South America Truck Axle Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Rigid Axles, Drive Steer Axles, and Non-Drive Steer Axles) and Application (Light-Duty Trucks, Medium-Duty Trucks, and Heavy-Duty Trucks)
Request Now
The truck axle market in SAM is expected to reach US$ 54.16 million by 2028 from US$ 43.71 million in 2021. The market is estimated to grow at a CAGR of 3.1% from 2021 to 2028.
Governments of various countries are imposing specific regulations on truck loading capacity, thus compelling to this norm with efficient solution companies developing advanced axle solutions to effectively balance the truck load. New advancements in axle designs, weighing capacity, and material are introduced by truck manufacturers. Moreover, new technologies are being integrated by truck axle manufacturers to improve fuel efficiency and truck performance.
Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, Colombia, Ecuador, and Argentina, among others. Governments in SAM have taken an array of actions to protect its citizens and contain COVID-19’s spread; therefore, imposed lockdowns to promote social distancing. As per the Brazil automaker’s association, it is anticipated that the sales of automotive will recover to pre-COVID levels by 2025. Also, several automakers in the country have witnessed a sharp decline in their production capabilities. According to Anfavea, the automakers association, the automotive production is expected to witness a fall of 45% in 2020 compared to 2019. Also, the auto exports are expected to witness a decline of 53% for the same duration. Recently, Ford Motors announced to close its three production facilities and stop manufacturing operations in SAM region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the SAM truck axle market. The SAM truck axle market is expected to grow at a good CAGR during the forecast period.
SAM Truck Axle Market Segmentation
SAM Truck Axle Market – By Type
- Rigid Axle
- Drive Steer Axles
- Non-drive Steer Axles
SAM Truck Axle Market- By Application
- Light-duty trucks
- Medium-duty trucks
- Heavy-duty trucks
SAM Truck Axle Market - By Country
- Brazil
- Rest of SAM
SAM Truck Axle Market -Companies Mentioned
- American Axle & Manufacturing, Inc.
- Dana Limited
- Meritor, Inc.
- Qingte Group Co., Ltd.
- Rába Automotive Holding Plc.
- SAF-HOLLAND SE
- Shandong Heavy Industry Group Co., Ltd.
- Sinotruk (Hong Kong) Limited
- ZF Friedrichshafen AG
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the SAM Truck Axle Market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the SAM Truck Axle market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth SAM market trends and outlook coupled with the factors driving Truck Axle market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution