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Accelerating Trends: Technological Advancements Gain Prominence in the Automotive Axle and Propeller Shaft Market, Driving Industry Evolution
Automotive Axle and Propeller Shaft Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Automotive Axle and Propeller Shaft industry. This report on Automotive Axle and Propeller Shaft market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive axle and propeller shaft market size has grown strongly in recent years. It will grow from $31.09 billion in 2023 to $32.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to government regulations, globalization, rise in disposable income, rise in demand for commercial vehicles. The automotive axle and propeller shaft market size is expected to see strong growth in the next few years. It will grow to $41.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
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Key Market Players:
Dana Holding Corporation, American Axle & Manufacturing Inc., Gelenkwellen-Service GmbH, GKN-Walterscheid GmbH, Hyundai Wia Corporation are prominent players in the automotive axle and propeller shaft industry.
Market Drivers:
According to the Automotive Axle and Propeller Shaft Market Report 2023 by The Business Research Company, the key factors driving the growth of the automotive axle and propeller shaft market, includes the increase in demand for comfortable and fuel-efficient vehicles. Fuel-efficient vehicles can be referred to as vehicles that have a fuel consumption of fewer than 6 liters 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. For instance, in November 2022, according to the European Automobile Manufacturers Association, a Belgium-based automobile industry group committee, 16.4 million cars were manufactured in China from January to September, an increase of 15.1% compared to the same period in 2021.
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Market segments for automotive axle and propeller shaft include:
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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