Automotive Axle & Propeller Shaft Market Report by Type (Live Axle, Dead Axle, Tandem Axle, Single Piece Propeller Shaft, Multi Piece Propeller Shaft, Slip in Tube Propeller Shaft), Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), Sales Channel (Original Equipment Manufacturer, Aftermarket), and Region 2024-2032

Automotive Axle & Propeller Shaft Market Report by Type (Live Axle, Dead Axle, Tandem Axle, Single Piece Propeller Shaft, Multi Piece Propeller Shaft, Slip in Tube Propeller Shaft), Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), Sales Channel (Original Equipment Manufacturer, Aftermarket), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A6147
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Market Overview:

The global automotive axle & propeller shaft market size reached US$ 80.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 154.6 Billion by 2032, exhibiting a growth rate (CAGR) of 7.4% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 80.5 Billion
Market Forecast in 2032
US$ 154.6 Billion
Market Growth Rate (2024-2032) 7.4%


Automotive axles and propeller shafts are essential components that generate momentum in vehicles. They are manufactured of medium-carbon steel, glass fibers, thermoplastic polyamide, epoxy composite, chrome-molybdenum steel and carbon fibers. Live, tandem and dead are some common axles that hold the entire weight of the vehicle and provide torque from differential to wheels. On the other hand, propeller shafts, such as multi-piece, slip-in tube and single-piece shaft, transmit torque and rotation from an engine to the wheels of the automobile. Automotive axles and propeller shafts exhibit various properties, including high specific strength, transmission of power at different elevation levels, and corrosion and abrasion resistance. These components improve handling, safety, efficiency, and provide higher clearance and a smoother ride.

Global Automotive Axle & Propeller Shaft Market

Automotive Axle & Propeller Shaft Market Trends:

Significant expansion in the automotive sector, along with the risings sales of automobiles due to rapid urbanization and industrialization, particularly in emerging economies, is primarily driving the market growth. Automotive axles and propeller shafts are widely incorporated in vehicles to rotate the wheels, transmit torque and provide momentum, which, in turn, is propelling the market growth. Additionally, the widespread adoption of carbon fiber shafts in premium vehicles due to their structural advantages, including durability, toughness, and higher strength, is favoring the market growth. Moreover, 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 providing an impetus to the market growth. In line with this, the widespread adoption of lightweight axles and propeller shafts for providing greater potential and increasing vehicle efficiency is positively impacting the market growth. Other factors, including the rising adoption of fuel-efficient vehicles and increasing demand for all-wheel drive (AWD) vehicles, are anticipated to drive the market further toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive axle & propeller shaft market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, vehicle type, and sales channel.

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
  • Aftermarket
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Vehicle Type, Sales Channel, Region
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global automotive axle & propeller shaft market was valued at US$ 80.5 Billion in 2023.

We expect the global automotive axle & propeller shaft market to exhibit a CAGR of 7.4% during 2024-2032.

The rising incorporation of automotive axle and propeller shafts in vehicles to rotate the wheels, transmit torque, provide momentum, etc., is primarily driving the global automotive axle & propeller shaft market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for automotive axle & propeller shafts.

Based on the type, the global automotive axle & propeller shaft market has been segregated into live axle, dead axle, tandem axle, single piece propeller shaft, multi piece propeller shaft, and slip in tube propeller shaft. Among these, live axle currently exhibits a clear dominance in the market. 

Based on the vehicle type, the global automotive axle & propeller shaft market can be bifurcated into passenger car, light commercial vehicle, and heavy commercial vehicle. Currently, passenger car accounts for the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global automotive axle & propeller shaft market include 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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Automotive Axle & Propeller Shaft Market Report by Type (Live Axle, Dead Axle, Tandem Axle, Single Piece Propeller Shaft, Multi Piece Propeller Shaft, Slip in Tube Propeller Shaft), Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), Sales Channel (Original Equipment Manufacturer, Aftermarket), and Region 2024-2032
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