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.
Browse 190 market data Tables and 61 Figures spread through 218 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/axle-propeller-shaft-market-62590144.html
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.
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 import-export 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.
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.
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).
Don’t miss out on business opportunities in Automotive Axle & Propeller Shaft Market. Speak to our analyst and gain crucial industry insights that will help your business grow.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441