DUBLIN, Nov. 14, 2022 /PRNewswire/ — The “Automotive Axle & Propeller Shaft Market By Type, By Vehicle Type, By Sales Channel: Global Opportunity Analysis and Industry Forecast, 2020-2030” report has been added to ResearchAndMarkets.com’s offering.
According to this report the automotive axle & propeller shaft market was valued at $29.3 billion in 2020, and is estimated to reach $45.3 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
Asia-Pacific is expected to dominate the automotive axle & propeller shaft market owing to increase in demand for passenger vehicles from China, Japan, and India. In January 2021, vehicle sales in China experienced rise of 29.5% as compared to the previous year. Greater vehicle production in the emerging economies of China, Japan, Taiwan, and India, coupled with increased adoption of fuel efficient vehicles contribute to the market growth in Asia-Pacific.
The adoption of electric vehicles has been observed across the world. Several manufacturers are developing lightweight parts axles in order to improve the performance of electric vehicles. Moreover, manufacturers are also developing & integrating aluminum based parts in automobiles as it aids in reduction in weight of vehicle. Henceforth, rise in adoption of electric vehicle is one of the factors that drive the growth of the market.
By type, the automotive axle & propeller shaft market is segregated into live axle, dead axle, tandem axle, single piece propeller shaft, multi piece propeller shaft, and slip in tube propeller shaft. Single piece propeller is widely utilized due to its low weight as compared to other propeller shaft and high torsional strength. Generally, single piece propeller shaft finds application in passenger cars where distance between engine and differential is less.
By vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment dominated the market in 2020. Increase in demand for passenger vehicles from emerging economies, enhanced need for high performing & fuel-efficient vehicles, and introduction of stringent emission regulations drive the growth of this segment.
The significant factors that impact the growth of the automotive axle & propeller shaft market comprises growth in production & sale of vehicles across the globe, increase in adoption of electric vehicle, greater aftermarket demand for axle and propeller shaft from emerging economies, and surge in demand for comfortable & fuel efficient vehicles. Moreover, fluctuating prices of raw materials and vehicle recall & regulatory concerns are the factors that hamper the market growth. Surge in demand for all wheel drive vehicles, and increase in use of lightweight material for manufacturing of axles and propeller shafts are expected to offer growth opportunities during the forecast period.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global automotive axle & propeller shaft market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall automotive axle & propeller shaft market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities ofthe global automotive axle & propeller shaft market with a detailed impact analysis.
- The current automotive axle & propeller shaft market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Type
- Live Axle
- Dead Axle
- Tandem Axle
- Single Piece Propeller Shaft
- Multi Piece Propeller Shaft
- Slip in Tube Propeller Shaft
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel
- Original Equipment Manufacturer
- Aftermarket
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- American Axle & Manufacturing, Inc.
- Dana Incorporated
- Gestamp Automocion, S.A.
- Hitachi, Ltd.
- Hyundai Wia Corporation
- IFA Group
- JTEKT Corporation
- Melrose Industries Plc
- Meritor, Inc.
- ZF Friedrichshafen AG
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE AXLE & PROPELLER SHAFT MARKET, BY TYPE
CHAPTER 5: AUTOMOTIVE AXLE & PROPELLER SHAFT MARKET, BY VEHICLE TYPE
CHAPTER 6: AUTOMOTIVE AXLE & PROPELLER SHAFT MARKET, BY SALES CHANNEL
CHAPTER 7: AUTOMOTIVE AXLE & PROPELLER SHAFT MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/arc5tx
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SOURCE Research and Markets
