NEW YORK, March 28, 2024 /PRNewswire/ — The truck axle market is set for substantial growth between 2023 and 2027, with estimations pointing to a remarkable increase of USD 3,984.36 million. This growth trajectory, projected at a CAGR of 4.84%, is fueled by a convergence of factors, including advancements in manufacturing technology, strategic supply chain enhancements, and a rising demand for trucks worldwide.
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Technavio has announced its latest market research report titled Global Truck Axle Market 2023-2027
Key Drivers: Enhancements in supply chain strategies stand out as a pivotal driver propelling the market’s growth. Through acquisitions and strategic partnerships, automotive component manufacturers are streamlining their supply chains, resulting in reduced procurement costs and enhanced cost-effectiveness. Initiatives such as the Should Cost business model facilitate mutual agreements on component costs, mitigating negotiation rounds and fostering cost reduction across the value chain. Additionally, the integration of artificial intelligence and data analytics optimizes supplier selection and stock replenishment, further driving cost efficiencies.
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.84% |
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Market growth 2023-2027 |
USD 3,984.36 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.68 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 69% |
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Key countries |
US, China, Japan, India, and Germany |
Significant Trend: The market is witnessing a significant trend towards intelligent products, exemplified by innovations such as Daimler’s advanced final drive technology. These intelligent solutions not only enhance fuel efficiency but also reduce maintenance costs, thereby lowering the total cost of ownership for truck operators. By integrating powertrain components and employing advanced engineering techniques such as laser-welded gears and optimized gear geometries, manufacturers are revolutionizing truck axle systems to deliver superior performance and fuel savings.
Major Challenge: Despite the market’s promising growth trajectory, high manufacturing costs for medium and heavy-duty trucks present a significant challenge. The incorporation of advanced technologies increases production costs, which are partially transferred to end-users, impacting new truck sales. Capital-intensive manufacturing processes and fluctuating raw material prices further compound this challenge, hindering market growth in the medium and heavy-duty segments.
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Fastest-Growing Segment: The light-duty trucks segment emerges as the fastest-growing segment, driven by increasing demand for pickup trucks in key markets such as North America and Europe. Technological innovations, such as American Axle and Manufacturing’s QUANTUM driveline technology, enhance fuel efficiency and reduce vehicle weight, aligning with customer preferences for eco-friendly and fuel-efficient vehicles.
Key Regions: Asia-Pacific (APAC) is forecasted to lead the market’s growth, contributing 69% to the global market expansion. Robust manufacturing industries in countries like India and China, coupled with favorable labor costs and currency values, drive production and export-oriented growth in the region.
Market Analyst Overview: The Truck Axle Market is witnessing robust growth, fueled by increasing demand for heavy-duty commercial vehicles and advancements in electric drivetrains. Market leaders such as DANA Incorporated and American Axle & Manufacturing, Inc. are driving innovation through integrated systems and aftermarket services, catering to diverse sectors globally.
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Conclusion: With a convergence of technological innovation, supply chain optimization, and increasing demand for fuel-efficient vehicles, the Truck Axle Market is poised for dynamic growth in the forecast period. As key players continue to invest in research and development and forge strategic partnerships, the market is primed to offer cost-effective and technologically advanced solutions globally.
Analyst Review
The global truck axle market is experiencing significant shifts, driven by a myriad of factors ranging from technological advancements to regulatory requirements and consumer preferences. Sales of passenger cars, particularly in developing nations like Mexico, have surged, but so has the demand for electric and hybrid vehicles due to stringent greenhouse emission laws set by governments worldwide. This shift has prompted the automotive industry to invest heavily in technically sophisticated and lightweight axles capable of meeting the torque load requirements of vehicle electrification while ensuring fuel efficiency and reduced emissions.
In response to these demands, manufacturers are focusing on axle innovation, emphasizing drive and steer axles that are not only lightweight but also technically advanced to cater to the evolving needs of the market. Moreover, downsizing and weight reduction efforts are being prioritized to enhance the torque-carrying capabilities of axles while optimizing fuel consumption.
The market landscape is witnessing a surge in the adoption of green technologies such as engine down-speeding and lightweight axles, particularly in line-haul logistics vehicles where fuel efficiency is paramount. Additionally, the incorporation of advanced steer axle systems, designed to minimize bump and roll steer through sophisticated kinematics, is gaining traction, aiming to enhance driver comfort and reduce fatigue.
Major players like Meritor Inc, AXLETECH, and SAF-HOLLAND GROUP are at the forefront of axle innovation, launching new products and entering into contractual agreements, mergers, and acquisitions to strengthen their foothold in the market. Collaboration with OEMs and investment in cost-effective manufacturing processes, including local production, are further strategies being pursued to ensure scalability and competitiveness.
The demand for lightweight axles extends beyond traditional automotive applications, encompassing a diverse range of vehicles such as light vehicles, off-roaders, trailers, and specialty OEMs serving defense contractors. Moreover, advancements in power-conveyance technologies, including electromechanical propulsion systems and torque converters, are reshaping the landscape, catering to the needs of various industrial sectors including construction, agriculture, forestry, and mining.
With Maumee, Ohio, and Troy, Michigan serving as hubs for innovation and manufacturing, and key regions such as North America, Europe, and the Asia-Pacific witnessing robust market growth, the truck axle market is poised for further expansion. The forecast period anticipates significant traction, especially in heavy-duty commercial vehicles, driven by the demand for high-performance, fuel-efficient drivetrains, and aftermarket services catering to light-duty and heavy-duty trucks across the globe. DANA Incorporated and American Axle & Manufacturing, Inc are among the key players contributing to the research and development of integrated systems and components, further propelling the growth of the commercial vehicle aftermarket in regions like North America, Europe, and Asia-Pacific.
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TOC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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