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Key Factor Supporting Automotive Axle and Propeller Shaft Market Development in 2025: Driving Growth In The Automotive Axle And Propeller Shaft Market
Automotive Axle and Propeller Shaft
How Large Will the Automotive Axle and Propeller Shaft Market Size By 2025?
There has been a robust growth in the market size of automotive axle and propeller shaft in recent times. From a $32.38 billion figure in the year 2024, it is expected to surge to $34.05 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.2%. Factors such as governmental regulations, globalization, an increase in disposable income, and a rise in the demand for commercial vehicles have all significantly contributed to this historical growth.
How Big Is the Automotive Axle and Propeller Shaft Market Size Expected to Grow by 2029?
The market for automobile axles and propeller shafts is anticipated to witness significant expansion in the coming years, escalating to a value of $42.81 billion by 2029 with a compound annual growth rate (CAGR) of 5.9%. The market's expansion during this projection period can be linked to factors such as the increasing acceptance of electric vehicles (EVs), the surge in autonomous vehicle usage, emission regulations, trade pacts, and the global market's growth. Some of the main trends expected in this timeframe include customization and modularization, sustainable and green production practices, innovative manufacturing techniques, integration of electric and hybrid vehicles, and strategic partnerships and alliances.
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Which Key Market Drivers Powering Automotive Axle and Propeller Shaft Market Expansion and Growth?
The uptick in the need for vehicles that are both comfortable and fuel-efficient is anticipated to be a major driver for the expansion of the automotive axle and propeller shaft market. Fuel-efficient vehicles are those with a fuel consumption of under 6 litres per 100 km, delivering fewer global heating emissions and subsequently less pollution. The use of automotive axles and propeller shafts in these vehicles helps to curtail fuel costs, reduce carbon discharges, lessen reliance on foreign oil, and promote sustainable energy utilization. As an example, a report by Kelley Blue Book, a Cox Automotive company based in the US, stated that in 2023, an impressive 1.2 million car purchasers in the US opted for electric vehicles. This represented 7.6% of the total U.S. vehicle market, a sizeable increase from 5.9% in 2022. Therefore, the escalating demand for vehicles that prioritize both comfort and fuel-efficiency is fueling the growth of the automotive axle and propeller shaft market.
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Which Fast-Growing Trends Are Poised to Disrupt the Automotive Axle and Propeller Shaft Market?
The emergence of novel technologies forms a significant trend in the automotive axle and propeller shaft market. The leading companies in the field are currently innovating and implementing new technologies like the 4in1 electric axle that consolidates four major components into one compact unit. These components include the electric motor, power electronics, transmission, and thermal management system. To illustrate, Schaeffler Technologies AG & Co. KG, a firm based in Germany and operating in the automotive industry, rolled out the 4in1 electric axle in June 2022. It incorporates the thermal management system, electric motor, power electronics, and transmission into a compact, lightweight axle drive which enhances comfort, range, and efficiency in electric vehicles.
What Are the Emerging Segments in the Automotive Axle and Propeller Shaft Market?
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, After market
Subsegments:
1) By Single Piece: Single Piece Axles, Single Piece Propeller Shafts
2) By Multi Piece: Multi Piece Axles, Multi Piece Propeller Shafts, Modular Multi Piece Systems
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Who Are the Global Leaders in the Automotive Axle and Propeller Shaft Market?
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
Which are the Top Profitable Regional Markets for the Automotive Axle and Propeller Shaft Industry?
Asia-Pacific was the largest region in the automotive axle and propeller shaft market in 2024. Latin America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive axle and propeller shaft market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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