According to the latest report by IMARC Group, titled “Automotive Axle & Propeller Shaft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global automotive axle & propeller shaft market size reached US$ 74.2 Billion in 2022. The automotive axle and propeller shaft are important components that are installed in a vehicle’s drivetrain system. They are manufactured using various high-strength materials, such as stainless steel, aluminum, carbon fiber, and composite materials, including Kevlar epoxy, fiberglass, and e-glass polyester. They are widely used to transfer and distribute engine power from the transmission system to the wheels. The automotive axle and propeller shaft are designed to support the vehicle’s weight, handle off-roading stress, absorb shocks, and withstand high torque and rotation speed levels. They also provide better vehicle handling and control, enhance performance, improve stability, increase fuel efficiency, and promote smoother rides.
Automotive Axle & Propeller Shaft Market Trends:
The significant growth in the automotive industry is one of the primary factors creating a positive outlook for the market. Automotive axle and propeller shaft are essential components used for power transmission, differential function, shock absorption, and improving the handling and performance of the vehicles. Along with this, the increasing product applications in hybrid and electric vehicles (EVs) for regenerative braking, handling high torque output of the electric motor, and transferring power to the wheels are acting as another growth-inducing factor. Furthermore, the widespread product utilization in commercial vehicles to support heavy loads, handle rough terrain, and provide maximum transfer of power for towing and hauling applications is positively influencing the market growth. Additionally, the recent development of the carbon fiber propeller shaft, which is lightweight and offers high strength, improved performance, better handling, and lower fuel consumption, is providing an impetus to the market growth. Besides this, the introduction of three-dimensional (3D) printing technology to produce complex axle and propeller shaft parts, which, in turn, improves production rate, increases efficiency, enhances product quality, and reduces waste generation, is providing a thrust to the market growth. Moreover, the implementation of various government initiatives to reduce automotive emission levels and increase fuel efficiency is favoring the market growth. Other factors, including increasing adoption of fuel-efficient vehicles, extensive research and development (R&D) activities, and the growing demand for all-wheel drive (AWD) cars, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 121.5 Billion by 2028, exhibiting a CAGR of 8.36% during 2023-2028.
- On the basis of the type, the market has been divided into live axle, dead axle, tandem axle, single piece propeller shaft, multi piece propeller shaft, and slip in tube propeller shaft.
- Based on the vehicle type, the market has been classified into passenger car, light commercial vehicle, and heavy commercial vehicle.
- On the basis of the sales channel, the market has been bifurcated into original equipment manufacturer and aftermarket.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some 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.
|Base Year of the Analysis
||Type, Vehicle Type, Sales Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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