Asia Pacific 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)

Rigid Axle Segment to Dominate APAC Truck Axle Market during 2021-2028.

According to this research study titled “APAC Truck Axle Market to 2028 - COVID-19 Impact and Analysis and Forecast by: Type, and Application,” the market is expected to reach US$ 995.04 million by 2028 from US$ 685.38 million in 2021. The market is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The report provides trends prevailing in the APAC truck axle market along with the drivers and restraints pertaining to the market growth. Rising in production of trucks in developing countries is the major factor driving the growth of the APAC truck axle market. However, issues associated with the costly manufacturing and maintenance cost of trucks hinder the growth of APAC truck axle market.

The APAC 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.

The governments of APAC countries took all possible steps to reduce the effects of COVID-19 by announcing lockdown. Although Asia is a house for many manufacturing plants, the lockdown has created a negative impact on the truck axle market. Factory activity contracted sharply across most of the region in April as the COVID-19 pandemic paralyzed economic activity globally, with sharp falls in export from countries such as Japan and India, overshadowing a moderate enhancement in China. While factories in China slowly resumed its operations after extended shutdowns, a reduction in number of COVID-19 cases enabled the country to enhance commercial vehicles production as normal level. The high growth rate of urbanization and industrialization in developing countries of the Asia Pacific region is anticipated to offer ample growth opportunities to the market players operating in the truck axle market. Logistics is amongst the prominent industries in Asian economy due to rising e-commerce, however COVID-19 has impacted the supply chain of many industries. However, government’s measures to reduce the effects of COVID-19 outbreak by announcing lockdowns, travel and trade bans, have disturbed the performance of supply chain to some extent. Such factors have negatively impacted the truck axle market in APAC

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; and ZF Friedrichshafen AG, are among the leading companies in the APAC 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, At auto Shanghai 2021, ZF will introduce the next generation of its F ProAI supercomputer. It will meet the requirements of software-defined vehicles and their new electronic architectures based on domain or zone controllers.