IMARC Group’s report titled “Automotive Axle & Propeller Shaft Market Report by Type (Live Axle, Dead Axle, Tandem Axle, Single Piece Propeller Shaft, Multi Piece Propeller Shaft, Slip in Tube Propeller Shaft), Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), Sales Channel (Original Equipment Manufacturer, Aftermarket), and Region 2024-2032“. The global automotive axle & propeller shaft market size reached US$ 80.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 154.6 Billion by 2032, exhibiting a growth rate (CAGR) of 7.4% during 2024-2032.
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Factors Affecting the Growth of the Automotive Axle and Propeller Shaft Industry:
- Changing Consumer Preferences:
People are increasingly aware of environmental issues and are seeking vehicles that are more fuel-efficient and environment friendly. This is catalyzing the demand for axles and propeller shafts made from lightweight materials, which contribute to overall vehicle efficiency and lower emissions. There is a growing consumer preference for all-wheel drive (AWD) and four-wheel drive (4WD) vehicles due to their enhanced safety, performance, and capability in various driving conditions. This, in turn, is increasing the demand for more complex and robust axle and propeller shaft systems, which are integral components of these vehicle types.
- Growing Automotive Production:
Higher automotive production is catalyzing the demand for essential components like axles and propeller shafts. Besides this, the production of SUVs, trucks, and all-wheel-drive vehicles, which typically require more robust and complex axle systems, compared to the production of standard two-wheel-drive passenger cars is propelling the growth of the market. Moreover, the shift towards electric and hybrid vehicles is driving the demand for innovative axle designs compatible with electric drivetrains. The growing demand for personal cars on account of inflating income levels of individuals is also offering a favorable market outlook.
- Technological Innovations:
The development and use of lightweight materials, such as high-strength steel, aluminum, and composites, to reduce the overall weight of the vehicle while enhancing fuel efficiency and reducing emissions is contributing to the market growth. Traditional axle and propeller shaft designs are being re-engineered or replaced with new configurations suitable for electric vehicles (EVs). This includes the integration of axles with electric motors and the redesigning of propeller shafts to accommodate electric drivetrains. In addition, innovations in manufacturing, such as 3D printing and precision engineering, enable the production of more complex and efficient axle and propeller shaft designs.
Leading Companies Operating in the Global Automotive Axle and Propeller Shaft Industry:
- 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.)
- ZF Friedrichshafen AG
Automotive Axle and Propeller Shaft Market Report Segmentation:
By Type:
- Live Axle
- Dead Axle
- Tandem Axle
- Single Piece Propeller Shaft
- Multi Piece Propeller Shaft
- Slip in Tube Propeller Shaft
Live axle represents the largest segment as it is used in heavy vehicles and certain performance-oriented passenger vehicles.
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Passenger car accounts for the largest market share due to its high global production volumes and widespread use.
By Sales Channel:
- Original Equipment Manufacturer
- Aftermarket
On the basis of the sales channel, the market has been bifurcated into original equipment manufacturer and aftermarket.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the automotive axle and propeller shaft market is attributed to large automotive manufacturing base, particularly in countries like China and India, coupled with rising vehicle ownership rates.
Global Automotive Axle and Propeller Shaft Market Trends:
Stringent environmental regulations are encouraging key manufacturers to develop more environment friendly solutions. This trend is leading to innovations in axle and propeller shaft designs that are lighter, more efficient, and less polluting. In addition, the demand for vehicles with better performance, comfort, and safety features is leading to the development of more sophisticated axle and propeller shaft systems.
The integration of electronics and sensors in axle and propeller shaft systems allows for real-time monitoring and control, which can improve vehicle dynamics, safety, and predictive maintenance.
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