Automotive axle is a rod or shaft responsible for rotating the wheels and supporting the weight of vehicle. Axle is a key component in a vehicle and are of three types such as front, rear, and stub. Moreover, a propeller shaft also known by the name of carden shaft is utilized to transfer torque from transmission to rear or front axle.
Growth in production & sale of vehicles across the globe, increase in adoption of electric vehicle, greater after market demand for axle & propeller shaft from emerging economies, and surge in demand for comfortable & fuel efficient vehicles are the factors that drive the growth of the market. However, factors such fluctuating prices of raw materials, and vehicle recall & regulatory concerns are expected to hinder the growth of the market. Factors such as surge in demand for all wheel drive vehicles and increase in use of lightweight material for manufacturing of axles and propeller shafts are expected to accelerate the growth of this market during the forecast period.
Increase in adoption of electric vehicle is expected to drive the market during the forecast period. Owing to rise in adoption of electric vehicle, several manufacturers are developing e-axles for better performance of electric vehicle. For instance, in 2021, Dana Incorporated started production of new e-axle named “eS9000r e-Axle” to expand its powertrain lineup for medium and heavy duty electric vehicles.
The report segments the automotive axle & propeller shaft market on the basis of type, vehicle type, sales channel, and region. It outlines the information about the type such as live axle, dead axle, tandem axle, single piece propeller shaft, multi piece propeller shaft, and slip in tube propeller shaft. In addition, the vehicle type segment provides insights into passenger cars, light commercial vehicles, and heavy commercial vehicles. The sales channel segment has been divided into original equipment manufacturer and aftermarket. Moreover, it summarizes the details about revenue generated across regions such as North America, Europe, Asia-Pacific, and LAMEA.
Growth in production & sale of vehicles across the globe, increase in adoption of electric vehicle, greater after market demand for axle & propeller shaft from emerging economies, and surge in demand for comfortable & fuel efficient vehicles are the factors that drive the growth of the market. However, factors such fluctuating prices of raw materials, and vehicle recall & regulatory concerns are expected to hinder the growth of the market. Factors such as surge in demand for all wheel drive vehicles and increase in use of lightweight material for manufacturing of axles and propeller shafts are expected to accelerate the growth of this market during the forecast period.
Increase in adoption of electric vehicle is expected to drive the market during the forecast period. Owing to rise in adoption of electric vehicle, several manufacturers are developing e-axles for better performance of electric vehicle. For instance, in 2021, Dana Incorporated started production of new e-axle named “eS9000r e-Axle” to expand its powertrain lineup for medium and heavy duty electric vehicles.
The report segments the automotive axle & propeller shaft market on the basis of type, vehicle type, sales channel, and region. It outlines the information about the type such as live axle, dead axle, tandem axle, single piece propeller shaft, multi piece propeller shaft, and slip in tube propeller shaft. In addition, the vehicle type segment provides insights into passenger cars, light commercial vehicles, and heavy commercial vehicles. The sales channel segment has been divided into original equipment manufacturer and aftermarket. Moreover, it summarizes the details about revenue generated across regions such as North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global automotive axle & propeller shaft market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall automotive axle & propeller shaft market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities ofthe global automotive axle & propeller shaft market with a detailed impact analysis.
- The current automotive axle & propeller shaft market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Type
- Live Axle
- Dead Axle
- Tandem Axle
- Single Piece Propeller Shaft
- Multi Piece Propeller Shaft
- Slip in Tube Propeller Shaft
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel
- Original Equipment Manufacturer
- Aftermarket
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- American Axle & Manufacturing, Inc.
- Dana Incorporated
- Gestamp Automocion, S.A.
- Hitachi, Ltd.
- Hyundai Wia Corporation
- IFA Group
- JTEKT Corporation
- Melrose Industries Plc
- Meritor, Inc.
- ZF Friedrichshafen AG
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE AXLE & PROPELLER SHAFT MARKET, BY TYPE
CHAPTER 5: AUTOMOTIVE AXLE & PROPELLER SHAFT MARKET, BY VEHICLE TYPE
CHAPTER 6: AUTOMOTIVE AXLE & PROPELLER SHAFT MARKET, BY SALES CHANNEL
CHAPTER 7: AUTOMOTIVE AXLE & PROPELLER SHAFT MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Automotive Axle & Propeller Shaft Market,' the automotive axle & propeller shaft market was valued at $29.3 billion in 2020, and is estimated to reach $45.3 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.Asia-Pacific is expected to dominate the automotive axle & propeller shaft market owing to increase in demand for passenger vehicles from China, Japan, and India. In January 2021, vehicle sales in China experienced rise of 29.5% as compared to the previous year. Greater vehicle production in the emerging economies of China, Japan, Taiwan, and India, coupled with increased adoption of fuel efficient vehicles contribute to the market growth in Asia-Pacific.
The adoption of electric vehicles has been observed across the world. Several manufacturers are developing lightweight parts axles in order to improve performance of electric vehicle. Moreover, manufacturers are also developing & integrating aluminum based parts in automobiles as it aids in reduction in weight of vehicle. Henceforth, rise in adoption of electric vehicle is one of the factors that drive the growth of the market.
By type, the automotive axle & propeller shaft market is segregated into live axle, dead axle, tandem axle, single piece propeller shaft, multi piece propeller shaft, and slip in tube propeller shaft. Single piece propeller is widely utilized due to its low weight as compared to other propeller shaft and high torsional strength. Generally, single piece propeller shaft finds application in passenger cars where distance between engine and differential is less.
By vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment dominated the market in 2020. Increase in demand for passenger vehicles from emerging economies, enhanced need for high performing & fuel-efficient vehicles, and introduction of stringent emission regulations drive the growth of this segment.
The significant factors that impact the growth of the automotive axle & propeller shaft market comprises growth in production & sale of vehicles across the globe, increase in adoption of electric vehicle, greater aftermarket demand for axle and propeller shaft from emerging economies, and surge in demand for comfortable & fuel efficient vehicles. Moreover, fluctuating prices of raw materials and vehicle recall & regulatory concerns are the factors that hamper the market growth. Surge in demand for all wheel drive vehicles, and increase in use of lightweight material for manufacturing of axles and propeller shafts are expected to offer growth opportunities during the forecast period.
COVID-19 Impact Analysis
The COVID-19 crisis has created uncertainty in the market, massive slowing of supply chain, falling business confidence, and increased panic among the customer segments. Governments of different regions have already announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales.
The impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing shortage of automotive parts & temporary suspension of production of vehicles across the globe, which in turn, resulted in decline in the demand for automotive axle & propeller shaft. For instance, in March 2020, in India, Hyundai suspended manufacturing operations at Chennai facility due to COVID-19 pandemic.
However, with the removal of lockdown restrictions, growth in sales of electric cars has been observed. For instance, global sales for electric car has recorded a growth of 109% in 2021. This rise in sales of electric vehicle is expected to contribute in the growth of automotive axle and propeller shaft market.
Key findings of the Study
- By type, the single piece propeller shaft segment is anticipated to exhibit significant growth in the near future.
- By vehicle type, the passenger vehicle segment is anticipated to exhibit significant growth in the near future.
- By sales channel, the aftermarket segment is anticipated to exhibit significant growth in the near future.
- By region, Europe is anticipated to register the highest CAGR during the forecast period.
- Key players operating in the global automotive axle & propeller shaft market comprises American Axle & Manufacturing, Inc., Dana Incorporated, Gestamp Automocion, S.A., Hitachi, Ltd., Hyundai Wia Corporation, IFA Group, JTEKT Corporation, Melrose Industries Plc, Meritor, Inc., and ZF Friedrichshafen AG.
Companies Mentioned
- American Axle & Manufacturing, Inc.
- Dana Incorporated
- Gestamp Automocion, S.A.
- Hitachi, Ltd.
- Hyundai Wia Corporation
- IFA Group
- JTEKT Corporation
- Melrose Industries Plc
- Meritor, Inc.
- ZF Friedrichshafen AG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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