South America Truck Axle Market
No. of Pages: 96 | Report Code: TIPRE00023016 | Category: Automotive and Transportation
No. of Pages: 96 | Report Code: TIPRE00023016 | Category: Automotive and Transportation
South America includes Brazil and the Rest of South and Central America. The market is expected to have growth opportunities in Brazil in terms of urbanizations and the rising use of automobiles. The ongoing expansion of the South America region's automotive manufacturing sector is attributed to many OEMs and automakers. Brazil is a potentially large domestic market with low vehicle ownership and a growing economy. However, with time the country is witnessing rising automotive production is supporting the growth of the Truck Axle market in the region. For instance, as per OICA, total vehicle/car production in Brazil increased by 2.2% in 2019. Further, the national regulatory bodies of various countries in the region are encouraging safer and more advanced vehicles. For instance, the Brazilian government has formulated favorable trade investment policies to promote private investments in various industries, including automotive. The Brazilian government has also made provisions to give exemption to investors from custom duties and other taxes on the purchase of specific infrastructure and capital goods. Such government initiatives to support the automotive sector's growth would strengthen the automotive manufacturing industry in the region, which is expected to support the Truck Axle market's development in the coming years. Also, rising focus on new product development is the major factor driving the growth of the SAM truck axle market.
Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, Colombia, Ecuador, and Argentina, among others. Governments in SAM have taken an array of actions to protect its citizens and contain COVID-19’s spread; therefore, imposed lockdowns to promote social distancing. As per the Brazil automaker’s association, it is anticipated that the sales of automotive will recover to pre-COVID levels by 2025. Also, several automakers in the country have witnessed a sharp decline in their production capabilities. According to Anfavea, the automakers association, the automotive production is expected to witness a fall of 45% in 2020 compared to 2019. Also, the auto exports are expected to witness a decline of 53% for the same duration. Recently, Ford Motors announced to close its three production facilities and stop manufacturing operations in SAM region.
Strategic insights for the South 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$ 43.71 Million |
| Market Size by 2028 | US$ 54.16 Million |
| Global CAGR (2021 - 2028) | 3.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South 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 SAM, is expected to reach US$ 54.16 million by 2028 from US$ 43.71 million in 2021. The market is estimated to grow at a CAGR of 3.1% from 2021 to 2028. The transportation industry in various developing countries such as India, China, and Brazil, is highly dependent on road transports. 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 SAM 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 SAM 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 South America Truck Axle Market is valued at US$ 43.71 Million in 2021, it is projected to reach US$ 54.16 Million by 2028.
As per our report South America Truck Axle Market, the market size is valued at US$ 43.71 Million in 2021, projecting it to reach US$ 54.16 Million by 2028. This translates to a CAGR of approximately 3.1% during the forecast period.
The South 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 South America Truck Axle Market report:
The South America Truck Axle Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Truck Axle Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Truck Axle Market value chain can benefit from the information contained in a comprehensive market report.
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