Truck axle Market to Grow at a CAGR of 4.9% to reach US$ 2032.00 Million from 2020 to 2028

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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

Publication Month: Apr 2021 | Report Code: TIPRE00020405 | No. of Pages: 138 | Category: Automotive and Transportation | Status: Published

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

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

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.

Strategic Insights

Report Coverage - Truck Axle Market
Report CoverageDetails
Market Size Value inUS$ 1440.01 Million in 2020
Market Size Value byUS$ 2032.00 Million by 2028
Growth rateCAGR of 4.9% from 2021-2028
Forecast Period2021-2028
Base Year2021
No. of Pages138
No. of Tables53
No. of Charts & Figures67
Historical data availableYes
Segments coveredType and Application
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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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.
  • Shandong Heavy Industry Group Co., Ltd.
  • Sinotruk (Hong Kong) Limited
  • Sisu Axles, Inc.
  • ZF Friedrichshafen AG

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.

The List of Companies - Truck axle Market

  1. American Axle & Manufacturing, Inc.
  2. Dana Limited
  3. Meritor, Inc.
  4. Qingte Group Co., Ltd.
  5. Rába Automotive Holding Plc.
  7. Shandong Heavy Industry Group Co., Ltd.
  8. Sinotruk (Hong Kong) Limited
  9. Sisu Axles, Inc.
  10. ZF Friedrichshafen AG
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