Truck axle market size to grow at a CAGR of 4.84% by 2027: A descriptive analysis of five forces model, market dynamics, and segmentation - Technavio

NEW YORK, Feb. 9, 2023 /PRNewswire/ -- According to Technavio, the global truck axle market size is expected to grow by USD 3.98436 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 4.84% during the forecast period. Moreover, the growth momentum will accelerate. The report also includes historic market data from 2017 to 2021. In 2017, the truck axle market was valued at USD 12,853.68 million. COVID-19 had the most negative impact on the global automotive industry in recent years, resulting in a steep fall in demand and a large-scale disruption of the supply chain. This exerted intense pressure on an already-stressed global automotive market. However, few countries are bringing manufacturing facilities and production back on track, indicating that the supply side is on a restoration line. Discover more insights on the market before buying the full report - Request a sample report!

Key trends - The development of intelligent truck axles is a key trend in the market. The demand for fuel efficiency is leading to the development of new technology. For instance, Daimler has developed a new final drive technology for truck axles to control oil regulation inside the unit. This can boost fuel economy by 0.5%. Intelligent truck axle lowers the maintenance cost of the truck, which reduces the total cost of ownership. Such technological advances in truck axles will positively impact the market during the forecast period. To know more - Buy the report!

Truck axle market - Five forces

The global truck axle market is fragmented, and the five forces analysis covers–

• Bargaining power of buyers
• Threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes

Truck axle market – Customer landscape  

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Truck axle market - Segmentation assessment

Segment overview

Technavio has segmented the market based on type, application, and region.

• The light-duty trucks segment will grow at a high rate during the forecast period. In the automotive markets of North America and Europe, pickup trucks are popular. In North America, these trucks account for a significant portion of automobile sales, which contributes to the growth of the light-duty truck segment. Automakers in many Asian countries, such as China and Malaysia, offer pickup trucks. The rising demand for light-duty trucks is driving the demand for light-duty truck axles. Technological advancements in light-duty truck axles will support improvement in fuel efficiency. These factors will further fuel the growth of the segment during the forecast period.

Geography overview

Based on geography, the global truck axle market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global truck axle market.

• APAC will account for 69% of the global market during the forecast period. The production of truck axles in the region is dependent on the production and sales of passenger cars and the increase in demand for export-oriented production of automotive components. India and China have large manufacturing industries that focus on export-oriented production. The manufacturing industry in these countries is driven by low wages, easy availability of human resources and raw materials, efficient transportation services, and low value of local currencies.

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Truck axle market – Market dynamics

Key factors driving market growth

Improving supply chain strategy is driving the global truck axle market. In the automotive industry, consolidation through acquisition is compelling component manufacturers to improve their supply chain strategies, which can reduce procurement costs. Truck axle manufacturers focus on supplier-vendor collaboration to improve cost-effectiveness. In addition, the implementation of artificial intelligence and data analytics lowers the time spent on choosing a supplier. Such strategies in the upstream side of the supply chain would reduce the cost at all stages of the value chain, which, in turn, is expected to drive the global truck axle market during the forecast period.

Major challenges hindering the market growth

High manufacturing costs of medium and heavy-duty trucks are challenging the growth of the global truck axle market. The incorporation of advanced technologies in heavy-duty trucks increases the manufacturing cost, some of which is transferred to end-users. This decreases the sales of new trucks, which affects the growth of the medium and heavy-duty truck axle market. The prices of raw materials, such as stainless steel, hardened steel, cast iron, and other metal alloys, are highly volatile, which further increases costs. These factors will impede the growth of the medium and heavy-duty segment during the forecast period, which will negatively impact the market growth.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!

What are the key data covered in this truck axle market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the truck axle market between 2023 and 2027
• Precise estimation of the size of the truck axle market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across APAC, North America, Europe, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of truck axle market vendors

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Table of Contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global truck axle market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global truck axle market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Light-duty trucks - Market size and forecast 2022-2027
• Exhibit 34: Chart on Light-duty trucks - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Light-duty trucks - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Light-duty trucks - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Light-duty trucks - Year-over-year growth 2022-2027 (%)

• 6.4 Heavy-duty trucks - Market size and forecast 2022-2027
• Exhibit 38: Chart on Heavy-duty trucks - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Heavy-duty trucks - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Heavy-duty trucks - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Heavy-duty trucks - Year-over-year growth 2022-2027 (%)

• 6.5 Medium-duty trucks - Market size and forecast 2022-2027
• Exhibit 42: Chart on Medium-duty trucks - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Medium-duty trucks - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Medium-duty trucks - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Medium-duty trucks - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Application 
• Exhibit 46: Market opportunity by Application ($ million)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 47: Chart on Type - Market share 2022-2027 (%)
• Exhibit 48: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 49: Chart on Comparison by Type
• Exhibit 50: Data Table on Comparison by Type

• 7.3 Rigid axles - Market size and forecast 2022-2027
• Exhibit 51: Chart on Rigid axles - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Rigid axles - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Rigid axles - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Rigid axles - Year-over-year growth 2022-2027 (%)

• 7.4 Drive steer axles - Market size and forecast 2022-2027
• Exhibit 55: Chart on Drive steer axles - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Drive steer axles - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Drive steer axles - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Drive steer axles - Year-over-year growth 2022-2027 (%)

