The new report by Expert Market Research titled, ‘Global Automotive Axle & Propeller Shaft Market Size, Report and Forecast 2022-2027’, gives an in-depth analysis of the Global Automotive Axle & Propeller Shaft Market, assessing the market based on its segments like types, vehicle type, axle position, material and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2022-2027)
- Historical Market Size (2020): USD 30.90 billion
- Forecast CAGR (2022-2027): 3%
The Asia Pacific region’s increasing aftermarket demand for axles and propellers is driving the global axle and propeller shaft sector. The global industry’s expansion could be hampered by metal price fluctuations and increased vehicle weight. However, the cost savings in general vehicle maintenance are driving up global demand for axle and propeller shafts.
Industry Definition and Major Segments
The vehicle’s axle and propeller shaft are critical components for its operation. The axle bears the entire weight of the vehicle as well as the cargo it carries. It also transmits torque to the wheels, which allows the car to move. The propeller shaft’s primary function is to revolve with the components of the powertrain or drive train and transmit torque.
The market can be divided into categories based on the type of axle and propeller shaft:
- Propeller Shaft
- Single Piece
- Multi Piece
- Slip in Tube
Based on their uses in various types of vehicles the market may be broadly classified as follows:
- Passenger Cars
- Commercial Vehicle
On the basis of material, the market can be divided into:
- Carbon Fiber
On the basis of axle position, the market can be divided into:
Based on the region, the market may be broadly classified as follows:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The increased production and sales of automobiles throughout the world, as well as buyer desire for quieter log cabins and a greater emphasis on comfort, all contribute to the strong demand for axle and propeller shaft in the automotive sector. However, a decrease in the cost of vehicle maintenance is another factor that promotes market expansion.
Furthermore, the need for fuel-efficient vehicles is likely to provide an opportunity for global market leaders to offer low pricing and light mass products, hence increasing vehicle fuel efficiency. The introduction of All Wheel Drive (AWD) motor vehicles, which is most common in Europe and North America, has boosted demand for global axle and propeller shaft for the automotive market.
Increased vehicle weight and fluctuating prices of raw materials, such as an alloy of carbon and steel and aluminium used in the manufacturing of axles and propellers, are, on the other hand, providing restrictions to the worldwide automotive axle and propeller shaft market’s growth.
Key Market Players
The major players in the market are Dana Limited, American Axle & Manufacturing Holdings, Inc., Showa Corporation, Hyundai Wia Corporation, GKN Automotive Limited, JTEKT Corporation and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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