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Rising Demand for Comfortable and Fuel-Efficient Vehicles Drives Automotive Axle and Propeller Shaft Market Growth || Dana Corporation, American Axle and Manufacturing Inc., Gelenkwellen-Service GmbH
Automotive Axle And Propeller Shaft Market
The Business Research Company's Automotive Axle And Propeller Shaft Global Market Report 2023 identifies increase in demand for comfortable and fuel-efficient vehicles is the major driver for the automotive axle and propeller shaft market's growth in the forecast period. Fuel-efficient vehicles can be referred to as vehicles that have a fuel consumption of fewer than 6 litres per 100 km, which reduces global warming emissions and produces less pollution. Automotive axles and propeller shafts help fuel-efficient vehicles by reducing fuel expenses, carbon emissions, and dependence on foreign oil while also improving the use of sustainable energy.
The global automotive axle and propeller shaft market size grew from $28.96 billion in 2022 to $30.95 billion in 2023 at a compound annual growth rate (CAGR) of 6.9% . The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the automotive axle and propeller shaft is expected to grow to $39.72 billion in 2027 at a CAGR of 6.4%.
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Major competitors in the automotive axle and propeller shaft market are Dana Corporation, American Axle and Manufacturing Inc., Gelenkwellen-Service GmbH, GKN-Walterscheid GmbH, Hyundai Wia Corporation, IFA Rotorion, JTEKT Corporation, Meritor Inc., ZF Friedrichshafen AG, Korea Flange Co. Ltd., Wahan Engineering Corporation.
A key trend in the automotive axle and propeller shaft market includes Technological advancements. Major companies operating in the market are introducing new technologies such as driveline systems technology that uses an integrated oil pan (IOP) front axle assembly with an electronic disconnect that transmits torque from the front axle to the front axle half shafts, reducing friction.
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The automotive axle and propeller shaft market is segmented -
1) By Type: Single Piece, Multi Piece
2) By Propeller Shaft Type: Front Propeller, Inter-Axle, Rear Propeller
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
4) By Material: Alloy, Carbon Fiber
5) By Sales Channel: Original Equipment Manufacturer, Aftermarket
6) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Asia-Pacific was the largest region in the automotive axle and propeller shaft market.
The Business Research Company's "Global Automotive Axle And Propeller Shaft Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Automotive Axle And Propeller Shaft Market Include:
1. Executive Summary
2. Automotive Axle And Propeller Shaft Market Characteristic
3. Automotive Axle And Propeller Shaft Market Trends And Strategies
4. Automotive Axle And Propeller Shaft Market - Macro Economic Scenario
5. Automotive Axle And Propeller Shaft Market Size And Growth
……………
27. Automotive Axle And Propeller Shaft Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Axle And Propeller Shaft Market
29. Automotive Axle And Propeller Shaft Market Future Outlook And Potential Analysis
30. Appendix
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