The truck axle market was valued at US$ 1440.01 million in 2020 and is projected to reach US$ 2032.00 million by 2028. The truck axle market is expected to grow at a CAGR of 4.9% during the forecast period of 2020 to 2028

The global Truck axle market has been segmented into five regions-North America, Europe, APAC, MEA, and SAM. In 2020, APAC led the global truck axle market with the highest revenue share. North America has strong penetration of electrical trucks, which is creating lucrative opportunity for the market. Also, owing to increased adoption of medium-duty trucks, the Asian market is expected to witness massive growth in the truck axle market. In developing nations of India and China, the market is driven by the growing consumption of light-duty trucks for personal use. Therefore, the adoption of truck axle to improve payload capacity of truck is rising. China is one of the major countries with a significant market share in the truck axle market. European countries such as the UK, Italy, and France are shifting toward electric mobility, which is driving the market growth.

In North America, the US is the most developed country as it is an early adopter of technologies. Hence, the scope of the electric axles (e-axles) is high in North America. Moreover, the economic growth has propelled the sales of light-duty trucks in the North America, which, in turn, has supported the growth of the truck components market in North America. This factor encourages truck axle providers to increase their focus to develop or innovate truck axle for a range of applications.

The overall truck axle market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the truck axle market. The process also serves the purpose of obtaining an overview and forecast for the truck axle market with respect to all the segments. It also provides the overview and forecast for the global truck axle market based on all the segmentation provided with respect to four major regions-North America, Europe, Asia Pacific, MEA, and SAM. Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. Participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the truck axle market.