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Global Truck Axle Market Size was valued at USD 1.8 billion in 2022. The Truck Axle market industry is projected to grow from USD 1.9 billion in 2023 to USD 2.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.40% during the forecast period (2023 - 2032). Increased demand for heavy-duty commercial vehicles like long trailers used to move enormous goods, as well as increased sales of passenger cars in developing countries like Mexico, China, and India, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Globally, governments are ardently encouraging the usage of EVs and hybrid cars. So, it's expected that growing customer interest in EV and hybrid vehicles would fuel industry growth. Additionally, technically advanced axles that are lighter, smaller, more performance-oriented, and more fuel-efficient are being developed by the car industry. The usage of lightweight axles has expanded as a result of the application of technological innovation; these axles offer improved efficiency and aid in reducing the overall weight of hybrid, electric, and commercial vehicles, which promotes market expansion. The aftermarket services for replacing and servicing axles in powertrains are also opening up new market prospects.
For heavy-duty commercial vehicles, the most recent axle innovation is still being developed with the goal of improving performance and maintenance. The growing trend of vehicle electrification and innovation is being continued by drive axles paired with electric drivetrains. The pattern has led to design changes that incorporate the right axle for an electric application and produce the necessary torque load. The development of the drive and steer axles has placed a high premium on downsizing, weight reduction, and torque-carrying capacities in order to abide by regulations governing greenhouse gas emissions. Drive axles are engineered to have quicker ratios to handle bigger axle input torques caused by lowering engine revolutions per minute at highway speeds in order to assist engine down-speeding for line-haul logistics trucks using road transportation. Single drive axles can be built employing the growing use of 612 configurations to enable engine downspeeding and quicker ratios. The steer axle system has improved kinematics and may minimize driver fatigue by minimizing the amount of bump and roll steer transmitted to the driver through the seat or steering wheel, for example.
Major companies are also developing lightweight, fuel-efficient axles that can support heavy cargo weights. As the axle is developed, consideration is being given to its scalability for light-, medium-, and heavy-duty rear-wheel-drive pickups. These axles are lighter and have a bigger capacity for cargo because they are smaller and more powerful. Compared to current axles, the new axle will be significantly lighter and more efficient. The smaller axle helps the car maintain more grip, which reduces the likelihood of wheel slippage when accelerating on wet or icy roads. Axle design modifications have come about as a result of advancements made in vehicle powertrains. The primary focus of the manufacturers is on the creation of faster axles with lower ratios, which will allow the engines to run at a lower speed. Modular motor designs are extensible in many axle configurations and provide simple servicing and maintenance due to their flexibility to swap motors.Thus, driving the Truck Axle market revenue.
The global Truck Axle market segmentation, based on Type, includes rigid axles, drive steer axles, and non-drive steer axles. With a market share of almost 62.0% in 2022, the type category for drive steer axles dominated the industry. Due to their enhanced capacity to have higher traction on various surfaces, all-wheel and front-wheel drive axles are becoming more and more popular among manufacturers and consumers. Additionally, the increasing popularity of passenger and commercial vehicles in North America, Europe, and Asia Pacific will increase demand for various drive-type axles.
The global Truck Axle market segmentation, based on Application, includes light-duty trucks, medium-duty trucks, and heavy-duty trucks. Light-duty trucks dominated the market in 2022, and it is predicted that this trend would continue throughout the projection period. However, activities requiring intercity and interstate commodity transit demand medium-duty vehicles more.
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Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.The North AmericaTruck Axle Market dominated this market in 2022. The rise of the axle market in North America may be to blame for the increased demand for luxury and commercial vehicles in the area. The prevalence of significant manufacturers like DANA Incorporated, Meritor Inc., and American Axle & Manufacturing, Inc. as well as the widespread use of all-wheel drive are both fostering market expansion in the region. Further, In the North American area, the U.S. Transit Packaging market had the biggest market share, while the Canada Transit Packaging market had the quickest rate of expansion.
Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Europe Truck Axle market accounted for the second-largest market share in 2022. The continued expansion of the European automotive manufacturing industry is attributable to a large number of OEMs and automakers. Germany has a growing economy, a high rate of auto ownership, and a potentially significant domestic market. As the nation's automotive industry increases over time, the market for truck axles in the area is growing. Further, In the European region, the German Transit Packaging market had the biggest market share, and the U.K. Transit Packaging market had the quickest rate of growth.
