The truck axle market was valued at US$ 1440.01 million in 2020 and is projected to reach US$ 2032.00 million by 2028. The truck axle market is expected to grow at a CAGR of 4.9% during 2021–2028.
Automotive components are getting evolved at rapid rate with advancement in designs, sizes, and materials. The truck axles are getting lighter in weight and enhanced with load carrying capacity with advanced design to enhance fuel efficiency and performance of trucks. Medium and heavy-duty trucks (M&HDT) ranging from class 3–8, use truck axles to their efficiently manage their load and increase weight carrying capacity. Rigid axles are majorly used in rigid trucks. A larger number of rigid trucks are used in different applications than articulated trucks, which is a key factor driving the growth of the market for rigid axles segment. The robust construction of rigid axles makes them the most preferred solution in commercial trucks operating off-road and on highways.
The increasing adoption of electrical trucks over fossil fuel-based trucks is promoting the market players to offer enhanced axles for electric trucks. The global truck axle market is segmented into type, application, and geography. Based on type, the truck axle market is 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.
Lucrative Regions in Truck axle Market
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Truck axle Market Insights
Growing Technical Development in Truck Axle
New technologies are being integrated by truck axle manufacturers to improve fuel efficiency and truck performance. For instance, in March 2021, Ashok Leyland, a leading truck manufacturer from India, introduced a new 4-axle 8x2 DTLA truck (14-wheeler), AVTR 4120, in the market. The company introduced a new truck with 4-axles having a capacity of 40.5-ton gross vehicle weight (GVW) with an additional 5-tonne payload compared to standard 8x2 trucks.
Type -Based Market Insights
Based on type, the truck axle market has been segmented into rigid axles, drive steer axles, and non-drive steer axles. The rigid axles segment held the largest share in 2020, and it is likely to be the largest shareholder in the market during the forecasted period. The growth of this segment is mainly due to increasing adoption in light-duty and medium-duty trucks.
Truck axle Market, by Rim Size– 2020 and 2028
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Application -Based Market Insights
Based on application, the global truck axle market is segmented into light-duty trucks, medium-duty trucks, and heavy-duty trucks. The light-duty trucks segment dominated the market in 2020 and is expected to hold the largest market share during the forecast period. However, there is increasing demand for medium-duty trucks for intercity and highway goods transport applications.
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Truck Axle Market: Strategic Insights
Market Size Value in US$ 1440.01 Million in 2020 Market Size Value by US$ 2032.00 Million by 2028 Growth rate CAGR of 4.9% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Truck Axle Market: Strategic Insights
| Market Size Value in | US$ 1440.01 Million in 2020 |
| Market Size Value by | US$ 2032.00 Million by 2028 |
| Growth rate | CAGR of 4.9% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Players operating in the truck axle market focus on strategies such as market initiatives, acquisitions, and product launches to maintain their positions in the truck axle market. A few development by key players of the truck axle market are:
In February 2021, Meritor, Inc. has announced that the production of its 14Xe™ all electric, completely integrated, and commercial electric powertrain for medium as well as heavy duty commercial vehicles is going to begin from mid-2021.
By Type
- Rigid Axle
- Drive Steer Axles
- Non-drive Steer Axles
By Application
- Light-Duty Trucks
- Medium-Duty Trucks
- Heavy-Duty Trucks
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- South Korea
- Japan
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America (SAM)
- Brazil
- Rest of SAM
Truck axle Market – Company Profiles
- 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
- Sisu Axles, Inc.
- ZF Friedrichshafen AG
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, United Kingdom, United States
Frequently Asked Questions
The automotive industry is developing advanced axle having light weight with enhanced load carrying capacity. The requirement of high load carrying axle from truck manufactures is driving the market. Also, emergence of the electric truck is creating lucrative opportunity for the market. Key factors that are driving growth of the market are growing demand for e-axle, and tandem axle at low prices.
