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.
Truck Axle Market Analysis
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.
Truck Axle Market Overview
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
Market Size Value in US$ 1440.01 Million in 2020 Market Size Value by US$ 2032.00 Million by 2028 Growth rate CAGR of 4.9% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Truck Axle Market: Strategic Insights
| Market Size Value in | US$ 1440.01 Million in 2020 |
| Market Size Value by | US$ 2032.00 Million by 2028 |
| Growth rate | CAGR of 4.9% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Truck Axle Market Drivers and Opportunities
Growing Transportation and Logistics Sector across the Globe drives the Market Growth.
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.
Increase adoption of e-axle systems across the globe by the key players.
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.
Truck Axle Market Report Segmentation Analysis
Key segments that contributed to the derivation of the truck axle market analysis are type, application, and geography.
- Based on type, the market is divided into rigid axles, drive steer axles, and non-drive steer axles. Among these, rigid axles are expected to have the largest share in 2023. This is owing to the increasing demand for heavy-duty commercial vehicles.
- Depending upon the application, the market is divided into light-duty trucks, medium-duty trucks, and heavy-duty trucks. Among these, heavy-duty trucks are expected to have the largest share in 2023. This is owing to the increasing sale of commercial heavy-duty trucks across the globe.
Truck Axle Market Share Analysis by 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.
Truck Axle Market Report Scope
Truck Axle Market News and Recent Developments
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:
- Ashok Leyland has launched a new 3-axle 6×2 Dual Tyre Lift Axle (DTLA) truck, AVTR 3120. With this launch, Ashok Leyland becomes the first and only player in the country to have a full range of DTLA trucks with 31T, 40.5T, and 47.5T GVW nodes. (Source: Source: Press Release, December 2021)
- ReFuels N.V., one of Europe's leading suppliers of renewable biomethane (Bio-CNG) for the decarbonization of heavy goods vehicles, today announces that Scania UK has launched a new three-axle (6×2) CNG truck, significantly increasing the addressable market to include the preferred vehicle class of UK fleet operators. (Source: Press Release, June 2024)
Truck Axle Market Report Coverage and Deliverables
The “Truck Axle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Truck axle market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Truck axle market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Truck axle market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the truck axle market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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