IMARC Group has recently released a new research study “Automotive Axle & Propeller Shaft Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Automotive Axle & Propeller Shaft Industry ?
The global automotive axle & propeller shaft market size reached US$ 70.33 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 90.65 Billion by 2027, exhibiting a growth rate (CAGR) of 4.15% during 2022-2027.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What is Automotive Axle & Propeller Shaft Market ?
Automotive axles and propeller shafts represent essential components that generate momentum in vehicles. They are made of medium-carbon steel, glass fibers, thermoplastic polyamide, epoxy composite, chrome-molybdenum steel, carbon fibers, etc. Live, tandem, and dead are common axles that hold the entire weight of the vehicle and provide torque from differential to wheels.
On the other hand, propeller shafts, including multi-piece, slip-in tubes, and single-piece shafts, transmit torque and rotation from an engine to the wheels of the automobile.
Automotive axles and propeller shafts exhibit numerous properties, such as high specific strength, the transmission of power at several elevation levels, corrosion and abrasion resistance, etc. They also enhance handling, safety, and efficiency and provide higher clearance and a smoother ride.
What are the major market drivers in the Automotive Axle & Propeller Shaft Market:
The growing automotive sector and the increasing sales of automobiles, owing to the inflating urbanization and industrialization levels, particularly in emerging economies, are among the key factors augmenting the automotive axle & propeller shaft market.
Furthermore, the elevating incorporation of automotive axles and propeller shafts in vehicles to rotate the wheels, transmit torque, and provide momentum is also bolstering the global market.
Moreover, the escalating adoption of carbon fiber shafts in premium vehicles, on account of their structural advantages, including durability, toughness, and higher strength, is further catalyzing the market growth. Besides this, various technological advancements, such as the integration of machine learning (ML) and artificial intelligence (AI) in manufacturing automotive axles and propeller shafts to enhance efficiency, accuracy, and consistency, are also driving the global market.
Additionally, the inflating product adoption for providing greater potential and increasing vehicle efficiency is acting as another significant growth-inducing factor.
Apart from this, the rising need for fuel-efficient vehicles and the expanding demand for all-wheel drive (AWD) vehicles are expected to positively influence the automotive axle & propeller shaft market in the coming years.
Automotive Axle & Propeller Shaft Market Report Scope
Report Coverage
Details
Market size value in 2021
US$ 70.33 Billion
Market forecast in 2027
US$ 90.65 Billion
Growth Rate
CAGR of 5.15% from 2022 to 2027
Base year for estimation
2021
Historical data
2016-2021
Forecast period
2022-2027
Report coverage
Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
Segments covered
Type, Vehicle Type And Sales Channel
Regional scope
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Key companies profiled
American Axle & Manufacturing Inc., Automotive Axles Limited, Dana Incorporated, Hyundai WIA Corporation, IFA Group, JTEKT Corporation, Mark Williams Enterprises Inc., Melrose Industries PLC, Meritor Inc. (Cummins Inc.) and ZF Friedrichshafen AG.
Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
Live AxleDead AxleTandem AxleSingle Piece Propeller ShaftMulti Piece Propeller ShaftSlip in Tube Propeller ShaftBreakup by Vehicle Type:
Passenger CarLight Commercial VehicleHeavy Commercial VehicleBreakup by Sales Channel:
Original Equipment ManufacturerAftermarketBy Geography:
North America (United States, Canada)Europe (Germany, France, United Kingdom, Italy, Spain, Others)Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)Latin America (Brazil, Mexico, Others)Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)List of Major Key Players:
The major players in the market are
American Axle & Manufacturing Inc.Automotive Axles LimitedDana IncorporatedHyundai WIA CorporationIFA GroupJTEKT CorporationMark Williams Enterprises Inc.Melrose Industries PLCMeritor Inc. (Cummins Inc.)and ZF Friedrichshafen AG.𝐊𝐞𝐲 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: • Market Performance (2016-2021) • Market Outlook (2022- 2027) • Porter's Five Forces Analysis • Market Drivers and Success Factors • SWOT Analysis • Value Chain • Comprehensive Mapping of the Competitive Landscape If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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