Medium-duty Trucks Segment is Expected to be the Fastest Growing during the Forecast Period of 2021-2028
According to this research study titled “MEA Truck Axle Market to 2028 - COVID-19 Impact and Analysis and Forecast by: Type, and Application,” the market 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. The report provides trends prevailing in the MEA truck axle market along with the drivers and restraints pertaining to the market growth. Emergence of electrification in truck market is the major factor driving the growth of the MEA truck axle market. However, issues associated with the high manufacturing and maintenance cost of trucks hinder the growth of MEA truck axle market.
The MEA 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.
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.
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 leading companies in the MEA 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 MEA Truck Axle market as follows:
MEA Truck Axle Market - By Type
MEA Truck Axle Market - By Application
MEA Truck Axle Market - By Country
The MEA 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.
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.
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 leading companies in the MEA 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 MEA Truck Axle market as follows:
MEA Truck Axle Market - By Type
- Rigid Axle
- Drive Steer Axles
- Non-drive Steer Axles
MEA Truck Axle Market - By Application
- Light-duty trucks
- Medium-duty trucks
- Heavy-duty trucks
MEA Truck Axle Market - By Country
- South Africa
- Rest of MEA
Table of Contents
1. Introduction
3. Research Methodology
4. MEA Truck Axle Market Landscape
5. MEA Truck Axle Market - Key Market Dynamics
6. Truck Axle - MEA Market Analysis
7. MEA Truck Axle Market Revenue and Forecast to 2028 - Type
8. MEA Truck Axle Market Revenue and Forecast to 2028 - Application
9. MEA Truck Axle Market - Country Analysis
10. MEA Truck Axle Market - COVID-19 Impact Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Dana Limited
- Qingte Group Co., Ltd.
- SAF-HOLLAND SE
- Shandong Heavy Industry Group Co., Ltd.
- Sinotruk (Hong Kong) Limited
- ZF Friedrichshafen AG
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 77 |
| Published | June 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 59.95 Million |
| Forecasted Market Value ( USD | $ 75.89 Million |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Africa, Middle East |
