Automotive Axle & Propeller Shaft Market Outlook
According to the report by Expert Market Research (EMR), the global automotive axle & propeller shaft market size grew significantly in 2023. Aided by the rapid technological advancements in vehicle dynamics and the upsurge in automotive production, the market is projected to further grow at a CAGR of 2.90% between 2024 and 2032.
The automotive axle and propeller shaft, fundamental components in a vehicle’s drivetrain, are responsible for transmitting power generated by the engine to the vehicle’s wheels. These components play a critical role in determining a vehicle’s overall performance, driving comfort, and fuel efficiency. The axle supports the vehicle’s weight and aids in maintaining the position of the wheels relative to one another and the vehicle body. Simultaneously, the propeller shaft, also known as a driveshaft, transmits torque and rotation, ensuring smooth vehicle movement.
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One of the predominant drivers for the automotive axle & propeller shaft market demand is the escalating demand for lightweight vehicles. With global emphasis on fuel efficiency and reduced carbon emissions, automakers are constantly innovating to produce lightweight components without compromising their strength and durability. Modern axles and propeller shafts are increasingly made from advanced materials such as carbon fibre and special alloys, ensuring weight reduction without sacrificing performance.
According to the automotive axle & propeller shaft market analysis, the rising trend of vehicle electrification presents lucrative opportunities for the automotive axle & propeller shaft sector. Electric vehicles (EVs) necessitate unique axle and propeller shaft designs that can accommodate the electric motor’s high torque characteristics. As the automotive industry witnesses a paradigm shift towards electric and hybrid vehicles, the demand for customised drivetrain components, including axles and propeller shafts, is expected to surge.
Additionally, the automotive axle & propeller shaft industry is gaining traction due to the growing consumer preference for all-wheel-drive (AWD) and four-wheel-drive (4WD) vehicles, particularly in regions with challenging terrains and unpredictable weather patterns. These drive systems demand robust and efficient axle and propeller shaft configurations, bolstering automotive axle & propeller shaft market growth.
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Furthermore, advancements in manufacturing techniques, like computer numerical control (CNC) machining and the integration of smart sensors, have optimised the production of axles and propeller shafts. These innovations not only ensure precision but also contribute to enhanced vehicle safety, longevity, and efficiency.
Automotive Axle & Propeller Shaft Market Segmentation
The market can be divided based on type, axle position, vehicle type, material, and region.
Market Breakup by Type
- Axle
- Live
- Dead
- Tandem
- Propeller Shaft
- Single Piece
- Multi Piece
- Slip in Tube
Market Breakup by Axle Position
- Front
- Rear
Market Breakup by Vehicle Type
- Two-Wheeler
- Passenger Cars
- Commercial Vehicle
Market Breakup by Material
- Alloy
- Carbon Fibre
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive axle & propeller shaft market. Some of the major players explored in the report by Expert Market Research are as follows:
- Dana Incorporated
- American Axle & Manufacturing Holdings, Inc.
- Hitachi Astemo, Ltd.
- Hyundai Wia Corporation
- GKN Automotive Limited
- JTEKT Corporation
- Others
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