Report : Truck Axle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Rigid Axles, Drive Steer Axles, Non-drive Steer Axles); Application (Light-duty trucks, Medium-duty trucks, Heavy-duty trucks) and Geography
Growing Demand for Lightweight Axles to Improve Fuel Efficiency Provides Growth Opportunities for Truck axle Market
According to our latest market study on “Truck axle Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the market was valued at US$ 1440.01 million in 2020 and is projected to reach US$ 2032.00 million by 2028; it is expected to grow at a CAGR of 4.9% during the forecast period of 2021 to 2028.
Growing trend of electric truck is one of the major factors accelerating the market growth. The significant advancements in axles design, payload capacity, and material is enhancing the truck performance. The trucks with lightweight axles experience improved fuel efficiency. The advanced manufacturing technologies has enhanced production volume and eased the process of axle assembly, which, in turn has helped the manufacturers to reduce the cost. Also, increasing developments in automobile manufacturing processes with automation is driving the market growth.
Geographically, Asia Pacific held the largest share of the truck axle market in 2020, followed by North America and Europe. Further, APAC is projected to witness the highest growth rate during the forecast period. The truck axle market is segmented into type, application, and geography. Based on type, the truck axle market is further segmented into rigid axles, drive steer axles, and non-drive steer axles. Based on application, the truck axle market is further bifurcated into light-duty trucks, medium-duty trucks, and heavy-duty trucks.
Impact of COVID-19 Pandemic on Truck axle Market
The COVID-19 pandemic has hampered the automobile industry and economic growth of almost every country. Manufacturing sector has witnessed severe impact as facilities remained closed for a certain period. Sales of trucks such as medium-duty trucks and heavy-duty trucks is declined. The revenue model for automobiles has declined due to the low production during the lockdown period. Post-lockdown, the automobile industry started to regain the market share as production facilities restarted their operations with social distancing measures. In addition, the growing inclination toward electric trucks also helped increase the sale of e-axles in electric trucks for better performance. The COVID-19 pandemic created a major impact on the automobile industry for the first half of 2020; however, after the third quarter, the increasing sale of vehicles supported the market growth.
American Axle & Manufacturing, Inc.; Dana Limited; Meritor, Inc.; QINGTE GROUP CO., LTD.; Rába Automotive Holding Plc.; SAF-HOLLAND SE; Sisu Axles Inc.; Shandong Heavy Industry Group Co., Ltd.; SINOTRUK (HONG KONG) LTD.; and ZF FRIEDRICHSHAFEN AG are among the major companies operating in the truck axle market.
The report segments global truck axle market as follows: