Automotive axles and propeller shafts play a major role in the operation of a vehicle. The axles bear the entire weight of the vehicle, cargo and passengers and live axles perform the additional task of providing the torque to the wheels. The function of a propeller shaft is transmitting torque and rotation along with the other components of the drive train. The global automotive axle & propeller shaft market is being strongly driven by the rising vehicle production globally and innovations in engineering that is focused on sustainability and fuel efficiency.
The growth of this market is further stimulated by the thriving aftermarket demand for automotive axles and propellers in developing countries. Additionally, reduction of the overall maintenance of the vehicle is another factor boosting the global market demand. However, increased vehicle weight and fluctuating prices of raw materials are posing to be hindrances to the growth of the global market.
The global automotive axle & propeller shaft market can be segmented on the basis of range axle position, axle type, propeller shaft position, propeller type, vehicle type and region. Based on axle position the global market can be bifurcated into front axle and rear axle. By axle type, the automotive axle & propeller shaft market can be segmented into dead axle, live axle and tandem axle. The live axle segment is expected to record the highest growth rate during the forecast period.
Growing consumer preference towards RWD passenger cars and SUVs coupled with the continuous growth of the overall vehicle production globally is triggering the growth of the live axle segment. Thus, the increase in demand for passenger cars in the coming years is set to positively impact the growth of the live axle market. The market can be segment, on the basis of propeller shaft position into front propeller shaft, rear propeller shaft and inter-axle propeller shaft.
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By propeller shaft type the automotive axle & propeller shaft market can be bifurcated into single piece propeller shaft and multi piece propeller shaft. Single piece propeller shaft is expected to maintain its dominance throughout the forecast period, and the primary reason that can be attributed to this growth is is its overall durability and cost effectiveness. This type of propeller shaft has gained more popularity than the multi piece propeller shaft owing to its high fuel efficiency and light weight properties.
The global automotive axle & propeller shaft market can be classified by vehicle type into passenger vehicles, light commercial vehicles and heavy commercial vehicles. Additionally, the market can be classified geographically into North America, Europe, Asia Pacific, South America and Middle East and Africa. Asia Pacific is projected to witness the highest growth rate during the forecast period, driven by increasing production of passenger vehicles and sustainable demand for aftermarket components.
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The global automotive axle & propeller shaft market report provides the market share analysis of the key industry participants operating in the industry. The global market comprises a considerable number of companies. The key players operating in the global automotive axle & propeller shaft market are employing innovative ideas and concepts, improving their current product portfolio and improving manufacturing techniques along with enhancing their profitability to achieve a competitive edge.
These players have been exhaustively profiled and their business overview, financial overview, business strategies and recent developments have been covered under the purview of the report. Some of the major players operating in the global automotive axle & propeller shaft market include Meritor, Inc., ZF Friedrichshafen AG, IFA Rotorion – Holding GmbH, American Axle & Manufacturing Holdings, Inc., Gestamp, Dana Incorporated, GKN PLC, Jtekt Corporation, RSB Group, Showa Corporation and Hyundai Wia Corporation among others.