Europe Truck Axle Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Rigid Axles, Drive Steer Axles, and Non-Drive Steer Axles) and Application (Light-Duty Trucks, Medium-Duty Trucks, and Heavy-Duty Trucks)

Light-duty Trucks Segment to Dominate Europe Truck Axle Market during 2021-2028.

According to this research study titled “Europe Truck Axle Market to 2028 - COVID-19 Impact and Analysis and Forecast by: Type, and Application,” the market 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. The report provides trends prevailing in the Europe truck axle market along with the drivers and restraints pertaining to the market growth. Upgrading in manufacturing processes is the major factor driving the growth of the Europe truck axle market. However, issues associated with the expensive manufacturing and maintenance cost of trucks hinder the growth of Europe truck axle market.

The Europe truck axle market is segmented into type, application, and country. Based on type, the market is segmented into rigid axle, drive steer axles, and non-drive steer axles. The rigid axle segment dominated the market in the year 2020 and is also expected to be the fastest growing during forecast period. In terms of application, the truck axle market is segmented into light-duty trucks, medium-duty trucks, and heavy-duty trucks. Light-duty trucks segment dominated the market in the year 2020 and medium-duty trucks is expected to be the fastest growing during the forecast period.

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 has 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.

American Axle & Manufacturing, Inc.; Dana Limited; Meritor, Inc; Qingte Group Co., Ltd.; Rába 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 leading companies in the Europe truck axle market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, SINOTRUK's Intelligent Pure Electric Container Truck Carried out the World's First Whole-vessel Operation Successfully.

The report segments the Europe Truck Axle market as follows:

Europe Truck Axle Market - By Type

• Rigid Axle
• Drive Steer Axles
• Non-drive Steer Axles

Europe Truck Axle Market - By Application

• Light-duty trucks
• Medium-duty trucks
• Heavy-duty trucks

Europe Truck Axle Market - By Country

• France
• Germany
• UK
• Italy
• Russia
• Rest of Europe