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Automotive Axle and Propeller Shaft Market 2024 - By Industry Demand, Leading Players, Regional Overview And Forecast To 2033
Automotive Axle and Propeller Shaft Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Automotive Axle and Propeller Shaft Market 2024 Key Insights:
• 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%.
• Driving Growth In The Automotive Axle And Propeller Shaft Market
• Evolving Technology Shapes The Automotive Axle And Propeller Shaft Market
• Asia-Pacific was the largest region in the automotive axle and propeller shaft market in 2023
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