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Automotive Axle and Propeller Shaft Market 2024 - By Size, Share, Trends, Demand, Global Challenges, Competitive Growth And Outlook By 2033
Automotive Axle and Propeller Shaft Market
As per the report, 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 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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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.
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 automotive axle and propeller shaft market covered in this report 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
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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
Contents of the report:
1. Executive Summary
2. Automotive Axle and Propeller Shaft Market Report Structure
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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