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Global Automotive Axle & Propeller Shaft Market to Grow at a CAGR of 3% between 2021 and 2026

According to a new report by EMR titled, ‘Global Automotive Axle & Propeller Shaft Market Report and Forecast 2021-2026', the global automotive axle & propeller shaft market reached a value of USD 30.9 billion in 2020. The market is further expected to grow at a CAGR of 3% in the forecast period of 2021-2026 to attain USD 36 billion by 2026.

The global automotive axle & propeller shaft market is being driven by the rising preference for comfort by the customers. Automotive axle and propeller shafts are the essential components that help generate momentum in vehicles. The axle bears the entire weight of a vehicle and provides torque to the wheels. The propeller shaft transfers the power from an engine to the wheels of a vehicle. The global automotive axle & propeller shaft industry is being driven by the growing Asia Pacific market, which is supported by the growth of the automotive industry in the region.

In 2020, American Axle and Manufacturing (NYSE: AXL), a major key player in the global automotive axle & propeller shaft market, announced that it would supply power transfer units (PTU) for Ford’s (NYSE: F) crossover vehicles, Ford Edge and Lincoln Nautilus. In 2018, the company entered into a joint venture with Liuzhou Wuling Automobile Industry, a Guangxi Automobile Group’s subsidiary, to manufacture driveline systems, which include propeller and drive shafts.
Market Analysis by Type, Axle Position, Vehicle Type, Material, and Region:

  • The market is divided on the basis of type into axle and propeller shaft. The axle segment is further subdivided into live, dead, and tandem, whereas, the propeller shaft is subdivided into a single piece, multi-piece, and slip in tube. 
  • The industry is divided on the basis of axle position into front and rear.
  • On the basis of vehicle type, the market is divided into two-wheeler, passenger car, and commercial vehicle.
  • On the basis of material, the industry is bifurcated into alloy and carbon fibre.
  • The global automotive axle & propeller shaft industry has its markets in North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The single piece propeller shaft is driving the automotive propeller shaft market because of its favourable factors like lightweight, efficient performance at a higher speed, and minimal friction and mechanical losses. 
  • The optimization of the vehicle performance, providing higher torque, is enhancing the live axle market, further augmenting the automotive axle & propeller shaft market. 
  • Growing vehicle production and engineering advancements to deliver the best service to the customers are also driving the industry growth.
  • In Europe, the market is further aided by the strict fuel-economy norms boosting research activities to create lightweight solutions for vehicles.
  • The market for axles and propellers is also aided by the rising preference for comfort by the customers while driving.

Key Offerings of the Report:

  • The EMR report gives an overview of the global automotive axle & propeller shaft market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the type, axle position, vehicle type, material, and regional markets of automotive axle & propeller shaft.
  • It gives an in-depth look at the regional price trends of the global automotive axle & propeller shaft market for the periods (2016-2020) and (2021-2026).

 Dana Limited, American Axle & Manufacturing Holdings, Inc., Showa Corporation, Hyundai Wia Corporation, GKN Automotive Limited, and JTEKT Corporation, among others, are the key players in the global automotive axle & propeller shaft market as identified by EMR. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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