Truck Axle Market Research Report—Global Forecast till 2032

Truck Axle Market Research Report Information By Type (Rigid Axles, Drive Steer Axles, and Non-Drive Steer Axles), By Application (Light-Duty Trucks, Medium-Duty Trucks, and Heavy-Duty Trucks), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032

ID: MRFR/AM/10217-HCR | 128 Pages | Author: Swapnil Palwe | September 2023         

Global Truck Axle Market Overview

Truck Axle Market Size was valued at USD 1.6 Billion in 2022. The Truck Axle market is projected to grow from USD 1.7 Billion in 2023 to USD 2.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2032). Growing sales of passenger cars in developing nations like Mexico, China, and India, as well as rising demand for heavy-duty commercial vehicles like long trailers used to haul oversized loads, are the key market drivers enhancing the market growth.
Truck Axle Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Truck Axle Market Trends

  • A growing inclination towards EV and hybrid vehicles is driving the market growth

Governments all around the world are fervently promoting the use of EVs and hybrid vehicles. Thus, it is anticipated that rising consumer interest in EV and hybrid vehicles will fuel market expansion. Additionally, the automotive industry is creating technically sophisticated axles that are lightweight, smaller, and more performance and fuel-efficient. The application of technical innovation has resulted in a spike in the use of lightweight axles, which offer increased efficiency and help to reduce the overall weight of hybrid, electric, and commercial vehicles, encouraging market expansion. Additionally, new market opportunities are being created by the aftermarket services for replacing and maintaining axles in powertrains.

The most recent axle innovation for heavy-duty commercial vehicles is still under development and aims to enhance performance and maintenance. Drive axles combined with electric drivetrains are continuing the expanding trend of vehicle electrification and innovation. The pattern has resulted in modifications to design that incorporate the proper axle for an electric application and generates torque load requirements. Downsizing, weight reduction, and torque-carrying capabilities have been given top priority in the development of the drive and steer axles to comply with greenhouse emission laws. In order to support engine down-speeding for line-haul logistics vehicles by road transportation, drive axles are designed to have quicker ratios to manage larger axle input torques created by lowering engine revolutions per minute at highway speeds. In order to facilitate engine downspeeding and faster ratios, single drive axles can be constructed using the increasing use of 612 arrangements. By reducing the amount of bump and roll steer that is sent to the driver through the seat or the steering wheel, for instance, the steer axle system has enhanced kinematics and may help to lessen driver fatigue.

Additionally, major players are creating fuel-efficient, lightweight axles that can support large cargo loads. The axle's scalability for light-, medium-, and heavy-duty rear-wheel-drive pickups is being taken into account as it is developed. Because they are smaller and more powerful, these axles are lightweight and have a greater capacity for cargo. The axle will be considerably lighter and more effective than conventional axles. The axle's downsizing contributes to increased vehicle traction, which lowers the possibility of wheel slippage when accelerating on ice- and rain-covered roads. The development of automotive powertrains has also led to changes in axle design. The development of faster axles with lower ratios, which will enable the engines to run at a lower speed, is the main emphasis of the manufacturers. As a result of their ability to interchange motors, modular motor designs allow for simple servicing and maintenance and are expandable in many axle designs. Thus, driving the Truck Axle market revenue.

Truck Axle Market Segment Insights

Truck Axle Type Insights

The Truck Axle Market segmentation, based on type, includes rigid axles, drive steer axles, and non-drive steer axles. With a market share of almost 62.0% in 2022, the drive steer axles category dominated the industry. Due to their enhanced capacity to have higher traction on various surfaces, all-wheel and front-wheel drive axles are becoming more and more popular among manufacturers and consumers. Additionally, the increasing popularity of passenger and commercial vehicles in North America, Europe, and Asia Pacific will increase demand for various drive-type axles.

Truck Axle Application Insights

The Truck Axle Market segmentation, based on Application, includes light-duty trucks, medium-duty trucks, and heavy-duty trucks. In 2022, the market was dominated by the light-duty trucks category, and this trend is anticipated to continue during the forecast period. Medium-duty trucks are, however, in greater demand for operations involving intercity and interstate commodities transit.

Figure 1: Truck Axle Market, by Application, 2022 & 2032 (USD Billion)
Truck Axle Market, by Application, 2022 & 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Truck Axle Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Truck Axle Market dominated this market in 2022. The rising demand for luxury and commercial cars in the region might be attributed to the expansion of the axle market in North America. The extensive use of All-Wheel-Drive and the presence of important manufacturers like DANA Incorporated, Meritor Inc., and American Axle & Manufacturing, Inc. are both contributing to the market growth in the area. Further, the U.S. Truck Axle market held the largest market share, and the Canada Truck Axle market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Truck Axle market accounted for the second-largest market share in 2022. Numerous OEMs and automakers are responsible for the ongoing growth of the automotive manufacturing industry in the Europe region. Germany has a high automobile ownership rate, a developing economy, and a potentially sizable domestic market. The region's truck axle market is expanding as a result of the nation's increased automotive manufacturing throughout time. Further, the German Truck Axle market held the largest market share, and the UK Truck Axle market was the fastest growing market in the European region

