Middle East and Africa 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 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.
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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
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. MEA Truck Axle Market Landscape
4.1 Market Overview
4.2 MEA PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. MEA Truck Axle Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growth in Manufacturing Processes
5.2 Market Restraints
5.2.1 Inflated Manufacturing and Maintenance Cost of Trucks
5.3 Market Opportunities
5.3.1 Cascading Production of Trucks in Developing Countries
5.4 Future Trends
5.4.1 Occurrence of Electrification in Truck Market
5.5 Impact Analysis of Drivers and Restraints
6. Truck Axle – MEA Market Analysis
6.1 MEA Truck Axles Market Overview
6.2 MEA Truck Axle Market Revenue Forecast and Analysis
7. MEA Truck Axle Market Revenue and Forecast to 2028 – Type
7.1 Overview
7.2 MEA Truck Axle Market, by Type (2020 and 2028)
7.3 Rigid Axles
7.3.1 Overview
7.3.2 Rigid Axles: MEA 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: MEA 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: MEA Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
8. MEA Truck Axle Market Revenue and Forecast to 2028 – Application
8.1 Overview
8.2 MEA Truck Axle Market, by Application (2020 and 2028)
8.3 Light-Duty Trucks
8.3.1 Overview
8.3.2 Light-Duty Trucks: MEA 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: MEA 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: MEA Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
9. MEA Truck Axle Market – Country Analysis
9.1 Overview
9.1.1 MEA: Truck Axle Market, by Key Country
9.1.1.1 South Africa: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 South Africa: Truck Axle Market, by Type
9.1.1.1.2 South Africa: Truck Axle Market, by Application
9.1.1.2 Rest of MEA: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Rest of MEA: Truck Axle Market, by Type
9.1.1.2.2 Rest of MEA: Truck Axle Market, by Application
10. MEA 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 Qingte Group Co., Ltd.
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 Dana Limited
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 SAF-HOLLAND SE
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 Shandong Heavy Industry Group Co., Ltd.
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 Sinotruk (Hong Kong) 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 ZF Friedrichshafen AG
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
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. MEA Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Table 2. MEA: Truck Axle Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. South Africa: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. South Africa: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 5. Rest of MEA: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. Rest of MEA: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 7. List of Abbreviation
LIST OF FIGURES
Figure 1. MEA Truck Axle Market Segmentation
Figure 2. MEA Truck Axle Market Segmentation – By Country
Figure 3. MEA Truck Axle Market Overview
Figure 4. Rigid Axle Segment Held the Largest Market Share in the MEA Truck Axle Market, by Type
Figure 5. Light – Duty Trucks Segment Held the Largest Market Share in the MEA Truck Axle Market, By Application
Figure 6. South Africa was the Largest Revenue Contributor in the MEA Truck Axle Market
Figure 7. Middle East and Africa – PEST Analysis
Figure 8. Truck Axle Market: Ecosystem Analysis
Figure 9. MEA Truck Axle Market Impact Analysis of Drivers and Restraints
Figure 10. MEA Truck Axle Market Revenue Forecast and Analysis (US$ Million)
Figure 11. MEA Truck Axle Market, by Type (2020 and 2028)
Figure 12. MEA Rigid Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. MEA Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. MEA Non-Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. MEA Truck Axle Market, by Application (2020 and 2028)
Figure 16. MEA Light-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. MEA Medium-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. MEA High-duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. MEA: Truck Axle Market, by Key Country-Revenue 2020 (US$ Million)
Figure 20. MEA: Truck Axle Market Revenue Share, by Key Country (2020 & 2028)
Figure 21. South Africa: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Rest of MEA: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Impact of COVID-19 Pandemic in Middle East and Africa Countries
- Dana Limited
- Qingte Group Co., Ltd.
- 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 MEA 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 MEA 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 MEA 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