IMARC Group has recently released a new research study “Automotive Axle & Propeller Shaft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Automotive Axle & Propeller Shaft Industry ?
The global automotive axle & propeller shaft market size reached US$ 74.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 121.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is Automotive Axle & Propeller Shaft Market ?
Automotive axles and propeller shafts are essential components of vehicles that generate momentum. They are produced of glass fibers, epoxy composite, medium-carbon, thermoplastic polyamide, chrome-molybdenum steel, and carbon fibers. In addition, the propeller shaft, also known as the drive shaft, is used to transform mechanical torque, rotation, and power from an engine to the wheels of an automobile. Single-piece, multi-piece and slip-in-tube are the commonly used propeller shafts. They are resistant to corrosion and abrasion, have a high specific strength, and enhance safety and efficiency. As a result, automotive axle and propeller shafts are widely adopted in passenger cars, heavy commercial vehicles, and light commercial vehicles.
What are the major market drivers in the Automotive Axle & Propeller Shaft Market:
The market is primarily driven by the expansion of the automotive industry and the increasing sales of automobiles due to rising disposable incomes and rapid urbanization across the globe. In addition, the escalating demand for carbon fiber shafts in premium vehicles owing to their structural benefits, such as toughness, durability, and extensive strength, is contributing to the market growth. Moreover, several technological advancements, including the introduction of artificial intelligence (AI), and machine learning (ML) in producing propeller shafts and automotive axles to improve consistency, efficiency, and accuracy, represent another significant growth-inducing factor. Besides this, the growing awareness among individuals regarding environmental pollution and the escalating demand for electric vehicles is prompting key players to produce lightweight automotive parts like e-axle to minimize weight and enhance the performance of electric vehicles.This, coupled with the widespread adoption of fuel-efficient vehicles and the rising popularity of all-wheel drive (AWD) vehicles, is creating a positive market outlook across the globe.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
American Axle & Manufacturing Inc., Automotive Axles Limited, Dana Incorporated, Hyundai WIA Corporation, IFA Group, JTEKT Corporation, Mark Williams Enterprises Inc., Melrose Industries PLC, Meritor Inc. (Cummins Inc.) and ZF Friedrichshafen AG.
The report has segmented the market on the basis of Type, Sales Channel and Regional Insight industry.
Breakup by Type:
- Live Axle
- Dead Axle
- Tandem Axle
- Single Piece Propeller Shaft
- Multi Piece Propeller Shaft
- Slip in Tube Propeller Shaft
Breakup by Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Breakup by Sales Channel:
- Original Equipment Manufacturer
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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