Europe 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
Europe region comprises developed countries such as Germany, France, Italy, the UK, Russia, and Europe. The rest of the Europe region consists of countries, namely, Switzerland, Sweden, Denmark, the Netherlands, are among others. The European automotive-related industry is expected influence growing due to demographic trends, product innovation, and favorable government policies. These factors are driving truck axle-associated businesses in the European market. The trend is foreseen to continue over the years, as the European counties' population grows, creating a vast space for automotive-related markets. European countries such as Germany and UK are experiencing high growth in their commercial automobiles. Governments of various countries are undertaking initiatives with a motive to support the industries that are connected to the truck axle. Rapid development and advancement in the production units and the presence of truck axle manufacturers in the region will enhance the European countries' truck axle market growth. Also, upgrading in manufacturing processes is the major factor driving the growth of the Europe truck axle market.
In Europe, Italy is the worst-affected country due to the outbreak of COVID-19. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of COVID-19 cases. Other member states had implemented drastic measures and travel restrictions, including partially closing their borders. Moreover, countries in the region, including Germany, the UK, France, and Belgium, have witnessed a second wave of the virus and have announced lockdown for the second time in November 2020. The situation amid the COVID-19 pandemic is extraordinary, which is negatively impacting the growth of truck axle market. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slowdown in 2020 and most likely in 2021. Decline in activities in construction manufacturing, oil and gas, food, and other industries has resulted into lesser demand for trucks and components. The entire region is heavily hit by the COVID-19 outbreak, which has resulted in lower sales of trucks and truck axle.
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Market Overview and Dynamics
The truck axle market in Europe, is expected to reach US$ 361.53 million by 2028 from US$ 280.99 million in 2021. The market is estimated to grow at a CAGR of 3.7% from 2021 to 2028. Governments of various countries are imposing strict regulations to control emissions from diesel and petrol vehicles, thereby compelling vehicle manufacturers to opt for alternative fuel solutions such as natural gases and electric energy. Transportation is the primary source of pollution across the world, and heavy-duty vehicles such as trucks and buses are the major contributors in this category. The high efficiency of electric trucks over conventional diesel and natural gas vehicles is among the key factors expected to drive this market in the coming years. With still in the initial growth stage, these e-axles are supporting electric truck market growth and anticipated to see impressive growth in forecasted period.
Key Market Segments
The Europe 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 Europe 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; Sisu Axles, Inc.; and ZF Friedrichshafen AG among others.
Reasons to buy report
- To understand the Europe 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 Europe truck axle market
- Efficiently plan M&A and partnership deals in Europe 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 Europe truck axle market
- Obtain market revenue forecast for market by various segments from 2021-2028 in Europe region.
Europe Truck Axle Market Segmentation
Europe Truck Axle Market -By Type
- Rigid Axle
- Drive Steer Axles
- Non-drive Steer Axles
Europe Truck Axle Market -By Application
- Light-duty trucks
- Medium-duty trucks
- Heavy-duty trucks
Europe Truck Axle Market -By Country
- France
- Germany
- UK
- Italy
- Russia
- Rest of Europe
Europe 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
- Sisu Axles, Inc.
- 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. Europe Truck Axle Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Europe Truck Axle Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Upgrading in Manufacturing Processes
5.2 Market Restraints
5.2.1 Expensive Manufacturing and Maintenance Cost of Trucks
5.3 Market Opportunities
5.3.1 Undulating Production of Trucks in Developing Countries
5.4 Future Trends
5.4.1 Inception of Electrification in Truck Market
5.5 Impact Analysis of Drivers and Restraints
6. Truck Axle – Europe Market Analysis
6.1 Europe Truck Axles Market Overview
6.2 Europe Truck Axle Market Revenue Forecast and Analysis
7. Europe Truck Axle Market Revenue and Forecast to 2028 – Type
7.1 Overview
7.2 Europe Truck Axle Market, by Type (2020 and 2028)
7.3 Rigid Axles
7.3.1 Overview
7.3.2 Rigid Axles: Europe 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: Europe 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: Europe Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
8. Europe Truck Axle Market Revenue and Forecast to 2028 – Application
8.1 Overview
8.2 Truck Axle Market, by Application (2020 and 2028)
8.3 Light-Duty Trucks
8.3.1 Overview
8.3.2 Light-Duty Trucks: Europe 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: Europe 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: Europe Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
9. Europe Truck Axle Market – Country Analysis
9.1 Overview
9.1.1 Europe: Truck Axle Market, by Key Country
9.1.1.1 France: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 France: Truck Axle Market, by Type
9.1.1.1.2 France: Truck Axle Market, by Application
9.1.1.2 Germany: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Germany: Truck Axle Market, by Type
9.1.1.2.2 Germany: Truck Axle Market, by Application
9.1.1.3 UK: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 UK: Truck Axle Market, by Type
9.1.1.3.2 UK: Truck Axle Market, by Application
9.1.1.4 Italy: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Italy: Truck Axle Market, by Type
9.1.1.4.2 Italy: Truck Axle Market, by Application
9.1.1.5 Russia: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 Russia: Truck Axle Market, by Type
9.1.1.5.2 Russia: Truck Axle Market, by Application
9.1.1.6 Rest of Europe: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of Europe: Truck Axle Market, by Type
9.1.1.6.2 Rest of Europe: Truck Axle Market, by Application
10. Europe 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 Sisu Axles, Inc.
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 Shandong Heavy Industry Group Co., Ltd.
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 Sinotruk (Hong Kong) Limited
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
12.10 ZF Friedrichshafen AG
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Europe: Truck Axle Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. France: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. France: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 5. Germany: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. Germany: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 7. UK: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. UK: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 9. Italy: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Italy: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 11. Russia: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Russia: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of Europe: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 14. Rest of Europe: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe Truck Axle Market Segmentation
Figure 2. Europe Truck Axle Market Segmentation – By Country
Figure 3. Europe Truck Axle Market Overview
Figure 4. Rigid Axle Segment Held the Largest Market Share in the Europe Truck Axle Market, by Type
Figure 5. Light – Duty Trucks Segment Held the Largest Market Share in the Europe Truck Axle Market, By Application
Figure 6. Rest of Europe was the Largest Revenue Contributor in the Europe Truck Axle Market
Figure 7. Europe – PEST Analysis
Figure 8. Europe Truck Axle Market: Ecosystem Analysis
Figure 9. Europe Truck Axle Market Impact Analysis of Drivers and Restraints
Figure 10. Europe Truck Axle Market Revenue Forecast and Analysis (US$ Million)
Figure 11. Europe Truck Axle Market, by Type (2020 and 2028)
Figure 12. Europe Rigid Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Europe Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. Europe Non-Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Europe Truck Axle Market, by Application (2020 and 2028)
Figure 16. Light-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Europe Medium-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Europe High-duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Europe: Truck Axle Market, by Key Country-Revenue 2020 (US$ Million)
Figure 20. Europe: Truck Axle Market Revenue Share, by Key Country (2020 & 2028)
Figure 21. France: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Germany: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. UK: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Italy: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Russia: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Rest of Europe: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Impact of COVID-19 Pandemic in Europe 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
- Sisu Axles, Inc.
- ZF Friedrichshafen AG
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- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving Truck Axle market, as well as those hindering it
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