NEW
YORK, June 21, 2024 /PRNewswire/ -- The global
truck axle market size is estimated to grow by USD 4.49 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
almost 5.18% during the forecast
period. Reduction in production cost of axle owing to
advances in manufacturing technology is driving market
growth, with a trend towards development of intelligent
truck axle. However, high manufacturing cost of medium and
heavy-duty trucks poses a challenge. Key market players
include All Truck Parts Ltd., American Axle and Manufacturing
Holdings Inc., Automotive Axles Ltd., BRIST Axle Systems Srl LLC,
Cardone Industries Inc., Cummins Inc., Dana Inc., Hendrickson
Holdings LLC, Kross Ltd., Magna International Inc., Mercedes Benz
Group AG, Press Kogyo Co. Ltd., Qingte Group Co. Ltd., Raba
Automotive Holding Plc, SAF HOLLAND
SE, Shandong Heavy Industry Group Co. Ltd., Sinotruk Hong
Kong Ltd., Sisu Axles Inc., Vikrant Group, and ZF Friedrichshafen
AG.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Light-duty
trucks, Heavy-duty trucks, and Medium-duty trucks), Type (Rigid
axles, Drive steer axles, and Non-drive steer axles), and Geography
(APAC, North America, Europe, South America, and Middle East and
Africa)
|
Region
Covered
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
All Truck Parts Ltd.,
American Axle and Manufacturing Holdings Inc., Automotive Axles
Ltd., BRIST Axle Systems Srl LLC, Cardone Industries Inc., Cummins
Inc., Dana Inc., Hendrickson Holdings LLC, Kross Ltd., Magna
International Inc., Mercedes Benz Group AG, Press Kogyo Co. Ltd.,
Qingte Group Co. Ltd., Raba Automotive Holding Plc, SAF HOLLAND SE,
Shandong Heavy Industry Group Co. Ltd., Sinotruk Hong Kong Ltd.,
Sisu Axles Inc., Vikrant Group, and ZF Friedrichshafen
AG
|
Key Market Trends Fueling Growth
The truck axle market is set to experience significant growth
due to advancements in final drive technology. Daimler's new
intelligent truck axle, featuring oil regulation and controlled oil
maintenance, enhances fuel efficiency by 0.5%. Additionally, this
innovation reduces maintenance costs, leading to a lower total cost
of ownership. The axle's oil supply is determined by speed, torque,
and temperature requirements. Technological improvements, such as
laser-welded gears and new gear teeth geometry, minimize friction
and contribute to market expansion.
The truck axle market is experiencing significant growth due to
increasing demand for heavy-duty vehicles in various industries.
Load capacity and durability are key factors driving market trends.
Advanced technologies like electronic control systems and vehicle
monitoring are improving axle performance and efficiency.
Commerccial vehicles, especially in construction and transportation
sectors, are major consumers. Carbon fiber axles are gaining
popularity for their lightweight and high strength properties.
Technological advancements and increasing demand are expected to
continue shaping the truck axle market in the future.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
• The global
truck axle market primarily relies on sales from medium and
heavy-duty trucks due to the prevalence of multi-axle trucks.
However, the integration of advanced technologies in heavy-duty
trucks increases manufacturing costs, which can decrease new truck
sales and negatively impact the market. Manufacturing these trucks
is capital-intensive, with high precision required for components
like braking systems and suspension systems. Raw material prices
and technology adoption also contribute to rising costs. Continuous
maintenance and regulatory requirements further increase total
ownership costs. In India, BS VI
regulations have led to more expensive heavy-duty trucks,
potentially slowing sales.
• The truck axle
market faces several challenges in the drive and steer axle
sectors. Centralization of drive axles and the increasing use of
modular and multi-axle trucks pose challenges in terms of design
and manufacturing complexity. Additionally, the need for lighter
and more durable materials, such as aluminum and high-strength
steels, adds to the market's challenges. Furthermore, the growing
trend towards electric and autonomous vehicles presents new design
requirements for truck axles. Lastly, cost pressures and regulatory
compliance continue to be significant challenges for truck axle
manufacturers.
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challenges - Download a Sample Report
Segment Overview
This truck axle market report extensively covers market
segmentation by
- Application
- 1.1 Light-duty trucks
- 1.2 Heavy-duty trucks
- 1.3 Medium-duty trucks
- Type
- 2.1 Rigid axles
- 2.2 Drive steer axles
- 2.3 Non-drive steer axles
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Light-duty trucks- The Truck Axle Market is
experiencing steady growth due to increasing demand for commercial
vehicles. Key players in this industry include Dana Corporation,
Meritor, and AxleTech International. These companies focus on
producing high-quality axles to ensure vehicle durability and
efficiency. Market expansion is driven by factors such as
infrastructure development and rising freight transportation needs.
The market is expected to continue growing, providing opportunities
for new entrants and existing players alike.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Truck Axle Market encompasses the production and
distribution of technologically advanced axles for commercial
transportation activities. These axles are integral components of
heavy-duty and medium-duty trucks, featuring suspension systems
that ensure optimal load-bearing capability and stability.
Suspension systems include independent suspension systems, air
springs, and electronic control modules, which offer smart features
for enhanced maneuverability and vehicle movement. Axle geometry
plays a crucial role in the design of live-axle suspension systems,
ensuring proper wheel alignment and reducing wear on other vehicle
components. Both front and rear axles, as well as drive axles, are
essential for transporting heavy loads. The auto industry continues
to innovate, with the emergence of electric trucks and the
integration of advanced chassis and power transmission systems.
Market Research Overview
The Truck Axle Market encompasses the production, supply, and
distribution of truck axles worldwide. These components are
essential for the proper functioning of heavy-duty vehicles,
supporting their weight and facilitating smooth movement. The
market is driven by factors such as increasing demand for
commercial vehicles, growing infrastructure development, and
advancements in technology leading to the production of lighter and
more efficient axles. Various materials, including steel, aluminum,
and composite materials, are used in the manufacturing process to
cater to diverse customer requirements. The market is segmented
based on vehicle type, material type, and geography. The future
outlook is promising, with the market expected to grow
significantly due to the increasing demand for commercial vehicles
and the ongoing trend towards the production of more fuel-efficient
and environmentally friendly trucks.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Light-duty Trucks
- Heavy-duty Trucks
- Medium-duty Trucks
- Type
-
- Rigid Axles
- Drive Steer Axles
- Non-drive Steer Axles
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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