• 7.5 Non-drive steer axles - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Non-drive steer axles - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Non-drive steer axles - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Non-drive steer axles - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Non-drive steer axles - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Type 
• Exhibit 63: Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027
• Exhibit 101: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027
• Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 American Axle and Manufacturing Holdings Inc.
• Exhibit 116: American Axle and Manufacturing Holdings Inc. - Overview
• Exhibit 117: American Axle and Manufacturing Holdings Inc. - Business segments
• Exhibit 118: American Axle and Manufacturing Holdings Inc. - Key offerings
• Exhibit 119: American Axle and Manufacturing Holdings Inc. - Segment focus

• 12.4 Automotive Axles Ltd. 
• Exhibit 120: Automotive Axles Ltd. - Overview
• Exhibit 121: Automotive Axles Ltd. - Product / Service
• Exhibit 122: Automotive Axles Ltd. - Key offerings

• 12.5 BRIST Axle Systems Srl LLC 
• Exhibit 123: BRIST Axle Systems Srl LLC - Overview
• Exhibit 124: BRIST Axle Systems Srl LLC - Product / Service
• Exhibit 125: BRIST Axle Systems Srl LLC - Key offerings

• 12.6 Cardone Industries Inc. 
• Exhibit 126: Cardone Industries Inc. - Overview
• Exhibit 127: Cardone Industries Inc. - Product / Service
• Exhibit 128: Cardone Industries Inc. - Key offerings

• 12.7 Dana Inc. 
• Exhibit 129: Dana Inc. - Overview
• Exhibit 130: Dana Inc. - Business segments
• Exhibit 131: Dana Inc. - Key news
• Exhibit 132: Dana Inc. - Key offerings
• Exhibit 133: Dana Inc. - Segment focus

• 12.8 Hendrickson Holdings LLC 
• Exhibit 134: Hendrickson Holdings LLC - Overview
• Exhibit 135: Hendrickson Holdings LLC - Product / Service
• Exhibit 136: Hendrickson Holdings LLC - Key offerings

• 12.9 Mercedes Benz Group AG 
• Exhibit 137: Mercedes Benz Group AG - Overview
• Exhibit 138: Mercedes Benz Group AG - Business segments
• Exhibit 139: Mercedes Benz Group AG - Key offerings
• Exhibit 140: Mercedes Benz Group AG - Segment focus

• 12.10 Meritor Inc. 
• Exhibit 141: Meritor Inc. - Overview
• Exhibit 142: Meritor Inc. - Business segments
• Exhibit 143: Meritor Inc. - Key news
• Exhibit 144: Meritor Inc. - Key offerings
• Exhibit 145: Meritor Inc. - Segment focus

• 12.11 Qingte Group Co. Ltd. 
• Exhibit 146: Qingte Group Co. Ltd. - Overview
• Exhibit 147: Qingte Group Co. Ltd. - Product / Service
• Exhibit 148: Qingte Group Co. Ltd. - Key offerings

• 12.12 Raba Automotive Holding Plc 
• Exhibit 149: Raba Automotive Holding Plc - Overview
• Exhibit 150: Raba Automotive Holding Plc - Business segments
• Exhibit 151: Raba Automotive Holding Plc - Key offerings
• Exhibit 152: Raba Automotive Holding Plc - Segment focus

• 12.13 SAF-HOLLAND SE 
• Exhibit 153: SAF-HOLLAND SE - Overview
• Exhibit 154: SAF-HOLLAND SE - Business segments
• Exhibit 155: SAF-HOLLAND SE - Key offerings
• Exhibit 156: SAF-HOLLAND SE - Segment focus

• 12.14 Shandong Heavy Industry Group Co. Ltd.
• Exhibit 157: Shandong Heavy Industry Group Co. Ltd. - Overview
• Exhibit 158: Shandong Heavy Industry Group Co. Ltd. - Product / Service
• Exhibit 159: Shandong Heavy Industry Group Co. Ltd. - Key offerings

• 12.15 Sinotruk Hong Kong Ltd. 
• Exhibit 160: Sinotruk Hong Kong Ltd. - Overview
• Exhibit 161: Sinotruk Hong Kong Ltd. - Business segments
• Exhibit 162: Sinotruk Hong Kong Ltd. - Key offerings
• Exhibit 163: Sinotruk Hong Kong Ltd. - Segment focus

• 12.16 Sisu Axles Inc. 
• Exhibit 164: Sisu Axles Inc. - Overview
• Exhibit 165: Sisu Axles Inc. - Product / Service
• Exhibit 166: Sisu Axles Inc. - Key offerings

• 12.17 ZF Friedrichshafen AG 
• Exhibit 167: ZF Friedrichshafen AG - Overview
• Exhibit 168: ZF Friedrichshafen AG - Business segments
• Exhibit 169: ZF Friedrichshafen AG - Key news
• Exhibit 170: ZF Friedrichshafen AG - Key offerings
• Exhibit 171: ZF Friedrichshafen AG - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 172: Inclusions checklist
• Exhibit 173: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 174: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 175: Research methodology
• Exhibit 176: Validation techniques employed for market sizing
• Exhibit 177: Information sources

• 13.5 List of abbreviations 
• Exhibit 178: List of abbreviations

About Us 

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 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.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

Newsroom: https://newsroom.technavio.org/news/truck-axlemarket

SOURCE Technavio

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