Axle Shaft Market Outlook – 2027
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:
- The transportation industry has completely been shut due to the pandemic which has created new challenges for the cargo and production houses to shift their goods from one place to another.
- The fear of spreading COVID-19 to coworkers, along with drastically diminished demand has allegedly forced workers not to operate to infected places or cities which has created a huge problem.
- The Original Equipment Manufacturer (OEM) are doing what they can to triage the situation. Many weeks of production stand down to minimize spreading the virus among coworkers while also preparing for far lower sales to minimize their losses.
- The spread of the virus has created huge issues for the transportation department as they have to encore new investments to protect their employees from getting affected.
- After the lockdown gets over, the transporting companies have to come up with new rules and regulations to face these difficult situations
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.
Key benefits of the report:
- This study presents the analytical depiction of the axle shaft market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the axle shaft market share.
- The current market is quantitatively analyzed to highlight the axle shaft market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed axle shaft market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the axle shaft market research report:
- Which are the leading market players active in the axle shaft market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Axle Shaft Market Report Highlights
By Vehicle Type
Key Market Players
IFA Rotorion - Holding GmbH, Showa Corporation, American Axle & Manufacturing Holdings Inc., Hyundai Wia Corporation, ZF Friedrichshafen AG., GKN PLC, RSB Group, Dana Incorporated, Meritor, Inc., Gestamp