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Automotive Axle and Propeller Shaft Market Report 2024: Strategies And Recent Developments | Dana Holding Corporation, American Axle & Manufacturing Inc., Gelenkwellen-Service GmbH, GKN-Walterscheid GmbH
Automotive Axle and Propeller Shaft Market Size
The Business Research Company offers in-depth market insights through Automotive Axle and Propeller Shaft Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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%. The growth in the forecast period can be attributed to electric vehicle (ev) adoption, rise in autonomous vehicles, emission regulations, trade agreements, global market growth. Major trends in the forecast period include customization and modularization, sustainability and green manufacturing, advanced manufacturing techniques, electric and hybrid vehicle integration, partnerships and collaborations.
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Market Segmentation:
The main types of automotive axles and propeller shafts are single-piece and multi-piece. A single piece refers to an arrangement with two universal joints that increase the strength and efficiency of the shaft. The types of propeller shafts are front propeller, inter-axle, and rear propeller. The types of vehicles covered are passenger cars, light commercial vehicles, and heavy commercial vehicles made with materials such as alloys and carbon fibre sold by original equipment manufacturers and aftermarket.
Major Driver - Driving Growth In The Automotive Axle And Propeller Shaft Market
The increase in demand for comfortable and fuel-efficient vehicles is expected to propel the growth of the automotive axle and propeller shaft market going forward. 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. 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. Thus, the increase in demand for comfortable and fuel-efficient vehicles is driving the growth of the automotive axle and propeller shaft market.
Competitive Landscape:
Major companies operating in the automotive axle and propeller shaft market include Dana Holding Corporation, American Axle & 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, Automotive Axles Limited, Bailey Morris Ltd., D And F Propshafts, Mark Williams Enterprises Inc., Wilson Drive Shafts, Hitachi Ltd., Wanxiang Qianchao Co. Ltd., Nexteer Automotive Group Ltd., Yamada Manufacturing Co. Ltd., Melrose Industries plc, Benteler Automotive Corporation, Magna International Inc., Talbros Engineering Limited, Bharat Gears Limited, Fairfield Atlas Ltd., AxleTech International SAS, Volvo Group, Tata Motors Limited, Ashok Leyland Limited, Mahindra & Mahindra Limited
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Top Trend - Evolving Technology Shapes The Automotive Axle And Propeller Shaft Market
Technological advancements are the key trend gaining popularity in the automotive axle and propeller shaft market. Major companies operating in the market are introducing new technologies such as 4in1 electric axle that integrates four key components into a single compact unit. The four components are the electric motor, power electronics, transmission, and thermal management system. For instance, in June 2022, Schaeffler Technologies AG & Co. KG, a Germany-based automotive industry company, introduced the 4in1 electric axle, which integrates the thermal management system, electric motor, power electronics, and transmission into a compact and lightweight axle drive. This innovation improves comfort, range, and efficiency in electric vehicles.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Axle and Propeller Shaft Market Characteristics
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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