differentiator especially for premium OEMs in the coming years. The intelligent use and marketing of lightweight design can have a significant effect on the brand and the overall attractiveness of premium OEMs it. On the other hand, strength is the key requirement for steering, transmission. Interior parts, where light weight plastic is the predominant element today. As well, light weight plastic such as glass fiber is using for the windshield or screen as well for nonstructural body parts owing to its cost-weight ratio. Recently, BMW has started a project using carbon fiber for new electric vehicle, for reducing the weight of vehicle & enhance the driving dynamics. Over the past few years, using of carbon fiber has gained significant attraction in the heavy-trucks composite component market owing to manufacturer are using one piece carbon fiber component instead of a four-piece metal parts, allowing for a 30 percent weight reduction and a 60 percent reduction in its tooling cost. The future stance in the global heavy-truck composite component market is anticipated to remain optimistic & the market is anticipated to witness double digit CAGR growth over the forecast period.
Heavy-Truck Composite Component Market: Dynamics:
Increasing demand for heavy electric vehicle & cost reduction for electrification may increase the willingness to pay for extreme lightweight vehicle in the forecast period. Furthermore, government regulation related to carbon die oxide emission may lead to increase the global heavy truck composite component market over the forecast period. Furthermore, higher penetration of the extreme lightweight material in the automotive industry may be enforced by two potential factors such as demand for longer-range range-extended electric vehicles (REEVs) or a sluggish than the anticipated cost reduction for electrification may upsurge the noteworthy attention to the extreme lightweight material. On the other hand, tightening of CO2 regulations significantly in Europe may lead to an auxiliary increase in the penetration of the global heavy-truck composite component market since thereby a higher share of lighter vehicles and electric vehicles with recompensing lightweight measures will be required.
It is expected that high cost of carbon fiber expected to hinder the global heavy truck composite component market over the forecast period. Moreover, maintenance of carbon fiber is difficult as well damages can often not be seen through visual inspection and detection required ultrasonic, thermal or acoustic emission detection and x-ray imaging. All of these advanced technologies enforce potential investment cost on workshop and dealership. Furthermore, required trained machinist for detection, inspection and servicing of these damages.
For improving driving dynamic and fuel efficiency, heavy-truck composite component manufacture is extremely light weight material on the basis of class of vehicles. Luxury car manufacturer such as Mercedes-Benz, Audi and BMW is using light material for long-range range-extended electric vehicles (REEVs). It is expected to this trend will continue for heavy-trucks during the forecast period.
Heavy-Truck Composite Component Market: Segmentation:
The global heavy-truck composite component market can be segmented on the basis of Application:
The global heavy-truck composite component market cab be segmented on the basis of Material:
The global heavy-truck composite component market can be segmented on the basis of components of truck:
Heavy-Truck Composite Component Market: Key Participants:
Key Participants for the global heavy-truck composite component are following:
Heavy-Truck Composite Component Market: Region-wise Outlook:
North America is dominating the global heavy-truck composite component market, owning to increasing demand for fuel economic heavy truck for transporting of goods. Europe and Asia Pacific are followed by North America. The heavy-truck composite component market in North America regions is anticipated to grow with rising CAGR over the forecast period. In terms of revenue and Volume as the demand for energy efficient heavy trucks is projected to gain attraction over the forecast period in countries such as the U.S. and Canada. It is projected that Latin America and other region has significant share in the global heavy-truck composite component market in the forecast period.
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