North America 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 North America truck axle market has been analyzed based on three major countries — the US, Canada, and Mexico. The US is estimated to hold the largest share in the truck axle market during the forecast period. The projected growth of the truck axle market in the US is attributed to the established market players, increase in productivity, significant cost saving in overall operation is anticipated to fuel growth of the market during the forecast period. Also, enhanced focus on new product development is the major factor driving the growth of the North America truck axle market.
In North America, increasing number of infected individuals have led the governments in various countries to impose lockdowns. Most of the manufacturing facilities were either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American manufacturers in 2020. Majority of the manufacturing plants are shut down, municipalities are functioning slowly compared to past, and the automotive, manufacturing, and semiconductor industries are at a halt, which is negatively impacting the truck axle market. As per Geotab Inc.'s study, a significant drop has been witnessed in commercial transportation activity in the US and Canada. With a decline in commercial transportation activity, the growth of truck axle market in the region has been negatively impacted. However, the manufacturing plants, automotive industry, and several other businesses have now started functioning slowly, which may improve the growth of the truck axle market to some extent in the coming quarters. The impact of COVID-19 is short-term on the market, and it is likely to decrease in the coming quarters.
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Market Overview and Dynamics
The truck axle market in North America, is expected to reach US$ 545.38 million by 2028 from US$ 384.38 million in 2021. The market is estimated to grow at a CAGR of 5.1% from 2021 to 2028. Rise in population and increase in demand for goods in emerging markets are the major factors supporting the truck axle market. Electrification of trucks, automation in manufacturing processes, and rise in sales in developing nations are creating a lucrative opportunity for the market. The key industries driving the truck axle market in developing countries include construction, healthcare & pharmaceuticals, retail & e-commerce, food & beverages, agriculture & forestry, transportation, waste & recycling, and military & defense. The unprecedented growth in online retail and e-commerce in the past few years, is boosting the demand for road transportation solutions such as trucks.
Key Market Segments
The North America 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 North America 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 North America 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 North America truck axle market
- Efficiently plan M&A and partnership deals in North America 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 North America truck axle market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.
NORTH AMERICA TRUCK AXLE MARKET SEGMENTATION
North America Truck Axle Market -By Type
- Rigid Axle
- Drive Steer Axles
- Non-drive Steer Axles
North America Truck Axle Market -By Application
- Light-duty trucks
- Medium-duty trucks
- Heavy-duty trucks
North America Truck Axle Market -By Country
- US
- Canada
- Mexico
North America 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. North America Truck Axle Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America Truck Axle Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Progress in Manufacturing Processes
5.2 Market Restraints
5.2.1 Elevated Manufacturing and Maintenance Cost of Trucks
5.3 Market Opportunities
5.3.1 Rising Production of Trucks in Developing Countries
5.4 Future Trends
5.4.1 Emergence of Electrification in Truck Market
5.5 Impact Analysis of Drivers and Restraints
6. Truck Axle –North America Market Analysis
6.1 North America Truck Axles Market Overview
6.2 North America Truck Axle Market Revenue Forecast and Analysis
7. North America Truck Axle Market Revenue and Forecast to 2028 – Type
7.1 Overview
7.2 North America Truck Axle Market, by Type (2020 and 2028)
7.3 Rigid Axles
7.3.1 Overview
7.3.2 Rigid Axles: North America 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 :North America 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: North America Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
8. North America Truck Axle Market Revenue and Forecast to 2028 – Application
8.1 Overview
8.2 North America Truck Axle Market, by Application (2020 and 2028)
8.3 Light-Duty Trucks
8.3.1 Overview
8.3.2 Light-Duty Trucks: 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: North America 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: North America Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
9. North America Truck Axle Market – Country Analysis
9.1 Overview
9.1.1 North America: Truck Axle Market, by Key Country
9.1.1.1 US: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Truck Axle Market, by Type
9.1.1.1.2 US: Truck Axle Market, by Application
9.1.1.2 Canada: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Truck Axle Market, by Type
9.1.1.2.2 Canada: Truck Axle Market, by Application
9.1.1.3 Mexico: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: Truck Axle Market, by Type
9.1.1.3.2 Mexico: Truck Axle Market, by Application
10. North America 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. North America Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America: Truck Axle Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 7. Mexico: Truck Axle Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. Mexico: Truck Axle Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 9. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Truck Axle Market Segmentation
Figure 2. North America Truck Axle Market Segmentation – By Country
Figure 3. North America Truck Axle Market Overview
Figure 4. Rigid Axle Segment Held the Largest Market Share in the North America Truck Axle Market, by Type
Figure 5. Light–Duty Trucks Segment Held the Largest Market Share in the North America Truck Axle Market, By Application
Figure 6. US is the Largest Revenue Contributor in the North America Truck Axle Market
Figure 7. North America – PEST Analysis
Figure 8. North America Truck Axle Market: Ecosystem Analysis
Figure 9. North America Truck Axle Market Impact Analysis of Drivers and Restraints
Figure 10. North America Truck Axle Market Revenue Forecast and Analysis (US$ Million)
Figure 11. North America Truck Axle Market, by Type (2020 and 2028)
Figure 12. North America Rigid Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Non-Drive Steer Axles: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. North America 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. North America Medium-Duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. High-duty Trucks: Truck Axle Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America: Truck Axle Market, by Key Country-Revenue 2020 (US$ Million)
Figure 20. North America: Truck Axle Market Revenue Share, by Key Country (2020 & 2028)
Figure 21. US: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Canada: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Mexico: Truck Axle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Impact of COVID-19 Pandemic in North American 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 North America 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 North America 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 North America 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