Automotive Axle and Propeller Shaft Market

Automotive Axle and Propeller Shaft Market Size (2023-2028):

The Global Automotive Axle and Propeller Shaft Market was worth US$ 23.26 billion in 2022 and is anticipated to reach a valuation of US$ 27.23 billion by 2028 and is predicted to register a CAGR of 3.20% during 2023-2028.

In the vehicle plan, the vehicle design delineates where on the engine vehicle the motor and drive wheels are found. A few different mixes of driven wheels and engine location are incorporated into practice, and the situation of each is dependent on the use of which the engine automobile will be used. Attributes controlling the arrangement alternative comprise of cost, multifaceted design, constancy, packaging, mass appropriation, and the engine automobile expected to deal with factors.

The worldwide vehicle axle & propeller shaft market is by, and large firmly determined by the increasing automobile production all around and developments in design that is centered on supportability and eco-friendliness. The growth of this market is additionally invigorated by the flourishing aftermarket interest in vehicle axles and propellers in developing nations. Furthermore, a decrease in the general support of the automobile is another factor triggering the worldwide market demand. The interest for vehicle axles and propeller shafts is represented by an increment in production and deals of cars internationally and an increment in client interest for calmer lodge & expanded solace in automobiles.

Market Drivers:

The rise in interest in eco-friendly automobiles is likely to offer an opportunity for the major players in this market to offer reduced expense and lightweight items that additionally maximize the fuel efficiency of motors. Furthermore, lessening the maintenance price of the automobile is another variable that fuels the market. The increased need for axle & propeller shafts for the vehicle market is managed by an increase in the manufacture and deals of engine automobiles globally and an increase in consumer interest for the calm log cabin and concentrating more on convenience. 

Market Restraints:

Moreover, the volatile cost of raw materials, for example, steel and alloy of carbon and aluminum utilized for the production of axles and propellers decline the market development.

Market Recent Developments:

• Several hundred new railcars are being furnished with the inventive lightweight ZF gearbox: E-Rail SH 11 F-N. On account of its aluminum lodging, it is 15 percent lighter than the items which are as of now accessible on the North-American market. Volume manufacture of the item custom-fitted to satisfy the nearby prerequisites is done in the US.
• MarineShaft provides fix administrations for marine propeller shafts, including straightening. Even the most extreme twists can be set. Regularly similar straightness as another shaft can be accomplished and regardless of where on the planet the propeller/rudder harm happens, a fixing is frequently the most gainful arrangement.
• The Propeller shaft introduced by Jtekt corporation offers a three-partition structure, and slide-type steady speed widespread joints are perceived to enhance serenity.
• The Bosch eAxle is an across-the-board electrical powertrain. Its parts — electric engine, powerful hardware, and transmission — are joined in a single conservative framework. That lessens the number of components, spares space, and makes the powertrain unit less mind-boggling — all of which improves efficiency and cuts expense.

AUTOMOTIVE AXLE AND PROPELLER SHAFT MARKET REPORT COVERAGE:

Market Segmentation:

Automotive Axle and Propeller Shaft Market - By Type:

• Axle Type
  • Dead axle
  • Live axle
  • Tandem axle
• Propeller shaft type
  • Single piece 
  • Multi-piece 
  • Slip in tube 

Single-piece propeller shaft leads the automotive axle and propeller shaft market during the estimated time frame. The variables that fuel the development of this sector are price-effectiveness as well as its whole durability. The single-piece propeller shaft is utilized more than the multi-piece propeller shaft mainly due to its reduced weight with increased fuel efficiency. The single-piece propeller shaft becomes an ideal alternative for the less distance between the motor and the rear axle. 

Live axle is anticipated to account for the most significant share of the market during the foreseen period between 2020 and 2025. Live axle fuels the wheel attached to it alongside supporting the weight of the vehicle. Rising customer preference towards SUVs and RWD passenger vehicles as well as steady development in total automobile manufacture have boosted the growth of the live axles market.

Automotive Axle and Propeller Shaft Market - By Vehicle Type:

• Two-wheelers
• Passenger cars
• Commercial vehicle

Axle and propeller shaft market for passenger cars is dominating among other automobile types and is estimated to maintain its dominance through the estimated time frame, 2020-2025. This is primarily because of the increment in the number of passenger automobiles in nations, for example, China, India, the U.S., the UK, and Japan.

Market Reginal Analysis:

The Global Automotive Axle and Propeller Shaft Market Report include the segmentation of regions:

• North America - U.S, Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

The study projects Asia Pacific as the biggest customer for the automotive axle & propeller shaft market during the estimated time frame. The area is the worldwide leader in automobile manufacture, with product development of about 26%–28% over the past five years for passenger vehicles and commercial automobiles. China has been the dominating vehicle market for automobile manufacturers as well as sales in this locale. According to OICA, China, alongside Japan and India, accounted for almost 44% of worldwide automobile production in 2018.

Market Key Players:

1. Meritor, Inc.
2. ZF Friedrichshafen AG
3. IFA Rotorion - Holding GmbH
4. American Axle & Manufacturing Holdings, Inc.
5. Gestamp
6. Dana Incorporated
7. GKN PLC
8. Jtekt Corporation
9. RSB Group
10. Showa Corporation
11. Hyundai Wia Corporation