Truck Axle Industry Trends : Global Forecast by Type and End Use (2023-2032)

Truck axle is a necessary component of the majority of sensible wheeled vehicles. The axle in an extremely live-axle suspension help to deliver driving force to the wheel while also maintaining the position of the wheels relative to every alternative and the vehicle body. The axles during this system should also carry the burden of the vehicle and any loading. A non-driving shaft, like the front beam shaft in heavy-duty trucks and a few machines cannot have any shaft and acts only as, a suspension and steering element.

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.COVID-19 Impact Analysis

The COVID-19 pandemic has hampered the auto industry and economic growth in almost every country. The manufacturing industry was severely affected due to the closure of the facilities for stipulated period. Sales of medium-duty and heavy-duty trucks declined. The revenue model of automobile has declined due to limited production during the lockdown period. Following the lockdown, the auto industry began to regain market share as production facilities adopted social distancing measures to resume operations. Furthermore, the increasing demand for electric trucks also assists in increase sales of electric truck drive axles for better performance. The COVID-19 pandemic had a significant impact on the automotive industry in the first half of 2020; however, after the third quarter, the increase in car sales sustained the growth of the market.

Top Impacting Factors

Reduction in production cost of axle owing, advances in manufacturing technology, improvements in supply chain strategies and development of modular rear-axle system drive the growth of the global truck axle market.

The high manufacturing cost of medium and heavy-duty trucks hinder the growth of the global truck axle market.

Surge-in demand for lightweight axles to improve fuel efficiency act as a lucrative opportunity for the global truck axle market.

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Market Trends

Increase in popularity of e-axle system

E-Axle is an electromechanical propulsion system equipped with a shaft structure, an electric motor, power electronics, and a transmission. This device offers small and cost-effective electric propulsion solutions for pure electric vehicles as well as hybrid power applications. Furthermore, it is also utilized in combination with traditional ICE or hybrid power systems. Electric truck manufacturers are incorporating electric motors into rigid rear axles to minimize vehicles weight. This is essential to improve the efficiency and mileage of electric trucks. The axle system is installed on an existing suspension, making it easy to install on any truck structure. This system in electric vehicles allows the removal of the propulsion system, which depends on a centrally located motor and drive shaft to transmit power to the rear wheels. Furthermore, it provides an extra space where batteries may be installed to extend the driving range of the vehicle. One of the main factors driving the market share of E-Axle is increasing global sales of electric and hybrid vehicles and rising fuel costs. The popularity of the e-axle system is one of the major trends observed in the global truck axle market which drive the growth of the global truck axle market during the forecast period.

Key Benefits of the Report:

This study presents the analytical depiction of the truck axle industry along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with challenges of truck axle market.

The current market is quantitatively analyzed to highlight the growth scenario of the truck axle market.

The report provides a detailed truck axle market analysis based on competitive intensity and the competition that will take shape in coming years.

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Questions Answered in the Truck Axles Market Research Report:

Who are the leading market players active in the truck axle market?

What would be the detailed impact of COVID-19 on the market?

What are the current trends that would influence the market in the next few years?

What are the driving factors, restraints, and opportunities in the truck axle market?

What are the future projections that would help in taking further strategic steps?

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