PUBLISHER: The Business Research Company | PRODUCT CODE: 1391002
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391002
“Automotive Axle and Propeller Shaft Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive axle and propeller shaft market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive axle and propeller shaft? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive axle and propeller shaft market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An automotive axle serves as a rod or shaft responsible for wheel rotation and supporting the entire vehicle weight. In contrast, propeller shafts are elements within the axle system dedicated to transmitting torque between transmissions. Both the automotive axle and propeller shaft contribute to the transmission and provision of torque and rotational force to the vehicle's wheels.
These components come in various types, including single-piece and multi-piece configurations. A single piece comprises an arrangement featuring two universal joints, enhancing the shaft's strength and efficiency. Regarding propeller shafts, variations include front, inter-axle, and rear designs. These components cater to different vehicle types such as passenger cars, light commercial vehicles, and heavy commercial vehicles. They are constructed from materials like alloys and carbon fiber, available through original equipment manufacturers and the aftermarket.
The automotive axle and propeller shaft market research report is one of a series of new reports from The Business Research Company that provides automotive axle and propeller shaft market statistics, including global and regional shares, competitors with an automotive axle and propeller shaft market share, detailed automotive axle and propeller shaft market segments, market trends and opportunities, and any further data you may need to thrive in the automotive axle and propeller shaft industry. This automotive axle and propeller shaft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive axle and propeller shaft market size has grown strongly in recent years. It will grow from $31.09 billion in 2023 to $32.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The expansion observed in the historical period can be ascribed to various factors including government regulations, globalization, increased disposable income, and a heightened demand for commercial vehicles.
The automotive axle and propeller shaft market size is expected to see strong growth in the next few years. It will grow to $41.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. Anticipated growth in the forecast period is expected due to several factors, such as the adoption of electric vehicles (EVs), the increase in autonomous vehicles, stringent emission regulations, trade agreements, and overall global market growth. Noteworthy trends expected during this period encompass customization and modularization, the emphasis on sustainability and green manufacturing practices, the utilization of advanced manufacturing techniques, integration of electric and hybrid vehicles, and the rise of partnerships and collaborations within the industry.
The automotive axle and propeller shaft market is anticipated to experience growth due to the increasing demand for comfortable and fuel-efficient vehicles. These vehicles, characterized by reduced fuel consumption and lower emissions, rely on automotive axles and propeller shafts to curtail expenses, decrease carbon emissions, and reduce reliance on foreign oil. In November 2022, the European Automobile Manufacturers Association reported a significant increase in car production in China, reaching 16.4 million units from January to September, signifying a 15.1% rise compared to the same period in 2021. This surge in demand for comfortable and fuel-efficient vehicles is a driving force behind the growth of the automotive axle and propeller shaft market.
The escalating demand for electric vehicles is set to propel the growth of the automotive axles and propeller shafts market. Electric vehicles, powered primarily by rechargeable batteries, rely on these components to transmit power from the electric motor to the wheels, facilitating vehicle motion and control. According to the International Energy Agency's data in September 2022, the sales of electric vehicles nearly doubled in 2021 to 6.6 million from 3 million in 2020, representing about 9% of total sales and rising by 4 percentage points. This increased demand for electric vehicles significantly contributes to the expansion of the automotive axles and propeller shafts market.
Technological advancements stand out as a prominent trend driving growth in the automotive axle and propeller shaft market. Major industry players are focusing on innovation, introducing technologies like the 4in1 electric axle, consolidating four crucial components into a single compact unit. In June 2022, Schaeffler Technologies AG & Co. KG introduced the 4in1 electric axle, integrating the electric motor, power electronics, transmission, and thermal management system into a compact and lightweight axle drive. This innovative solution not only enhances comfort and range but also significantly improves efficiency in electric vehicles.
Leading companies in the automotive axle and propeller shaft market are embracing a strategic partnership approach to advance the development of car axles. Strategic partnerships involve the collaboration of companies, pooling their strengths and resources to achieve mutual benefits and successes. In a notable instance, ZF Friedrichshafen AG, a Germany-based automotive firm, joined forces with Hon Hai Technology Group, a Taiwan-based electronics industry company, in July 2023. This partnership is geared towards accelerating and expanding opportunities in the automotive axle sector and the supply chain, targeting top-tier customers.
In November 2021, Walterscheid Powertrain Group, a Germany-based manufacturer specializing in off-highway and industrial equipment and machinery, made a strategic move by acquiring IFA Kardan for an undisclosed amount. The objective of this acquisition is to broaden Walterscheid Powertrain Group's driveshaft portfolio and enhance its focus on primary and secondary drives for small- and medium-sized agricultural and construction vehicles. IFA Kardan, a Germany-based manufacturer of Cardan shafts and various types of joints utilized in construction and agricultural vehicles, operates within the automotive axle and propeller shaft market.
Major companies operating in the automotive axle and propeller shaft market include Dana Holding Corporation, American Axle & Manufacturing Inc., Gelenkwellen-Service GmbH, GKN-Walterscheid GmbH, Hyundai Wia Corporation, IFA Rotorion, JTEKT Corporation, Meritor Inc., ZF Friedrichshafen AG, Korea Flange Co. Ltd., Wahan Engineering Corporation, Automotive Axles Limited, Bailey Morris Ltd., D And F Propshafts, Mark Williams Enterprises Inc., Wilson Drive Shafts, Hitachi Ltd., Wanxiang Qianchao Co. Ltd., Nexteer Automotive Group Ltd., Yamada Manufacturing Co. Ltd., Melrose Industries PLC, Benteler Automotive Corporation, Magna International Inc., Talbros Engineering Limited, Bharat Gears Limited, Fairfield Atlas Ltd., AxleTech International SAS, Volvo Group, Tata Motors Limited, Ashok Leyland Limited, Mahindra & Mahindra Limited
Asia-Pacific was the largest region in the automotive axle and propeller shaft market in 2023. Latin America is expected to be the fastest-growing region in the forecast period. The regions covered in this automotive axle and propeller shaft market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the automotive axle and propeller shaft market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The automotive axle and propeller shaft market consist of sales of single-piece type propeller shaft, two-piece type propeller shaft, semi-floating axle, full-floating axle, three-quarter floating axle, live front axle, dead front axle, Elliot, reverse Elliot, Lamoine and reversed Lamoine. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.