HOME Research Insight New Product Development, and Contracts and Agreements were the main Strategies Adopted by key players to Achieve Growth in the global Automotive Axle and Propeller Market

New Product Development, and Contracts and Agreements were the main Strategies Adopted by key players to Achieve Growth in the global Automotive Axle and Propeller Market

The global automotive axle and propeller market is currently witnessing enhanced focus towards manufacturing innovative and highly engineered products to further optimize vehicle performance. The market is primarily driven by the growth in vehicle production on a global level coupled with stringent fuel-economy regulations by the governments. The global axle and propeller shaft market is estimated to grow at a CAGR of 8.22%, to reach USD 58.07 Billion by 2021. In terms of volume, the market is estimated at 235 Million units as of 2016.

New product development, and contracts and agreements were the main strategies adopted by key players to achieve growth in the global automotive axle and propeller market. Key players that adopted this strategy include Meritor, Inc. (U.S.), Dana Incorporated (U.S.), Showa Corporation (Japan), ZF Friedrichshafen (Germany), and American Axle & Manufacturing, Inc. (U.S.). The market witnessed new product launches such as lightweight axles to help achieve CO2 and fuel economy norms as well as drive shafts that minimize component weight and improve overall performance for commercial vehicles.

Contracts and agreements were the second most adopted strategy by axle and propeller market players to cater to the growing demand from customers. Players that primarily adopted this strategy include Dana Incorporated, GKN Plc., Meritor Inc., and RSB Global. The companies entered into contract with various global vehicle manufacturers spread across regions with an aim to expand customer base, deliver innovative products, as well as enhance existing customer relationship.

Meritor, Inc. manufactures automobile components for commercial vehicle, transportation and industrial sectors. It manufactures axle, mainly for commercial vehicles. The company has strong presence in the global automotive axle and propeller shaft market backed by its robust product portfolio and vast geographic presence. In September 2016, Meritor developed a new product line up of front non-drive axles to include a deep-drop axle option that offers end-users greater flexibility in packaging their vehicles.

Another important player in the industry is Dana Incorporated. The company manufactures axles as well as propeller shafts, especially for light and commercial vehicles. It caters to the passenger vehicle, commercial truck, off-highway, and industrial markets as well as industrial and stationary equipment applications. In November 2016, the company introduced new product portfolio of e-axles named Spicer Electrified for electric and hybrid vehicles. The axle includes fully integrated motor, control, and e-drive technologies. Furthermore, Dana plans to introduce e-axles for electric buses and city delivery vehicles, by 2018.

Related Reports:

Automotive Axle & Propeller Shaft Market by Position (Front, Rear, and Inter-Axle Propeller Shaft), Axle Type (Live, Dead, and Tandem Axle), Propeller Shaft Type (Single, and Multi Piece), Material (Alloy, and Carbon Fiber) - Global Forecast to 2021

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