The global automotive axle & propeller shaft market was valued at $29.3 billion in 2020, and is projected to reach $45.3 billion by 2030, growing at a CAGR of 4.61% from 2021 to 2030.
Axle is a central shaft utilized for rotating the wheels as well as supporting weight of the vehicle. It is an essential component in automobile and is of three types such as front, rear, and stub. Generally, passenger cars are equipped with one live axle & one dead axle. Moreover, a propeller shaft is also referred as carden shaft, transfers the torque generated by engine from transmission to rear axle or front axle. A propeller shaft has a tubular section & is made in single or multiple piece construction.
Growth in production & sale of vehicles across the globe, increase in adoption of electric vehicles, greater aftermarket demand for axle & propeller shaft from emerging economies, and surge in demand for comfortable & fuel efficient vehicles are some factors that drive the growth of the automotive axle & propeller shaft market. However, fluctuating prices of raw materials and vehicle recall & regulatory concerns are expected to hamper the growth of the market. Furthermore, surge in demand for all wheel drive vehicles and increase in use of lightweight material for manufacturing of axle & propeller shafts are expected to offer growth opportunities during the forecast period.
The automotive axle & propeller shaft market is segmented on the basis of type, vehicle type, sales channel, and region. By type, it is further divided into live axle, dead axle, tandem axle, single piece propeller shaft, multi piece propeller shaft, and slip in tube propeller shaft. On the basis of vehicle type, it is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The sales channel segment is divided into original equipment manufacturer and aftermarket. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some leading companies profiled in the automotive axle & propeller shaft market report comprises American Axle & Manufacturing, Inc., Dana Incorporated, Gestamp Automocion, S.A., Hitachi, Ltd., Hyundai Wia Corporation, IFA Group, JTEKT Corporation, Melrose Industries Plc, Meritor, Inc., and ZF Friedrichshafen AG.
Growth in production & sale of vehicles across the globe
Several automobile manufacturers have recorded growth in sales of vehicles over the years. Global car market grew by 4% in 2021 and global electric vehicle sales recorded a growth of 109% in 2021. This growth has also resulted in increase in demand for automotive parts such as axle & propeller shaft. Moreover, demand for improved axle for electric vehicle has increased, which in turn, is expected to drive the growth of the automotive axle & propeller shaft industry during the forecast period.
Increase in adoption of electric vehicle
Several countries across the globe have adopted electric vehicle to achieve their net zero emission target. Numerous automobile manufacturers are developing lightweight automotive parts such as e-axle for electric vehicles to reduce weight and improve performance of electric vehicle, which in turn, is expected to increase the demand for axle & propeller shaft in upcoming years.
Surge in demand for comfortable & fuel efficient vehicles
Consumers are increasingly turning toward fuel efficient vehicles, which encourage manufacturers to reduce vehicle weight and integrate advanced components to offer high performing vehicles to consumers. In addition, this need for improvement of automotive components in vehicle creates demand for lightweight axle & propeller shaft.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive axle & propeller shaft market analysis from 2020 to 2030 to identify the prevailing automotive axle & propeller shaft market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive axle & propeller shaft market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive axle & propeller shaft market trends, key players, market segments, application areas, and market growth strategies.
Automotive Axle & Propeller Shaft Market Report Highlights
By Vehicle Type
By Sales Channel
Key Market Players
American Axle & Manufacturing, Inc., Dana Incorporated, ZF Friedrichshafen AG, Hyundai Wia Corporation, Hitachi, Ltd., Melrose Industries Plc, IFA Group, Gestamp Automocion, S.A., Meritor, Inc., JTEKT Corporation
Growth of the automotive axle & propeller shaft market is driven by increase in adoption of electric vehicle and surge in use of lightweight material for manufacturing of axle and propeller shafts. There has been surged focus on reducing weight of vehicle. Aluminum is known for its strength, conductivity, corrosion resistance as well as its light weight in comparison to steel and iron. Due to this reason, manufacturers are utilizing aluminum alloys for of axles and propeller shafts to attain high fuel efficiency and reduction in weight of vehicle.
Several developments have been carried out by key players operating in the automotive axle and propeller shaft industry. Collaborations and acquisitions are expected to enable the leading players to enhance their product portfolios and expand into different regions. In September 2021, Dana Incorporated launched e-axles for Class 7 and Class 8 vehicles to expand its commercial heavy duty e-powertrain offering. Moreover, in February 2021, American Axle Manufacturing, Inc. secured axle & drive shaft program for Ram Truck’s heavy duty pick-up trucks, through 2030. The company is expected be the strategic driveline supplier for Ram Trucks, which is a division of Stellantis, offering a wide range of trucks.