Publication Month: Apr 2021 | Report Code: TIPRE00020405 | No. of Pages: 138 | Category: Automotive and Transportation | Status: Published
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.
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.
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.
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.
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.
|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|
|No. of Pages||138|
|No. of Tables||53|
|No. of Charts & Figures||67|
|Historical data available||Yes|
|Segments covered||Type and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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.
The List of Companies - Truck axle Market