North America Truck Axle Market
No. of Pages: 98 | Report Code: TIPRE00023002 | Category: Automotive and Transportation
No. of Pages: 98 | Report Code: TIPRE00023002 | Category: Automotive and Transportation
The North America truck axle market has been analyzed based on three major countries — the US, Canada, and Mexico. The US is estimated to hold the largest share in the truck axle market during the forecast period. The projected growth of the truck axle market in the US is attributed to the established market players, increase in productivity, significant cost saving in overall operation is anticipated to fuel growth of the market during the forecast period. Also, enhanced focus on new product development is the major factor driving the growth of the North America truck axle market.
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.
Strategic insights for the North America 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$ 384.38 Million |
| Market Size by 2028 | US$ 545.38 Million |
| Global CAGR (2021 - 2028) | 5.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 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. Rise in population and increase in demand for goods in emerging markets are the major factors supporting the truck axle market. Electrification of trucks, automation in manufacturing processes, and rise in sales in developing nations are creating a lucrative opportunity for the market. The key industries driving the truck axle market in developing countries include construction, healthcare & pharmaceuticals, retail & e-commerce, food & beverages, agriculture & forestry, transportation, waste & recycling, and military & defense. The unprecedented growth in online retail and e-commerce in the past few years, is boosting the demand for road transportation solutions such as trucks.
The North America 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 North America 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; and ZF Friedrichshafen AG, among others.
The North America Truck Axle Market is valued at US$ 384.38 Million in 2021, it is projected to reach US$ 545.38 Million by 2028.
As per our report North America Truck Axle Market, the market size is valued at US$ 384.38 Million in 2021, projecting it to reach US$ 545.38 Million by 2028. This translates to a CAGR of approximately 5.1% during the forecast period.
The North America 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 North America Truck Axle Market report:
The North America Truck Axle Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Truck Axle Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Truck Axle Market value chain can benefit from the information contained in a comprehensive market report.
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