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North America Truck Axle Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and Application

North America Truck Axle Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and Application

  • June 2021
  • 98 pages
  • ID: 6103292
  • Format: PDF
  • The Insight Partners

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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. 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 is helping axle manufacturing companies to lower the axle’s cost and mount the market growth. Additionally, enhanced focus on new product development is among the other factors expected to bolster the growth of the North America truck axle market during the forecast period.
Based on type, the rigid axle segment led the North America truck axle market in 2020.Rigid axles are majorly used in rigid trucks.

A larger number of rigid trucks are in use in different applications than articulated trucks, which is a key factor driving the growth of the market for rigid axles segment.The robust construction of rigid axles makes them the most preferred solution in commercial trucks operating off-road and on highways.

The design of rigid axles exhibits wheels on each axle connected by a bridge, either sprung or unsprung. Rigid axle benefit through improved performance by balancing the load at the time of braking and starting off with constant maintain of ground clearance.
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.
The overall North America truck axle market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the North America truck axle market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America truck axle market. 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 are among the players operating in the market.

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