North America 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 North America Truck Axle Market during 2021-2028.

According to this research study titled “North America Truck Axle Market to 2028 - COVID-19 Impact and Analysis and Forecast by: Type, and Application,” the market is expected to reach US$ 545.38 million by 2028 from US$ 384.38 million in 2021. The market is estimated to grow at a CAGR of 5.1% from 2021 to 2028. The report provides trends prevailing in the North America truck axle market along with the drivers and restraints pertaining to the market growth. Enhanced focus on new product development is the major factor driving the growth of the North America truck axle market. However, issues associated with the elevated manufacturing and maintenance cost of trucks hinder the growth of North America truck axle market.

The North America 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 North America, increasing number of infected individuals have led the governments in various countries to impose lockdowns. Most of the manufacturing facilities were either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American manufacturers in 2020. Majority of the manufacturing plants are shut down, municipalities are functioning slowly compared to past, and the automotive, manufacturing, and semiconductor industries are at a halt, which is negatively impacting the truck axle market. As per Geotab Inc.'s study, a significant drop has been witnessed in commercial transportation activity in the US and Canada. With a decline in commercial transportation activity, the growth of truck axle market in the region has been negatively impacted. However, the manufacturing plants, automotive industry, and several other businesses have now started functioning slowly, which may improve the growth of the truck axle market to some extent in the coming quarters. The impact of COVID-19 is short-term on the market and it is likely to decrease in the coming quarters.

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 North America 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 2020, Dana to Acquire Portion of Light-Vehicle Thermal Business from Modine Manufacturing Company.

The report segments the North America Truck Axle market as follows:

North America Truck Axle Market - By Type

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

North America Truck Axle Market - By Application

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

North America Truck Axle Market - By Country

• US
• Canada
• Mexico