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Automotive propeller shaft Market Size Industry Analysis, Size, Trends, Growth and Outlook
The global Automotive propeller shaft market is garnering impressive traction. The market witnesses’ substantial investments by Automotive manufacturers in the research and development of innovative product lines. Besides, the major focus of automakers to develop lightweight shaft to reduce the overall weight of the vehicle drives the growth of the market. Also, the market growth attributes to increasing vehicle sales and the Automotive industry worldwide.
Moreover, the rising production of electric vehicles and lightweight vehicles escalate market demand. According to Market Research Future (MRFR), the global Automotive propeller shaft market is estimated to grow at approximately 8.50% CAGR during the assessment period (20172023). Rising adoption of shaft technologies required to drive axle or rear axle a substantial market demand. Growing demand for high torque vehicles and safety concerns are the major growth drivers.
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Additionally, rapid advances in shaft technologies and materials used to manufacture shafts accelerate market growth. The increase in sales of luxury vehicles and sports cars pushes the market growth. Simultaneously, the constant rise in smart and autonomous vehicle sales boosts market revenues. Conversely, fluctuating prices and the demand-supply gap in raw materials required for production are major factors projected to impede the market growth.
Similarly, low-cost counterfeit propeller shafts floating in the market are anticipated to obstruct the market growth during the predicted period. Nevertheless, the spurring rise in the auto component industry would support market growth throughout the review period.
Automotive Propeller Shaft Market – Segments
The report is segmented into five dynamics.
By Position: Front, Rear, and Inter-Axle Propeller Shaft.
By Type: Live, Dead, and Tandem Axle.
By Propeller Shaft Type: Single, Multi Piece, and others.
By Material: Alloy and Carbon Fiber.
By Regions: Americas, Europe, APAC, and the Rest-of-the-World.
Global Automotive Propeller Shaft Market – Regional Analysis
