Europe Truck Axle Market
No. of Pages: 111 | Report Code: TIPRE00023007 | Category: Automotive and Transportation
No. of Pages: 111 | Report Code: TIPRE00023007 | Category: Automotive and Transportation
Europe region comprises developed countries such as Germany, France, Italy, the UK, Russia, and Europe. The rest of the Europe region consists of countries, namely, Switzerland, Sweden, Denmark, the Netherlands, are among others. The European automotive-related industry is expected influence growing due to demographic trends, product innovation, and favorable government policies. These factors are driving truck axle-associated businesses in the European market. The trend is foreseen to continue over the years, as the European counties' population grows, creating a vast space for automotive-related markets. European countries such as Germany and UK are experiencing high growth in their commercial automobiles. Governments of various countries are undertaking initiatives with a motive to support the industries that are connected to the truck axle. Rapid development and advancement in the production units and the presence of truck axle manufacturers in the region will enhance the European countries' truck axle market growth. Also, upgrading in manufacturing processes is the major factor driving the growth of the Europe truck axle market.
In Europe, Italy is the worst-affected country due to the outbreak of COVID-19. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of COVID-19 cases. Other member states had implemented drastic measures and travel restrictions, including partially closing their borders. Moreover, countries in the region, including Germany, the UK, France, and Belgium, have witnessed a second wave of the virus and have announced lockdown for the second time in November 2020. The situation amid the COVID-19 pandemic is extraordinary, which is negatively impacting the growth of truck axle market. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slowdown in 2020 and most likely in 2021. Decline in activities in construction manufacturing, oil and gas, food, and other industries has resulted into lesser demand for trucks and components. The entire region is heavily hit by the COVID-19 outbreak, which has resulted in lower sales of trucks and truck axle.
Strategic insights for the Europe Truck Axle provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 280.99 Million |
| Market Size by 2028 | US$ 361.53 Million |
| Global CAGR (2021 - 2028) | 3.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Truck Axle refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The truck axle market in Europe, is expected to reach US$ 361.53 million by 2028 from US$ 280.99 million in 2021. The market is estimated to grow at a CAGR of 3.7% from 2021 to 2028. Governments of various countries are imposing strict regulations to control emissions from diesel and petrol vehicles, thereby compelling vehicle manufacturers to opt for alternative fuel solutions such as natural gases and electric energy. Transportation is the primary source of pollution across the world, and heavy-duty vehicles such as trucks and buses are the major contributors in this category. The high efficiency of electric trucks over conventional diesel and natural gas vehicles is among the key factors expected to drive this market in the coming years. With still in the initial growth stage, these e-axles are supporting electric truck market growth and anticipated to see impressive growth in forecasted period.
The Europe 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.
A few major primary and secondary sources referred to for preparing this report on the Truck Axle market in Europe 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; Sisu Axles, Inc.; and ZF Friedrichshafen AG among others.
The Europe Truck Axle Market is valued at US$ 280.99 Million in 2021, it is projected to reach US$ 361.53 Million by 2028.
As per our report Europe Truck Axle Market, the market size is valued at US$ 280.99 Million in 2021, projecting it to reach US$ 361.53 Million by 2028. This translates to a CAGR of approximately 3.7% during the forecast period.
The Europe Truck Axle Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Truck Axle Market report:
The Europe Truck Axle Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Truck Axle Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Truck Axle Market value chain can benefit from the information contained in a comprehensive market report.
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