New York, United States, March 27, 2024 (GLOBE NEWSWIRE) -- The Global Truck Axle Market Size is to Grow from USD 1.7 Billion in 2023 to USD 3.08 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.12% during the projected period.
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Truck axles are mechanical parts that connect a truck's wheels to the chassis. They provide support, transmit power, and enable proper vehicle movement and control. Axles are essential components of the truck's suspension system, providing load-bearing capacity, stability, and maneuverability. Depending on the truck's configuration and application, various axle types are used, including front axles, rear axles, and drive axles. These axles are designed to withstand heavy loads and harsh operating conditions, making them essential components in the trucking industry. The expanding transportation and logistics sectors, driven by e-commerce and urbanization, increase demand for commercial vehicles. This raises the demand for efficient and reliable truck axles to support the transportation of goods and materials. The market is being driven by rising demand for commercial vehicles, infrastructure development, and the need to improve fuel efficiency and load capacity. The truck industry's manufacturers, suppliers, and stakeholders are actively developing advanced axle technologies to meet changing market demands. However, to ensure optimal performance and safety, truck axles must be maintained and serviced regularly. Periodic inspections, lubrication, and component replacements can cause problems for truck owners and operators, including higher costs and downtime.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Truck Axle Market Size, Share, and COVID-19 Impact Analysis, By Type (Rigid Axles, Drive Steer Axles, Non-Drive Steer Axles), By Application (Front Axle, Rear Axle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The drive steer axles segment is anticipated to hold the fastest share of the global truck axle market during the projected timeframe.
Based on the type, the global truck axle market is divided into rigid axles, drive steer axles, and non-drive steer axles. Among these, the drive steer axles segment is anticipated to hold a significant share of the global truck axle market during the projected timeframe. Drive steer axles have both steering and driving capabilities. These axles are commonly used in trucks and buses to improve maneuverability and control while also transmitting power to the wheels for propulsion. Drive steer axles are critical for maintaining stability and performance in a wide range of driving conditions.
The front axle segment is expected to hold the largest share of the global truck axle market during the forecast period.
Based on the application, the global truck axle market is divided into front axle and rear axle. Among these, the front axle segment is expected to hold the largest share of the global truck axle market during the forecast period. Because of the lower complexities involved in the assembly of mid and economy-range vehicles, the front axle is commonly used. Furthermore, the growing popularity of all-wheel-drive vehicles, including four-wheel-drive, six-wheel-drive, and eight-wheel-drive, is expected to boost the front axle market.
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North America is anticipated to hold the largest share of the global truck axle market over the predicted timeframe.
North America is projected to hold the largest share of the global truck axle market over the predicted timeframe. Powered by robust transportation and logistics sectors, in addition to construction and manufacturing industries. The United States and Canada are major market contributors, with strong demand for heavy-duty trucks and commercial vehicles propelling the region's truck axle market forward. Major truck axle manufacturers have a strong presence in North America, which will help drive the global truck axle market forward.
Europe is predicted to grow at the fastest pace in the global truck axle market during the projected timeframe. Characterized by a thriving automotive industry and well-established transportation networks. Germany, France, and the United Kingdom are major commercial vehicle manufacturers and consumers, promoting regional demand for truck axles. Furthermore, stringent emissions regulations and a focus on fuel efficiency encourage the development and adoption of advanced axle technologies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Truck Axle Market are Meritor, Inc., Dana Incorporated, ZF Friedrichshafen AG, SAF-HOLLAND S.A., American Axle & Manufacturing Holdings, Inc., Guangxi Fangsheng Axle Co., Ltd., RABA Automotive Holding PLC, JOST Werke AG, Korea Flange Co., Ltd., Shaanxi Fast Auto Drive Group Company, Talbros, Engineering Limited, and Others.
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Recent Developments
- In November 2022, American Axle & Manufacturing (AAM) announced that it had been selected as the replacement axle supplier for General Motors' next mid-size pickup trucks. The new vehicles will be available for purchase in the 2023 model year.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Truck Axle Market based on the below-mentioned segments:
Global Truck Axle Market, Type Analysis
- Rigid Axles
- Drive Steer Axles
- Non-Drive Steer Axles
Global Truck Axle Market, Application Analysis
- Front Axle
- Rear Axle
Global Truck Axle Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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