Asia Pacific Truck Axle Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Rigid Axles, Drive Steer Axles, and Non-Drive Steer Axles) and Application (Light-Duty Trucks, Medium-Duty Trucks, and Heavy-Duty Trucks)
Market Introduction
The Asia Pacific includes countries such as China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Rapid developments, digitalization of the economy, adequate government support, increasing education awareness, and rising incomes of the middle class are some of the attributable factors that have ensured the smooth transition of these economies from the developing stage towards a developed stage. The region's growing economies are leading to the growth in a wide variety of sectors, such as manufacturing, technology, and various others. The prominent development sectors in Asian countries include the automotive sectors. Also, rising in production of trucks in developing countries is the major factor driving the growth of the APAC truck axle market.
The governments of APAC countries took all possible steps to reduce the effects of COVID-19 by announcing lockdown. Although Asia is a house for many manufacturing plants, the lockdown has created a negative impact on the truck axle market. Factory activity contracted sharply across most of the region in April as the COVID-19 pandemic paralyzed economic activity globally, with sharp falls in export from countries such as Japan and India, overshadowing a moderate enhancement in China. While factories in China slowly resumed its operations after extended shutdowns, a reduction in number of COVID-19 cases enabled the country to enhance commercial vehicles production as normal level. The high growth rate of urbanization and industrialization in developing countries of the Asia Pacific region is anticipated to offer ample growth opportunities to the market players operating in the truck axle market. Logistics is amongst the prominent industries in Asian economy due to rising e-commerce, however COVID-19 has impacted the supply chain of many industries. However, government’s measures to reduce the effects of COVID-19 outbreak by announcing lockdowns, travel and trade bans, have disturbed the performance of supply chain to some extent. Such factors have negatively impacted the truck axle market in APAC.
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Market Overview and Dynamics
The truck axle market in APAC, is expected to reach US$ 995.04 million by 2028 from US$ 685.38 million in 2021. The market is estimated to grow at a CAGR of 5.5% from 2021 to 2028. Governments of various countries are imposing specific regulations on truck loading capacity, thus compelling to this norm with efficient solution companies developing advanced axle solutions to effectively balance the truck load. New advancements in axle designs, weighing capacity, and material are introduced by truck manufacturers. Moreover, new technologies are being integrated by truck axle manufacturers to improve fuel efficiency and truck performance. Further, increasing demand for high load-carrying trucks is driving the market.
Key Market Segments
The APAC truck axle market is segmented into type, application, and country. Based on type, the market is segmented into rigid axle, drive steer axles, and non-drive steer axles. The rigid axle segment dominated the market in the year 2020 and is also expected to be the fastest growing during forecast period. In terms of application, the truck axle market is segmented into light-duty trucks, medium-duty trucks, and heavy-duty trucks. Light-duty trucks segment dominated the market in the year 2020 and medium-duty trucks is expected to be the fastest growing during the forecast period.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Truck Axle market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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; and ZF Friedrichshafen AG, among others.
Reasons to buy report
- To understand the APAC truck axle market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC truck axle market
- Efficiently plan M&A and partnership deals in APAC truck axle market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC truck axle market
- Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.