The rigid axle segment is dominating the market and it is projected to dominate the truck axle market in the forecast period. Rigid axle account for the majority of demand in medium-duty and light-duty trucks application. Furthermore, increasing advances by key OEMs to increase the load capacity and reliability would boost the truck axle market in this category. The rise in consumer disposable income and goods purchase, especially in developing countries such as China, India, and Mexico, is driving demand for the medium trucks for intercity goods transportation, resulting it also creates demand for axle in medium-duty truck application.
The transportation industry in various developing countries such as India, China, and Brazil, is highly dependent on road transports. Rise in population and increase in demand for goods in emerging markets are the major factors supporting the truck axle market. Electrification of trucks, automation in manufacturing processes, and rise in sales in developing nations are creating a lucrative opportunity for the market. The key industries driving the truck axle market in developing countries include construction, healthcare & pharmaceuticals, retail & e-commerce, food & beverages, agriculture & forestry, transportation, waste & recycling, and military & defense.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Truck Axle Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America – PEST Analysis
4.2.2 Europe – PEST Analysis
4.2.3 Asia-Pacific – PEST Analysis
4.2.4 Middle East and Africa – PEST Analysis
4.2.5 South and Central America – PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Truck Axle Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase in Focus on New Product Development
5.1.2 Advancements in Manufacturing Processes
5.2 Market Restraints
5.2.1 High Manufacturing and Maintenance Cost of Trucks
5.3 Market Opportunities
5.3.1 Surge in Production of Trucks in Developing Countries
5.4 Future Trends
5.4.1 Advent of Electrification in Truck Market
5.5 Impact Analysis of Drivers and Restraints
6. Truck Axle – Global Market Analysis
6.1 Global Truck Axles Market Overview
6.2 Global Truck Axle Market Revenue Forecast and Analysis
6.3 Market Positioning – Five Key Players
7. Truck Axle Market Revenue and Forecast to 2028 – Type
7.1 Overview
7.2 Truck Axle Market, by Type (2020 and 2028)
7.3 Rigid Axles
7.3.1 Overview
7.3.2 Rigid Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
7.4 Drive Steer Axles
7.4.1 Overview
7.4.2 Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
7.5 Non-drive Steer Axles
7.5.1 Overview
7.5.2 Non-drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
8. Truck Axle Market Revenue and Forecast to 2028 – Application
8.1 Overview
8.2 Truck Axle Market, by Application (2020 and 2028)
8.3 Light-Duty Trucks
8.3.1 Overview
8.3.2 Light-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
8.4 Medium-Duty Trucks
8.4.1 Overview
8.4.2 Medium-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
8.5 High-Duty Trucks
8.5.1 Overview
8.5.2 High-duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
9. Truck Axle Market – Geographic Analysis
9.1 Overview
9.2 North America: Truck Axle Market
9.2.1 North America: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.2.2 North America: Truck Axle Market, by Type
9.2.3 North America: Truck Axle Market, by Application
9.2.4 North America: Truck Axle Market, by Key Country
9.2.4.1 US: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.2.4.1.1 US: Truck Axle Market, by Type
9.2.4.1.2 US: Truck Axle Market, by Application
9.2.4.2 Canada: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.2.4.2.1 Canada: Truck Axle Market, by Type
9.2.4.2.2 Canada: Truck Axle Market, by Application
9.2.4.3 Mexico: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.2.4.3.1 Mexico: Truck Axle Market, by Type
9.2.4.3.2 Mexico: Truck Axle Market, by Application
9.3 Europe: Truck Axle Market
9.3.1 Europe: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.3.2 Europe: Truck Axle Market, by Type
9.3.3 Europe: Truck Axle Market, by Application
9.3.4 Europe: Truck Axle Market, by Key Country
9.3.4.1 France: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.1.1 France: Truck Axle Market, by Type
9.3.4.1.2 France: Truck Axle Market, by Application
9.3.4.2 Germany: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.2.1 Germany: Truck Axle Market, by Type
9.3.4.2.2 Germany: Truck Axle Market, by Application
9.3.4.3 UK: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.3.1 UK: Truck Axle Market, by Type
9.3.4.3.2 UK: Truck Axle Market, by Application
9.3.4.4 Italy: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.4.1 Italy: Truck Axle Market, by Type
9.3.4.4.2 Italy: Truck Axle Market, by Application
9.3.4.5 Russia: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.5.1 Russia: Truck Axle Market, by Type
9.3.4.5.2 Russia: Truck Axle Market, by Application
9.3.4.6 Rest of Europe: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.6.1 Rest of Europe: Truck Axle Market, by Type
9.3.4.6.2 Rest of Europe: Truck Axle Market, by Application
9.4 APAC: Truck Axle Market
9.4.1 APAC: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.4.2 APAC: Truck Axle Market, by Type
9.4.3 APAC: Truck Axle Market, by Application
9.4.4 APAC: Truck Axle Market, by Key Country
9.4.4.1 China: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.1.1 China: Truck Axle Market, by Type
9.4.4.1.2 China: Truck Axle Market, by Application
9.4.4.2 Japan: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.2.1 Japan: Truck Axle Market, by Type
9.4.4.2.2 Japan: Truck Axle Market, by Application
9.4.4.3 India: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.3.1 India: Truck Axle Market, by Type
9.4.4.3.2 India: Truck Axle Market, by Application
9.4.4.4 South Korea: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.4.1 South Korea: Truck Axle Market, by Type
9.4.4.4.2 South Korea: Truck Axle Market, by Application
9.4.4.5 Rest of APAC: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.5.1 Rest of APAC: Truck Axle Market, by Type
9.4.4.5.2 Rest of APAC: Truck Axle Market, by Application
9.5 MEA: Truck Axle Market
9.5.1 MEA: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.5.2 MEA: Truck Axle Market, by Type
9.5.3 MEA: Truck Axle Market, by Application
9.5.4 MEA: Truck Axle Market, by Key Country
9.5.4.1 South Africa: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.1.1 South Africa: Truck Axle Market, by Type
9.5.4.1.2 South Africa: Truck Axle Market, by Application
9.5.4.2 Rest of MEA: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.2.1 Rest of MEA: Truck Axle Market, by Type
9.5.4.2.2 Rest of MEA: Truck Axle Market, by Application
9.6 South America: Truck Axle Market
9.6.1 SAM: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.6.2 SAM: Truck Axle Market, by Type
9.6.3 SAM: Truck Axle Market, by Application
9.6.4 SAM: Truck Axle Market, by Key Country
9.6.4.1 Brazil: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.6.4.1.1 Brazil: Truck Axle Market, by Type
9.6.4.1.2 Brazil: Truck Axle Market, by Application
9.6.4.2 Rest of SAM: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.6.4.2.1 Rest of SAM: Truck Axle Market, by Type
9.6.4.2.2 Rest of SAM: Truck Axle Market, by Application
10. Truck Axle Market - COVID-19 Impact Analysis
10.1 Overview
10.2 North America: Impact Assessment of COVID-19 Pandemic
10.3 Europe: Impact Assessment of COVID-19 Pandemic
10.4 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.5 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
10.6 South America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 American Axle & Manufacturing, Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Qingte Group Co., Ltd.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Meritor, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Rába Automotive Holding Plc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Dana Limited
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 SAF-HOLLAND SE
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Sisu Axles, Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Shandong Heavy Industry Group Co., Ltd.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Sinotruk (Hong Kong) Limited
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 ZF Friedrichshafen AG
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Global Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 3. North America: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 4. North America: Truck Axle Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 9. Mexico: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 11. Europe: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Europe: Truck Axle Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 13. Europe: Truck Axle Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 14. France: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 15. France: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 16. Germany: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 17. Germany: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 18. UK: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 19. UK: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 20. Italy: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 21. Italy: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 22. Russia: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 23. Russia: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 24. Rest of Europe: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 25. Rest of Europe: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 26. APAC: Truck Axle Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 27. APAC: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 28. APAC: Truck Axle Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 29. China: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 30. China: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 31. Japan: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 32. Japan: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 33. India: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 34. India: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 35. South Korea: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 36. South Korea: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 37. Rest of APAC: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 38. Rest of APAC: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 39. MEA: Truck Axle Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 40. MEA: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 