The Automotive Axle and Propeller Shaft Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Axle and Propeller Shaft Global Market Report 2024, 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 growth in the historic period can be attributed to government regulations, globalization, rise in disposable income, rise in 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%. The growth in the forecast period can be attributed to electric vehicle (ev) adoption, rise in autonomous vehicles, emission regulations, trade agreements, global market growth. Major trends in the forecast period include customization and modularization, sustainability and green manufacturing, advanced manufacturing techniques, electric and hybrid vehicle integration, partnerships and collaborations.
The increase in demand for comfortable and fuel-efficient vehicles is expected to propel the growth of the automotive axle and propeller shaft market going forward. Fuel-efficient vehicles can be referred to as vehicles that have a fuel consumption of fewer than 6 litres per 100 km, which reduces global warming emissions and produces less pollution. Automotive axles and propeller shafts help fuel-efficient vehicles by reducing fuel expenses, carbon emissions, and dependence on foreign oil while also improving the use of sustainable energy. For instance, in November 2022, according to the European Automobile Manufacturers Association, a Belgium-based automobile industry group committee, 16.4 million cars were manufactured in China from January to September, an increase of 15.1% compared to the same period in 2021. Thus, the increase in demand for comfortable and fuel-efficient vehicles is driving the growth of the automotive axle and propeller shaft market.
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The automotive axle and propeller shaft market covered in this report is segmented
1) By Type: Single Piece, Multi Piece
2) By Propeller Shaft Type: Front Propeller, Inter-Axle, Rear Propeller
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
4) By Material: Alloy, Carbon Fiber
5) By Sales Channel: Original Equipment Manufacturer, Aftermarket
Technological advancements are the key trend gaining popularity in the automotive axle and propeller shaft market. Major companies operating in the market are introducing new technologies such as 4in1 electric axle that integrates four key components into a single compact unit. The four components are the electric motor, power electronics, transmission, and thermal management system. For instance, in June 2022, Schaeffler Technologies AG & Co. KG, a Germany-based automotive industry company, introduced the 4in1 electric axle, which integrates the thermal management system, electric motor, power electronics, and transmission into a compact and lightweight axle drive. This innovation improves comfort, range, and efficiency in electric vehicles.
The automotive axle and propeller shaft market report table of contents includes:
1. Executive Summary
2. Automotive Axle and Propeller Shaft Market Characteristics
3. Automotive Axle and Propeller Shaft Market Trends And Strategies
4. Automotive Axle and Propeller Shaft Market – Macro Economic Scenario
5. Global Automotive Axle and Propeller Shaft Market Size and Growth
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26. South America Automotive Axle and Propeller Shaft Market
27. Brazil Automotive Axle and Propeller Shaft Market
28. Middle East Automotive Axle and Propeller Shaft Market
29. Africa Automotive Axle and Propeller Shaft Market
30. Automotive Axle and Propeller Shaft Market Competitive Landscape And Company Profiles
Top Major Players:
- Dana Holding Corporation
- American Axle & Manufacturing Inc
- Gelenkwellen-Service GmbH
- GKN-Walterscheid GmbH
- Hyundai Wia Corporation
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