The Asia Pacific Truck Axle market is expected to register significant growth from 2023 to 2032. Major automobile markets like China, India, and Japan are located in the Asia Pacific region, and as a result, demand for passenger and commercial cars is rising, which is fueling the expansion of the automotive axles market. Technology-advanced axles are being put in vehicles to enhance their performance, propelling the market's expansion. These axles are lightweight, have greater traction, are fuel-efficient, and employ various materials, such carbon fiber. Major automobile axle producers with a significant presence, like Hyundai Transys Inc., will help the Asia Pacific region's market flourish. Moreover, China’s Truck Axle market held the largest market share, and the Indian Truck Axle market was the fastest growing market in the Asia-Pacific region.

Truck Axle Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Truck Axle market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Truck Axle industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Truck Axle industry to benefit clients and increase the market sector. In recent years, the Truck Axle industry has offered some of the most significant advantages to medicine. Major players in the Truck Axle market, including American Axle & Manufacturing,, AXLETECH,, Dana,, Meritor,, SAF-HOLLAND GROUP, are attempting to increase market demand by investing in research and development operations.

Integrated systems, modules, and components are what Meritor Inc. (Meritor), a Cummins Inc. subsidiary, provides to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle, transportation, and industrial sectors. The business sells truck axles, drivelines, suspension systems, braking and safety systems, tire inflation systems, transfer cases, automatic slack adjusters, suspension systems, and modules. It also sells yokes and shafts, wheel-end hubs and drums, anti-lock braking systems, stability control systems, shock absorbers, and air springs, as well as air systems, air dryers, and compressors. Commercial trucks, light vehicles, off-roaders, trailers, specialty OEMs, and defense contractors are among the industries served by Meritor's integrated systems, modules, and components. The corporation has operations in North America, Europe, Asia-Pacific, and Latin America. In Troy, Michigan, in the United States, Meritor has its headquarters. Meritor, Inc. announced in February 2021 that production of its 14XeTM all-electric, fully integrated, and commercial electric powertrain for medium and heavy duty commercial vehicles will start in the middle of that year.

Power-conveyance and energy-management systems for automotive and industrial applications are produced and distributed by Dana Inc (Dana). Front drive rigid axles, rear drive rigid axles, rear drive units, power transfer units, electromechanical propulsion systems, gearboxes, driveshafts, tire inflation systems, electronic controls, torque converters, all-wheel drive (AWD) systems, hydraulic valves, pumps, and motors, gaskets, heat shields, sealing systems differentials, and heat transfer products are some of its main products. Along with original equipment manufacturer (OEM) clients, the company serves the light, medium, and heavy vehicle markets as well as the construction, agricultural and forestry, mining, and related industrial markets. In the Americas, Europe, and Asia-Pacific, it is operationally present. The U.S. city of Maumee, Ohio, is home to Dana's headquarters. A low-voltage, high-efficiency motor for electric-powered applications as well as a new range of modular, high-efficiency drive axles for Class I, IV, and V industrial lift trucks were among the new drive innovations for material-handling vehicles that Dana unveiled in July 2020.

Key Companies in the Truck Axle market include

Truck Axle Industry Developments

November 2022: For GM's next mid-size pickup trucks, American Axle & Manufacturing (AAM) declared that it has been chosen as the replacement axle supplier. The new cars will go on sale for the 2023 model year.

March 2022: SAF-Holland declared that it intended to export its TRAKr electric axle, which is currently utilized in Europe, to North America.

Truck Axle Market Segmentation

Truck Axle Type Outlook

  • Rigid Axles

  • Drive Steer Axles

  • Non-Drive Steer Axles

Truck Axle Application Outlook

  • Light-Duty Trucks

  • Medium-Duty Trucks

  • Heavy-Duty Trucks

Truck Axle Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 1.6 Billion
Market Size 2023 USD 1.7 Billion
Market Size 2032 USD 2.5 Billion
Compound Annual Growth Rate (CAGR) 5.20% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled American Axle & Manufacturing, AXLETECH, Dana, Meritor, SAF-HOLLAND GROUP
Key Market Opportunities Rising sales of luxury vehicles
Key Market Dynamics Growing demand for heavy duty commercial vehicles such as long trailers used to carry oversize loads and increase in the sales of passenger vehicles in developing economies like Mexico, China, and India

Frequently Asked Questions (FAQ) :

The Truck Axle Market size was valued at USD 1.6 Billion in 2022.

The global market is projected to grow at a CAGR of 5.20% during the forecast period, 2023-2032.

North America had the largest share in the global market

The key players in the market are American Axle & Manufacturing, AXLETECH, Dana, Meritor, SAF-HOLLAND GROUP

The drive steer axles category dominated the market in 2022.

The light-duty trucks category had the largest share in the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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