The Asia Pacific Truck Axle market is expected to register significant growth from 2023 to 2032. Asia Pacific is home to major auto markets like China, India, and Japan. As a result, 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 important automotive axle manufacturers will contribute to the expansion of the market in the Asia Pacific region. Moreover, In the Asia-Pacific region, the Indian Transit Packaging market had the quickest rate of growth while China's Transit Packaging market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Transit Packaging market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Transit Packaging sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Transit Packaging industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Transit Packaging sector.Major players in the Truck Axle market, including American Axle & Manufacturing,, AXLETECH,, Dana,, Meritor,, SAF-HOLLAND GROUP, are attempting to increase market demand by investing in research and development operations.
Meritor Inc. (Meritor), a Cummins Inc. company, offers integrated systems, modules, and components to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle, transportation, and industrial sectors. Axles, drivelines, suspension systems, brakes and safety systems, tire inflation systems, transfer cases, automatic slack adjusters, suspension systems, and modules are all sold by the company. Along with air systems, air dryers, and compressors, it also supplies yokes and shafts, wheel-end hubs and drums, anti-lock braking systems, stability control systems, shock absorbers, and air springs. Among the sectors covered by Meritor's integrated systems, modules, and components are defense contractors, specialist OEMs, light trucks, off-roaders, trailers, and commercial vehicles. The company conducts business in Latin America, Europe, Asia, and North America. The headquarters of Meritor are located in Troy, Michigan, in the United States. The 14XeTM commercial electric powertrain for medium and heavy load commercial vehicles will go into production in the middle of 2021, according to a statement from Meritor, Inc.
Dana Inc. (Dana) manufactures and sells power-conveyance and energy-management systems for use in automotive and industrial applications. Its primary products include torque converters, all-wheel drive (AWD) systems, hydraulic valves, pumps, and motors, rear drive rigid axles, front drive rigid axles, rear drive units, power transfer units, electromechanical propulsion systems, gearboxes, driveshafts, tire inflation systems, electronic controls, and torque converters. The business caters to the light, medium, and heavy vehicle markets as well as the construction, agricultural and forestry, mining, and allied industrial markets in addition to original equipment manufacturer (OEM) clients. It is operationally present in the Americas, Europe, and Asia-Pacific. The headquarters of Dana are located in the American city of Maumee, Ohio. Among the new drive improvements for material-handling vehicles that Dana announced in July 2020 were a low-voltage, high-efficiency motor for electric-powered applications and a new range of modular, high-efficiency drive axles for Class I, IV, and V industrial lift trucks.
· American Axle & Manufacturing
· AXLETECH
· Dana
· Meritor
· SAF-HOLLAND GROUP
November 2022: American Axle & Manufacturing (AAM) announced that it has been selected as the replacement axle supplier for GM's next mid-size pickup trucks. For the 2023 model year, the new vehicles will go on sale.
March 2022: The TRAKr electric axle, which is currently used in Europe, will be exported by SAF-Holland to North America.
· Rigid Axles
· Drive Steer Axles
· Non-Drive Steer Axles
· Light-Duty Trucks
· Medium-Duty Trucks
· Heavy-Duty Trucks
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 1.8 Billion |
|
Market Size 2023 |
USD 1.9 Billion |
|
Market Size 2032 |
USD 2.7 Billion |
|
Compound Annual Growth Rate (CAGR) |
5.40% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Application, and Region |
|
Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
|
Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
American Axle & Manufacturing, AXLETECH, Dana, Meritor, SAF-HOLLAND GROUP |
|
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 |
The global Truck Axle Market was valued at USD 1.8 billion in 2022, and it is estimated to reach USD 2.7 billion by 2032.
The global market is projected to grow at a CAGR of 5.40% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are American Axle & Manufacturing, AXLETECH, Dana, Meritor, SAF-HOLLAND GROUP
The Drive Steer Axles Type dominated the market in 2022.
The Light-Duty TrucksApplicationhad the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65250
Published on :
Sep 2023
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