41. MEA: Truck Axle Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 42. South Africa: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 43. South Africa: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 44. Rest of MEA: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 45. Rest of MEA: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 46. SAM: Truck Axle Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 47. SAM: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 48. SAM: Truck Axle Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 49. Brazil: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 50. Brazil: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 51. Rest of SAM: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 52. Rest of SAM: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 53. List of Abbreviation
LIST OF FIGURES
Figure 1. Truck Axle Market Segmentation
Figure 2. Truck Axle Market Segmentation – By Geography
Figure 3. Global Truck Axle Market Overview
Figure 4. Truck Axle Market, by Type
Figure 5. Truck Axle Market, By Application
Figure 6. Truck Axle Market, By Geography
Figure 7. North America – PEST Analysis
Figure 8. Europe – PEST Analysis
Figure 9. Asia-Pacific – PEST Analysis
Figure 10. Middle East and Africa – PEST Analysis
Figure 11. South America – PEST Analysis
Figure 12. Truck Axle Market: Ecosystem Analysis
Figure 13. Truck Axle Market Impact Analysis of Drivers and Restraints
Figure 14. Geographic Overview of Truck Axles Market
Figure 15. Global Truck Axle Market Revenue Forecast and Analysis (US$ Million)
Figure 16. Truck Axle Market, by Type (2020 and 2028)
Figure 17. Rigid Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Non-Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Truck Axle Market, by Application (2020 and 2028)
Figure 21. Light-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Medium-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. High-duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Global Truck Axle Market Revenue Share, By Region (2020 and 2028)
Figure 25. North America: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. North America: Truck Axle Market Revenue Share, by Type (2020 and 2028)
Figure 27. North America: Truck Axle Market Revenue Share, by Application (2020 and 2028)
Figure 28. North America: Truck Axle Market Revenue Share, by Key Country (2020 and 2028)
Figure 29. US: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. Canada: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. Mexico: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Europe: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Europe: Truck Axle Market Revenue Share, by Type (2020 And 2028)
Figure 34. Europe: Truck Axle Market Revenue Share, by Application (2020 and 2028)
Figure 35. Europe: Truck Axle Market Revenue Share, by Key Country (2020 and 2028)
Figure 36. France: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Germany: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. UK: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. Italy: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 40. Russia: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 41. Rest of Europe: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 42. APAC: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 43. APAC: Truck Axle Market Revenue Share, by Type (2020 and 2028)
Figure 44. APAC: Truck Axle Market Revenue Share, by Application (2020 and 2028)
Figure 45. APAC: Truck Axle Market Revenue Share, by Key Country (2020 and 2028)
Figure 46. China: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 47. Japan: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 48. India: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 49. South Korea: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 50. Rest of APAC: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 51. MEA: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 52. MEA: Truck Axle Market Revenue Share, by Type (2020 and 2028)
Figure 53. MEA: Truck Axle Market Revenue Share, by Application (2020 and 2028)
Figure 54. MEA: Truck Axle Market Revenue Share, by Key Country (2020 and 2028)
Figure 55. South Africa: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 56. Rest of MEA: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 57. SAM: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 58. SAM: Truck Axle Market Revenue Share, by Type (2020 and 2028)
Figure 59. SAM: Truck Axle Market Revenue Share, by Application (2020 and 2028)
Figure 60. SAM: Truck Axle Market Revenue Share, by Key Country (2020 and 2028)
Figure 61. Brazil: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 62. Rest of SAM: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 63. Impact of COVID-19 Pandemic in North American Countries
Figure 64. Impact of COVID-19 Pandemic in Europe Countries
Figure 65. Impact of COVID-19 Pandemic in Asia Pacific Countries
Figure 66. Impact of COVID-19 Pandemic in Middle East and Africa Countries
Figure 67. Impact of COVID-19 Pandemic in South America Countries
The List of Companies - Truck axle Market
- 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
- Sisu Axles, Inc.
- ZF Friedrichshafen AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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