Middle East and Africa Truck Axle Market

Market Introduction

The Middle East and Africa truck axle market is analyzed based on Saudi Arabia, UAE, South Africa, and the Rest of the Middle East and Africa. The region is expected to experience a rapid rise in industrialization, which would further boost a diverse range of industries, including automotive. The Gulf countries are economically advanced, while the African countries are yet to match their economic conditions. Factors such as a surge in the number of passenger and commercial vehicles on-road and increasing demand for integrating automated technologies in vehicles benefit the truck axle market growth in the MEA. An increase in vehicle production and high disposable income propels the demand for truck axle in this region. Governments of several countries have redirected their focus on the automotive sector to reduce their dependency on any industry. The Government of South Africa launched South African Automotive Masterplan to broaden and deepen the local value chains. However, the COVID-19 pandemic has severely affected the automotive sector in the Middle East and Africa, resulting in the shutting down of various manufacturing facilities in the region. The suppression of the automotive market is, in turn, restraining the growth of the truck axle market in the region. The Middle East's manufacturing sector is booming, and the government is taking several steps to encourage the manufacturing industry of the region. The rising expansion by international companies is also expected to drive the market's growth in the coming future. Also, occurrence of electrification in truck market is the major factor driving the growth of the MEA truck axle market.

While the COVID-19 pandemic and historically low oil prices are disrupting the political economy of the Gulf, the pandemic has proved the region’s tech pliability. The outbreak of the COVID-19 pandemic has undoubtedly been the major test of the Gulf’s industrialization initiative. According to the Institute of Chartered Accountants in England and Wales (ICAEW), the Middle East economy is anticipated to witness a sharp slowdown in the first half of 2020, regardless of impetus packages as well as monetary rate cuts to relax the economic setback of the COVID-19 outbreak. Further, the Middle East economy is projected to notice a pickup in the second half of 2020, after both demand and supply-side disruptions disappear.

Market Overview and Dynamics

The truck axle market in MEA, is expected to reach US$ 75.89 million by 2028 from US$ 59.95 million in 2021. The market is estimated to grow at a CAGR of 3.4% from 2021 to 2028. The leading truck and truck axle manufacturing companies are adopting advanced machinery and technologies in production processes. These new technologies and machinery are helping companies to improve the production capacity and efficiency of the plant. The automation and industry 4.0 revolution are helping the automotive industry to improve production at a reduced cost. Advancement in manufacturing solution helping axle manufacturing companies to lower the axle's cost and mount the market growth.

Key Market Segments

The MEA 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 MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Dana Limited; Qingte Group Co., Ltd.; 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 MEA 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 MEA truck axle market
• Efficiently plan M&A and partnership deals in MEA 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 MEA truck axle market
• Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region.

MEA Truck Axle Market Segmentation

MEA Truck Axle Market -By Type

• Rigid Axle
• Drive Steer Axles
• Non-drive Steer Axles

MEA Truck Axle Market -By Application

• Light-duty trucks
• Medium-duty trucks
• Heavy-duty trucks

MEA Truck Axle Market -By Country

• South Africa
• Rest of MEA

MEA Truck Axle Market -Company Profiles

• Dana Limited
• Qingte Group Co., Ltd.
• SAF-HOLLAND SE
• Shandong Heavy Industry Group Co., Ltd.
• Sinotruk (Hong Kong) Limited
• ZF Friedrichshafen AG  

Middle East and Africa Truck Axle Market Strategic Insights

Middle East and Africa Truck Axle Market Segmentation Analysis

Middle East and Africa Truck Axle Market Report Highlights

Middle East and Africa Truck Axle Report Scope

Middle East and Africa Truck Axle Market Country and Regional Insights