The truck axle market in Europe is expected to reach US$ 361.53 million by 2028 from US$ 280.99 million in 2021. The market is estimated to grow at a CAGR of 3.7% from 2021 to 2028. Governments of various countries are imposing specific regulations on truck loading capacity, thus compelling to this norm with efficient solution companies developing advanced axle solutions to effectively balance the truck load. New advancements in axle designs, weighing capacity, and material are introduced by truck manufacturers. Moreover, new technologies are being integrated by truck axle manufacturers to improve fuel efficiency and truck performance. Further, increasing demand for high load-carrying trucks is driving the market. Additionally, upgrading manufacturing processes are among the other factors expected to drive the growth of the Europe truck axle market during the forecast period.
Based on type, the light-duty trucks segment led the Europe truck axle market in 2020. Light-duty trucks, having strong fuel efficiency, are in being deployed for commercial goods transport and personal transport. These trucks are the most preferred way of goods transportation over short distances due to high fuel efficiency and small size. They are the most convenient way of goods transportation in urban and semi-urban cities. According to the OICA, the light-duty trucks production is higher in almost all region, which is propelling the adoption of light-duty pickup trucks. Also, increasing trend of electrification of light-duty trucks is bolstering the growth of market for e-axles in developed and developing countries.
In Europe, Italy is the worst-affected country due to the outbreak of COVID-19. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of COVID-19 cases. Other member states had implemented drastic measures and travel restrictions, including partially closing their borders. Moreover, countries in the region, including Germany, the UK, France, and Belgium, have witnessed a second wave of the virus and have announced lockdown for the second time in November 2020. The situation amid the COVID-19 pandemic is extraordinary, which is negatively impacting the growth of truck axle market. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slowdown in 2020 and most likely in 2021. Decline in activities in construction manufacturing, oil and gas, food, and other industries have resulted into lesser demand for trucks and components. The entire region is heavily hit by the COVID-19 outbreak, which has resulted in lower sales of trucks and truck axle.
The overall Europe 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 Europe 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 Europe 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; Sisu Axles, Inc.; and ZF Friedrichshafen AG are among the players operating in the market.