The global automotive axle & propeller shaft market size reached US$ 70.33 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 90.65 Billion by 2027 exhibiting a CAGR of 4.15% during 2022-2027.
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.
Industry Definition and Application:
Automotive axles and propeller shafts represent essential components that generate momentum in vehicles. They are made of medium-carbon steel, glass fibers, thermoplastic polyamide, epoxy composite, chrome-molybdenum steel, carbon fibers, etc. Live, tandem, and dead are common axles that hold the entire weight of the vehicle and provide torque from differential to wheels.
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On the other hand, propeller shafts, including multi-piece, slip-in tubes, and single-piece shafts, transmit torque and rotation from an engine to the wheels of the automobile. Automotive axles and propeller shafts exhibit numerous properties, such as high specific strength, the transmission of power at several elevation levels, corrosion and abrasion resistance, etc. They also enhance handling, safety, and efficiency and provide higher clearance and a smoother ride.
Automotive Axle & Propeller Shaft Market Trends and Drivers:
The growing automotive sector and the increasing sales of automobiles, owing to the inflating urbanization and industrialization levels, particularly in emerging economies, are among the key factors augmenting the automotive axle & propeller shaft market. Furthermore, the elevating incorporation of automotive axles and propeller shafts in vehicles to rotate the wheels, transmit torque, and provide momentum is also bolstering the global market.
Moreover, the escalating adoption of carbon fiber shafts in premium vehicles, on account of their structural advantages, including durability, toughness, and higher strength, is further catalyzing the market growth. Besides this, various technological advancements, such as the integration of machine learning (ML) and artificial intelligence (AI) in manufacturing automotive axles and propeller shafts to enhance efficiency, accuracy, and consistency, are also driving the global market.
Additionally, the inflating product adoption for providing greater potential and increasing vehicle efficiency is acting as another significant growth-inducing factor. Apart from this, the rising need for fuel-efficient vehicles and the expanding demand for all-wheel drive (AWD) vehicles are expected to positively influence the automotive axle & propeller shaft market in the coming years.
|Automotive Axle & Propeller Shaft Market Report Scope|
|Market size value in 2021||US$ 70.33 Billion|
|Market forecast in 2027||US$ 90.65 Billion|
|Growth Rate||CAGR of 4.15% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Vehicle Type and Sales Channel|
|Regional scope||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Key companies profiled||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.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
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The report has been segmented the market into following categories:
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
Market Breakup by Sales Channel:
- Original Equipment Manufacturer
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are 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.
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