The truck axle market in MEA is expected to reach US$ 75.89 million by 2028 from US$ 59.95 million in 2021. The market is estimated to grow at a CAGR of 3.4% from 2021 to 2028. Rise in population and increase in demand for goods in emerging markets are the major factors supporting the truck axle market. Electrification of trucks, automation in manufacturing processes, and rise in sales in developing nations are creating a lucrative opportunity for the market. The key industries driving the truck axle market in developing countries include construction, healthcare & pharmaceuticals, retail & e-commerce, food & beverages, agriculture & forestry, transportation, waste & recycling, and military & defense. The unprecedented growth in online retail and e-commerce in the past a few years is boosting the demand for road transportation solutions such as trucks. Additionally, the occurrence of electrification in the truck market is among the other factors expected to drive the growth of the MEA truck axle market.
The MEA truck axle market for the medium-duty trucks segment is expected to grow fastest during the forecast period. Medium-duty trucks are gaining major traction from fleet owners due to enhanced fuel efficiency and low operational cost compared to heavy-duty trucks. Increasing axle’s count in medium-duty trucks to support increased load capacity with effective load distribution is among the key factors driving the demand for axles in medium-duty truck manufacturers.
While the COVID-19 pandemic and historically low oil prices are disrupting the political economy of the Gulf, the pandemic has proved the region’s tech pliability. The outbreak of the COVID-19 pandemic has undoubtedly been the major test of the Gulf’s industrialization initiative. According to the Institute of Chartered Accountants in England and Wales (ICAEW), the Middle East economy is anticipated to witness a sharp slowdown in the first half of 2020, regardless of impetus packages as well as monetary rate cuts to relax the economic setback of the COVID-19 outbreak. Further, the Middle East economy is projected to notice a pickup in the second half of 2020, after both demand and supply-side disruptions disappear.
The overall MEA 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 MEA 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 MEA truck axle market. Dana Limited; Qingte Group Co., Ltd.; 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.