NEW YORK, Jan. 30, 2024 /PRNewswire/ — The commercial vehicle propeller shaft market is estimated to grow at a CAGR of 4.64% by USD 3.74 billion from 2023 to 2027, according to Technavio. The increasing demand for commercial vehicles is notably driving growth. The growth is due to increased demand for commercial vehicles, especially in North America (US and Canada) and the developing and developed economies of APAC. This growth is driven by the need for propeller shafts that can support heavy loads in medium and heavy-duty trucks. In addition, The robust growth in industrial, construction, and mining activities is a key trend shaping the growth. Rapid urbanization in developing economies like China and India is increasing demand for housing and infrastructure, driving growth in the global commercial vehicle propeller shaft market. Additionally, construction activities in the US, the Middle East, and Asia, along with mining activities in China, are further boosting demand. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) – Request a Free sample report
- The overloading of heavy-duty trucks is a significant challenge restricting growth.
Technavio has segmented the market based on Application (LCV, and M and HCV ), Type (Single piece and Multi piece), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
- The LCV segment is estimated to witness significant growth during the forecast period. The segment’s growth is driven by strong sales of various vehicle types like small compact trucks, pickup vans, and pickup trucks, used for intra-city and inter-city transport in different sizes and shapes. Globally, the demand for LCVs is rising due to their versatility in last-mile connectivity, stop-and-go traffic, and light construction, driven by increased construction and inter-city transportation needs.
By geography, the global market is segmented into North America, APAC, Europe, South America, and Middle East, and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth.
- North America is estimated to contribute 36% to the growth of the global market during the forecast period. The US, Canada, and Mexico are key players in the region. The preference for large utility vehicles, especially pickup trucks, fuels sales. Light-duty trucks, mainly pickups, are popular. Consumer reliance on personal vehicles over public transport drives demand. Growth in the construction and mining sectors also boosts the medium and heavy-duty trucks market.
Insights on the contribution of various segments including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Free Sample Report
Applications
The Drive Shaft, featuring a Universal Joint or CV Joint (Constant Velocity Joint), transfers torque from the Powertrain to the Differential in Heavy-Duty Trucks, Light Commercial Vehicles (LCVs), Buses, and Coaches. Its design includes components like the Axle, Center Bearing, Slip Yoke, and End Yoke, housed within the Shaft Tubing. Balancing ensures smooth Vehicle Dynamics, while materials like Steel, Aluminum, and Composites, combined with advanced Manufacturing Techniques, enhance Load Capacity and Durability. Aftermarket Services and OEM (Original Equipment Manufacturer) support maintenance and replacements. These shafts contribute to Transmission System efficiency, offering Vibration Damping for improved comfort and Fuel Efficiency. Weight Reduction is a key consideration, aligning with Regulatory Compliance for Emission Standards. Market Trends emphasize the need for Global Supply Chain management and Technological Innovation, especially in the context of Electric and Hybrid Vehicles.
What are the key data covered in this report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across North America, APAC, Europe, South America, and the Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of companies
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Application
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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SOURCE Technavio
