The truck axle market size is projected to reach US$ 2,538.50 million by 2031 from US$ 1,680.79 million in 2023. The market is expected to register a CAGR of 5.3% during 2023–2031. The increasing adoption of connected transportation across the globe is driving the trend in the market. Rising demand for lightweight axles to improve fuel efficiency is driving the market growth.
Increasing commercial vehicle sales with growing logistics & transportation activities with a surge in the e-commerce industry drive the truck axle market growth during the forecast period. Rising sale of heavy-duty commercial vehicle trucks across Asia Pacific countries such as India, China, Japan and South Korea drives the market growth.
The truck axle is an essential component of the heavy-duty commercial vehicles. These truck axles help to deliver driving force to the wheels of the vehicles. These axles carry the whole burden of the vehicle. Heavy-duty trucks require rigid axles to carry heavy weight. Increasing sales of heavy-duty commercial vehicles across the globe are driving the truck axle market growth during the forecast period. According to the China Passenger Car Association, in April 2024, around 44,000 pickup trucks were sold in China. Sales of pickup trucks in China increased by 4.4% year on year in April 2024 as compared to April 2023. Such growth in the sale of trucks across China drives the truck axle market growth during the forecast period.
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Truck Axle Market: Strategic Insights
The transportation sector is an important industry sector that deals with the movement of goods, people and products. The transportation sector is growing at a rapid pace owing to the increase in the e-commerce sector drives the market growth. According to the Bureau of Transportation Statistics, the net value for the transportation infrastructure, including vehicles and equipment, was valued at US$ 10.68 trillion in 2022. The public sector transportation sector is valued at US$ 5.96 trillion, and the private sector at US$ 4.71 trillion. Such growth in the transportation sector across the globe drives the truck axle market growth during the forecast period.
E-axles are widely adopted in electromechanical propulsion systems that are equipped with shaft structure, power electronics, an electric motor and transmission. This device offers cost-effective electric propulsion solutions for pure electric trucks and hybrid trucks. Furthermore, in combination with ICE and hybrid power systems, an e-axle is used. Electric truck manufacturers are adopting electric motors into their rigid rear axles to reduce the weight of the vehicle. This is essential for improving the efficiency of electric trucks. The e-axle system is installed in the existing suspension that allows the removal of the propulsion systems. The major driving factor for the e-axle in trucks is increasing global sales of electric and hybrid trucks with rising fuel costs.
Key segments that contributed to the derivation of the truck axle market analysis are type, application, and geography.
The geographic scope of the truck axle market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is expected to have the largest share in the truck axle market owing to increased demand and sale of trucks in developing countries such as China, India, and Japan. Truck sales in the Asia Pacific region reached 2.67 million units in 2024. This growth in sales of the trucks across China, India, and Japan drove the truck axle market growth during the forecast period. The Asia Pacific region has a significant share of around 50.4% share of the global heavy-duty trucks market. This creates ample opportunity for the truck axle market growth during the forecast period.
The regional trends and factors influencing the Truck Axle Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Truck Axle Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,680.79 Million |
| Market Size by 2031 | US$ 2,538.50 Million |
| Global CAGR (2023 - 2031) | 5.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Truck Axle Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Truck Axle Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The truck axle market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Truck Axle Market are listed below:
The “Truck Axle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The truck axle market size is projected to reach US$ 2,538.50 million by 2031 from US$ 1,680.79 million in 2023.
The market is expected to register a CAGR of 5.3% during 2023–2031.
Rising demand for lightweight axles to improve fuel efficiency is driving the market growth.
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 others.
Growing Transportation and Logistics Sector across the Globe drives the Market Growth.
Asia Pacific is expected to dominate the truck axle market in 2023.