reduction in production cost of axle owing to advances in manufacturing technology is driving the Truck Axle Market
Technavio analyzes that the Truck Axle Market is expected to grow at a CAGR of 5.18% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4497.3 million.There are various factors that contribute to the growth of the market. Advances in manufacturing technology have significantly reduced the production costs of truck axles. This cost reduction is attributed to the implementation of automated production processes, improved material utilization, and enhanced efficiency in the manufacturing of axle components. These technological advancements have made truck axles more affordable, thereby increasing their accessibility to a wider customer base and fostering growth in the truck axle market.
The light-duty truck market in the Americas, primarily driven by the popularity of pickup trucks in North America and Europe, experiences significant growth. Pickup trucks, a significant portion of automobile sales in the region, are segmented into light-duty pickup trucks, medium-duty pickup trucks, and super-duty pickup trucks. These vehicles are used predominantly for personal and commercial purposes, respectively. The US and Canada lead the pickup truck market in terms of sales volume, with major automotive OEMs like Ford Motor, GM, and FCA dominating the landscape. Innovations in suspension systems, such as independent suspension axles, Hotchkiss drive units, central drive, live-axle suspension, and modular rear-axle systems, contribute to the development of lightweight yet robust axles for electric trucks. These advancements cater to the evolving needs of the auto industry, including the increasing demand for fuel efficiency and sustainability in commercial vehicles.
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Truck Axle Market Segmentation
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The Truck Axle Market caters to the commercial transportation sector, focusing on heavy-duty trucks. Technologically advanced axles, including suspension systems and geometries like independent suspension systems, air springs, and electronic control modules, enhance smart features in live-axle suspension. Wheels, vehicle body, non-driving shaft, front beam shaft, and chassis are integral components of power transmission for vehicle movement. The auto industry prioritizes suspension systems for medium-duty trucks, electric trucks, and the industry's evolution. Front and rear axles, drive axles, and heavy loads benefit from improved load-bearing capability, stability, and maneuverability.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including commercial vehicles, particularly heavy-duty trucks. Market expansion is driven by the integration of technologically advanced components, such as axles with smart features, independent suspension systems, air springs, electronic control modules, sensors, and telematics systems. These advancements enhance load distribution, suspension systems, and axle geometry, contributing significantly to the market's growth. The increasing demand for electric vehicles and motorcycles further boosts the market due to the rising need for electronic control units and other electrical components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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