The truck axle market in APAC is expected to reach US$ 995.04 million by 2028 from US$ 685.38 million in 2021. The market is estimated to grow at a CAGR of 5.5% from 2021 to 2028. Governments of various countries are imposing strict regulations to control emissions from diesel and petrol vehicles, thereby compelling vehicle manufacturers to opt for alternative fuel solutions such as natural gases and electric energy. Transportation is the primary source of pollution across the world, and heavy-duty vehicles such as trucks and buses are the major contributors in this category. The high efficiency of electric trucks over conventional diesel and natural gas vehicles is among the key factors expected to drive this market in the coming years. Though e-axles are still in the initial growth stage, they are supporting the growth of the electric truck market and anticipated to witness impressive growth in the forecast period. Additionally, the rising production of trucks in developing countries is among the other factors expected to drive the growth of the APAC truck axle market during 2021–2028.
Based on type, the rigid axle segment led the APAC truck axle market in 2020. Rigid axles are majorly used in rigid trucks. A larger number of rigid trucks are in use in different applications than articulated trucks, which is a key factor driving the growth of the market for rigid axles segment. The robust construction of rigid axles makes them the most preferred solution in commercial trucks operating off-road and on highways. The design of rigid axles exhibits wheels on each axle connected by a bridge, either sprung or unsprung. Rigid axle benefit through improved performance by balancing the load at the time of braking and starting off with constant maintain of ground clearance.
The governments of APAC countries took all possible steps to reduce the effects of COVID-19 by announcing lockdown. Although Asia is a house for many manufacturing plants, the lockdown has created a negative impact on the truck axle market. Factory activity contracted sharply across most of the region in April as the COVID-19 pandemic paralyzed economic activity globally, with sharp falls in export from countries such as Japan and India, overshadowing a moderate enhancement in China. While factories in China slowly resumed its operations after extended shutdowns, a reduction in number of COVID-19 cases enabled the country to enhance commercial vehicles production as normal level. The high growth rate of urbanization and industrialization in developing countries of the Asia Pacific region is anticipated to offer ample growth opportunities to the market players operating in the truck axle market. Logistics is amongst the prominent industries in Asian economy due to rising e-commerce, however COVID-19 has impacted the supply chain of many industries. However, government’s measures to reduce the effects of COVID-19 outbreak by announcing lockdowns, travel and trade bans, have disturbed the performance of supply chain to some extent. Such factors have negatively impacted the truck axle market in APAC.
The overall APAC truck axle market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the APAC truck axle market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC truck axle market. American Axle & Manufacturing, Inc.; Dana Limited; Meritor, Inc; Qingte Group Co., Ltd.; R?ba Automotive Holding Plc.; SAF-HOLLAND SE; Shandong Heavy Industry Group Co., Ltd.; Sinotruk (Hong Kong) Limited; and ZF Friedrichshafen AG are among the players operating in the market.