New York, US, June 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Truck Axle Market Research Report Information By Type, By Application, and By Region – Market Forecast Till 2032”, The global truck axle market will touch USD 2.5 billion at a 5.20% CAGR by 2032, as per the recent Market Research Future report.
Truck Axle Market Analysis
The market for truck axles is significantly influenced by the rising need for commercial vehicles, such as trucks & trailers, for logistics and transportation purposes. Truck axle demand is increasing in response to the growth of the commercial vehicle industry to satisfy the needs of these vehicles.
Key Players
Eminent industry players profiled in the global truck axle market report include,
- American Axle & Manufacturing
- AXLETECH
- Dana
- Meritor
- SAFHOLLAND GROUP
- among others.
For the existence of several local and foreign industry competitors, the truck axle market is both fragmented and very competitive. They have used a variety of techniques, such as joint ventures, collaborations, contracts, worldwide expansions, new product launches, and more, to stay competitive and meet the clients' evolving demands. Large companies are also extensively investing in R&D projects to bolster their portfolios and get a foothold in the market.
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Opportunities
Technological Advances to offer Robust Opportunities
The truck axle industry has benefited from technological advancements like lightweight materials, superior designs, and increased durability. These developments lead to axles which are more effective, dependable, and able to support heavier loads.
Restraints and Challenges
Volatility in Raw Material Cost to act as Market Restraint
The volatility of raw materials, economic fluctuations, and regulatory changes may act as market restraints over the forecast period.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 2.5 Billion |
| CAGR during 2023-2032 | 5.20% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | Rising sales of luxury vehicles |
| Key Market Dynamics | Growing demand for heavy duty commercial vehicles such as long trailers used to carry oversize loads and increase in the sales of passenger vehicles in developing economies like Mexico, China, and India |
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Market Segmentation
The global truck axle market is bifurcated based on application and type.
By type, the drive steer axles will lead the market over the forecast period. Front-wheel drive and all-wheel drive axles are getting more and more common among manufacturers and customers due to their improved ability to have greater grip on a variety of terrain. The need for different drive type axles will also rise as passenger and commercial vehicle use grows in North America, Europe, & Asia-Pacific.
By application, light duty trucks will domineer the market over the forecast period.
COVID-19 Analysis
Global supply networks, particularly those for the manufacturing and the distribution of truck axles, were disrupted as a result of the epidemic. Truck axle production and availability were impacted by lockdown procedures, traffic restrictions, & temporary closures of the manufacturing facilities, which led to a scarcity of parts and a holdup in delivery. Numerous sectors experienced economic uncertainty and scaled back their activities as the epidemic spread. Due to this, need for commercial vehicles, notably trucks, decreased, which in turn affected the demand for truck axles. There was less demand for the new trucks & replacement axles as a result of slowdowns in sectors including manufacturing, logistics, and construction. The market has demonstrated tenacity and recovery despite the early difficulties as economies progressively recover and enterprises start up again. The demand for trucks and, consequently, truck axles is anticipated to be driven by government stimulus programs, infrastructure development projects, and the necessity for efficient transportation.
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Regional Analysis
North America to Command Truck Axle Market
In 2022, the market leader in this space was North America. The rise of the market may be to blame for the increased demand for luxury and commercial vehicles in the area. The prevalence of significant manufacturers such as Meritor Inc., DANA Incorporated, and American Axle & Manufacturing, Inc. as well as the widespread use of all-wheel drive are both fostering market expansion in the region. Additionally, the North American truck axle market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion. As an early adoption of innovations, the United States is the most developed nation in North America. As a result, North America has a large market for electric axles (also known as e-axles). Additionally, the expansion of the economy has boosted the sales of the light-duty vehicles in North America, which has helped the region's truck axle market’s expand.
APAC to Have Admirable Growth in Truck Axle Market
From 2023 to 2032, the APAC Truck Axle Market is anticipated to experience considerable expansion. Asia Pacific is home to major auto markets such as China, India, & Japan. Thus, there is a growing demand for both passenger and commercial vehicles, which is boosting the growth of the automotive axles market. Vehicles are being equipped with technologically improved axles to improve performance, which is driving the market's growth. These axles use a variety of materials, including carbon fiber, are lightweight, have better traction, and are fuel-efficient. Hyundai Transys Inc. and other major car axle manufacturers with a sizable presence will contribute to this market's expansion during the Asia Pacific region. Additionally, the truck axle market in India had the highest rate of growth in the Asia-Pacific region, while China's truck axle market had the greatest market share.
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The hassle-free transition of such economies from a developing stage to a developed stage has been made possible by rapid development, the digitization of the economy, enough government backing, growing middle class incomes, and expanding education awareness. The region's expanding economies are fueling expansion various industries, including manufacturing, technology, and a number of others. The auto sector is one amid the key development areas in Asian nations. The primary factor adding to the expansion of the truck axle market in the region is the increase in truck manufacturing in emerging nations.
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