Automotive Axle & Propeller Shaft Market worth $25.4 billion by 2025

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Automotive Axle & Propeller Shaft Market worth $25.4 billion by 2025 https://www.marketsandmarkets.com/Market-Reports/axle-propeller-shaft-market62590144.html

The report "Automotive Axle & Propeller Shaft Market by Axle Type (Live, Dead & Tandem), Axle Position (Front & Rear), Propeller Shaft Type (Single & Multi-Piece), Passenger Car Propeller Shaft Material (Alloy & Carbon Fiber) and Region - Global Forecast to 2025", The global automotive axle & propeller shaft market size is projected to grow at a CAGR of 3.2% during the forecast period, to reach a market size of USD 25.4 billion by 2025 from USD 21.7 billion in 2020.

Increasing production of heavy commercial vehicles, rising SUV demand, and growing adoption of AWD vehicles to get enhanced traction is expected to fuel the demand for Automotive Axle & Propeller Shaft Market.

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Browse 190 market data Tables and 61 Figures spread through 218 Pages and in-depth TOC on "Automotive Axle & Propeller Shaft Market�

Some of the key players in the automotive axle and propeller shaft market are ZF Friedrichshafen AG (Germany), Dana Incorporated (US), GKN Automotive (UK), American Axle & Manufacturing, Inc. (US), Meritor, Inc. (U.S.), Showa Corporation (Japan), Hyundai Wia Corporation (South Korea), JTEKT Corporation (Japan), and GKN plc (UK).

Single piece propeller is estimated to hold the largest share in automotive propeller shaft segment Single-piece propeller shaft dominates the automotive propeller shaft market during the forecast period. The factors that drive the growth of this segment are cost-effectiveness as well as its overall durability. The single-piece propeller shaft is used more than the multi-piece propeller shaft majorly because of its lightweight capabilities that provide high fuel efficiency.

The single-piece propeller shaft becomes an ideal choice for the shorter distance between the engine and the rear axle. The demand for the sport utility vehicle segment is rising mainly in the US, China, and India, owing to the improving economic environment, low crude oil prices, and rising per capita income. This will prompt the demand for rear-wheel-drive vehicles, which are usually installed with the single-piece shaft, and subsequently, the growth of SUVs would also foster the demand for single-piece propeller shaft in the future.

Tandem axle segment is anticipated to register the highest growth rate from 2020 to 2025 The tandem axle is expected to be the fastest-growing market for the automotive axle market by type from 2020 to 2025. According to OICA statistics, heavy commercial vehicle sales have increased from 23.0 million units in 2014 to 26.0 million units in 2019, at a CAGR of 3.26%. The growth can be attributed to factors such as increasing infrastructure spending, rising importexport trade, and growing e-commerce activities.

Furthermore, the increasing goods trade has prompted the installation of the tandem axle, which offers additional load carrying capacity to the vehicle. The rising growth of good transport would fuel the demand for heavy-duty trucks and semi-trailers, which are usually installed with the tandem axle, which subor goods transport, which brings the necessity of tandem axle.

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Asia Oceania is expected to have a major share in the automotive axle & propeller shaft market The study estimates Asia Oceania as the largest consumer for the automotive axle & propeller shaft market during the forecast period. The region is the global leader in vehicle production, with production growth of about 26%–28% over the past five years for passenger cars and commercial vehicles. China has been the leading automotive market for vehicle production as well as sales in this region. According to OICA, China, along with Japan and India, accounted for almost 40%-44% of global vehicle production in 2018.

Furthermore, as per the World Bank statistics, the per capita income in China and India increased by about 68% and 14%, respectively, from 2010 to 2015. The rise in disposable income is expected to increase the sales of economy, and premium vehicles, which, in turn, will drive the demand for axle and propeller shaft in the region.

Recent Developments:

• In February 2020, Dana Launched the production of the Spicer Electrified eS9000r e-Axle for class 4 and class 5 commercial vehicles in North America and is the only supplier to manufacture all components in a system such as an axle, motor, gear, and invertor.

• In January 2020, GKN Automotive and Delta Electronics Inc. announced their collaboration on the joint development that is expected to enable the rapid acceleration of nextgeneration integrated 3-in-1 eDrive systems of power classes from 80kW to 155kW. The joint development of advanced eDrive technology is expected to see inverters supplied by Delta Electronics Inc. integrated with GKN Automotive's eMotor and gearbox systems in a 3-in-1 solution.

• In May 2019, Meritor announced plans to acquire AxleTech for approximately USD 175 million. The addition of AxleTech will enhance Meritor’s growth platform, bringing a highly complementary global product portfolio across the off-highway, defense, specialty, and aftermarket segments. AxleTech’s offerings include a full product line of independent suspensions, axles, braking solutions, and drivetrain components. These capabilities will enable Meritor to offer global customers a more comprehensive array of differentiated products and solutions while further diversifying the company’s portfolio.

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