Report Code: A10725 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Axle Shaft Market
Request Now !The automotive axles shafts play a major role in the operation of a vehicle. The axles bear the entire weight of the vehicle, cargo, and passengers and live axles perform the additional task of providing the torque to the wheels. In addition, the function of an axle shaft is transmitting torque and rotation along with the other components of the drive train. The global automotive axle shaft market is being strongly driven by rise in vehicle production globally and innovations in engineering that are focused on sustainability and fuel efficiency. The growth of this market is further stimulated by the thriving aftermarket demand for automotive axles and propellers in developing countries. Additionally, the reduction of the overall maintenance of the vehicle is another factor boosting the global market demand. Furthermore, the global automotive axle shaft market is observing vibrant growth, owing to increasing demand for technologically advanced automobiles in the market and is expected to grow further during the forecast period.
COVID-19 scenario analysis:
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Some of the factors such as increase in demand for vehicle production and rise in sales of vehicles globally are expected to spur the market growth during the forecast period. However, increased vehicle weight and fluctuating prices of raw materials restrain the growth of the global market. Furthermore, OPPOR is expected to offer lucrative opportunities for the market during the forecast period.
The axle shaft market trends are as follows:
Increase in demand for vehicle production
The stringent fuel efficiency regulations in developed, as well as developing markets, fuel the R&D of better technologies. With increasing power requirements in heavy-duty applications, shafts with higher stress handling capabilities are being demanded. This reduces the maintenance cost and downtime of the vehicle, which improves the efficiency of the commercial vehicles in terms of operation. Axles shafts are being developed to handle increased operating stress in sectors such as construction, long haul, and mining to reduce downtime. Thus, advancement in technologies to optimize overall vehicle performance would boost the axle and propeller shaft market.
Increase in sales of vehicles
Increase in purchasing power of buyers with rise in standard of living and urbanization in most developing economies drives the growth of the automotive industry. With the huge increase in demand across the globe the market is expected to subsequently propel the growth of the global automotive market during the forecast period. In addition, rise in demand for advancement in automobiles in developing and developed economies is a major factor expected to drive revenue growth of the global axle shaft market. Â
Key benefits of the report:
Questions answered in the axle shaft market research report:
Axle Shaft Market Report Highlights
Aspects | Details |
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By Type |
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By Position |
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By Vehicle Type |
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By Region |
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Key Market Players | Meritor, Inc., Hyundai Wia Corporation, Showa Corporation, Gestamp, American Axle & Manufacturing Holdings Inc., IFA Rotorion - Holding GmbH, Dana Incorporated, GKN PLC, ZF Friedrichshafen AG., RSB Group |
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