APAC Truck Axle Market Segmentation
APAC Truck Axle Market -By Type
- Rigid Axle
- Drive Steer Axles
- Non-drive Steer Axles
APAC Truck Axle Market -By Application
- Light-duty trucks
- Medium-duty trucks
- Heavy-duty trucks
APAC Truck Axle Market -By Country
- China
- Japan
- India
- South Korea
- Rest of APAC
APAC 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
- ZF Friedrichshafen AG
TABLE OF CONTENTS
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. APAC Truck Axle Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC Truck Axle Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Intensified in Focus on New Product Development
5.1.2 Enhancements in Manufacturing Processes
5.2 Market Restraints
5.2.1 Costly Manufacturing and Maintenance Cost of Trucks
5.3 Market Opportunities
5.3.1 Billowing in Production of Trucks in Developing Countries
5.4 Future Trends
5.4.1 Onset of Electrification in Truck Market
5.5 Impact Analysis of Drivers and Restraints
6. Truck Axle – APAC Market Analysis
6.1 APAC Truck Axles Market Overview
6.2 APAC Truck Axle Market Revenue Forecast and Analysis
7. APAC Truck Axle Market Revenue and Forecast to 2028 – Type
7.1 Overview
7.2 APAC Truck Axle Market, by Type (2020 and 2028)
7.3 Rigid Axles
7.3.1 Overview
7.3.2 Rigid Axles: APAC 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: APAC 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: APAC Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
8. APAC Truck Axle Market Revenue and Forecast to 2028 – Application
8.1 Overview
8.2 APAC Truck Axle Market, by Application (2020 and 2028)
8.3 Light-Duty Trucks
8.3.1 Overview
8.3.2 Light-Duty Trucks: APAC 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: APAC 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: APAC Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
9. APAC Truck Axle Market –Country Analysis
9.1 Overview
9.1.1 APAC: Truck Axle Market, by Key Country
9.1.1.1 China: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 China: Truck Axle Market, by Type
9.1.1.1.2 China: Truck Axle Market, by Application
9.1.1.2 Japan: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Japan: Truck Axle Market, by Type
9.1.1.2.2 Japan: Truck Axle Market, by Application
9.1.1.3 India: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 India: Truck Axle Market, by Type
9.1.1.3.2 India: Truck Axle Market, by Application
9.1.1.4 South Korea: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 South Korea: Truck Axle Market, by Type
9.1.1.4.2 South Korea: Truck Axle Market, by Application
9.1.1.5 Rest of APAC: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 Rest of APAC: Truck Axle Market, by Type
9.1.1.5.2 Rest of APAC: Truck Axle Market, by Application
10. APAC Truck Axle Market - COVID-19 Impact Analysis
10.1 Overview
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 Shandong Heavy Industry Group Co., Ltd.
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 Sinotruk (Hong Kong) Limited
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 ZF Friedrichshafen AG
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
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. APAC Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Table 2. APAC: Truck Axle Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. China: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. China: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 5. Japan: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. Japan: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 7. India: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. India: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 9. South Korea: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. South Korea: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 11. Rest of APAC: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of APAC: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 13. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Truck Axle Market Segmentation
Figure 2. APAC Truck Axle Market Segmentation – By Country
Figure 3. APAC Truck Axle Market Overview
Figure 4. Rigid Axle Segment Held the Largest Market Share in the APAC Truck Axle Market, by Type
Figure 5. Light – Duty Trucks Segment Held the Largest Market Share in the APAC Truck Axle Market, By Application
Figure 6. China was the Largest Revenue Contributor in the APAC Truck Axle Market
Figure 7. Asia-Pacific – PEST Analysis
Figure 8. APAC Truck Axle Market: Ecosystem Analysis
Figure 9. APAC Truck Axle Market Impact Analysis of Drivers and Restraints
Figure 10. APAC Truck Axle Market Revenue Forecast and Analysis (US$ Million)
Figure 11. APAC Truck Axle Market, by Type (2020 and 2028)
Figure 12. APAC Rigid Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. APAC Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Non-Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Truck Axle Market, by Application (2020 and 2028)
Figure 16. APAC Light-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Medium-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC High-duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. APAC: Truck Axle Market, by Key Country- Revenue 2020 (US$ Million)
Figure 20. APAC: Truck Axle Market Revenue Share, by Key Country (2020 & 2028)
Figure 21. China: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Japan: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. India: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. South Korea: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Rest of APAC: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Impact of COVID-19 Pandemic in Asia Pacific Countries
- 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
- ZF Friedrichshafen AG
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC Truck Axle Market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the APAC Truck Axle market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving Truck Axle market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution