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Commercial Vehicle Propeller Shaft Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Canada, Japan, India - Size and Forecast 2024-2028

Commercial Vehicle Propeller Shaft Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Canada, Japan, India - Size and Forecast 2024-2028

Published: May 2024 171 Pages SKU: IRTNTR75333

Market Overview at a Glance

$3.91 B
Market Opportunity
4.65%
CAGR
4.37
YoY growth 2023-2024(%)

Commercial Vehicle Propeller Shaft Market Size 2024-2028

The commercial vehicle propeller shaft market size is forecast to increase by USD 3.91 billion billion at a CAGR of 4.65% between 2023 and 2028.

  • The market is witnessing significant growth due to the increasing demand for commercial vehicles. This trend is driven by the robust growth in industrial, construction, and mining activities, which require the use of commercial vehicles for transportation of goods and materials. However, the market growth is being hindered by the decline in automotive production as a result of the global semiconductor chip shortage. This situation has led to a decrease In the production of new commercial vehicles, thereby impacting the demand for propeller shafts. Despite this challenge, the market is expected to recover as the semiconductor chip shortage is gradually being addressed, leading to an increase in automotive production and, in turn, the demand for commercial vehicles and their associated components, including propeller shafts.

    • What will be the Size of the Commercial Vehicle Propeller Shaft Market During the Forecast Period?

    Commercial Vehicle Propeller Shaft Market Size

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  • The market encompasses the production and supply of propeller shafts for various commercial vehicles, including pickup trucks, heavy-duty trucks, light commercial vehicles, buses, and coaches. Propeller shafts, also known as drive shafts, are essential components of powertrains, connecting the transmission to the differential and enabling power transmission to the wheels. Key market drivers include the increasing demand for commercial vehicles, particularly in emerging economies, and the ongoing trend towards customization and modularization in commercial vehicle manufacturing. Additionally, the growing focus on sustainability and advanced manufacturing techniques is driving innovation In the market, with an emphasis on reducing fuel consumption and incorporating sustainable energy solutions, such as electric vehicles.
  • Emission regulations and trade agreements also influence the market, as manufacturers strive to meet stringent emissions standards and navigate complex global trade policies. Market trends include the adoption of semi-floating and full-floating axles, which offer improved durability and efficiency, as well as the use of high-strength materials, such as steel, in shaft tubing. The market is expected to continue growing, driven by the increasing demand for commercial vehicles and the ongoing trend towards advanced manufacturing and sustainability.

    • How is this Commercial Vehicle Propeller Shaft Industry segmented and which is the largest segment?

    The commercial vehicle propeller shaft industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • Application
      • LCV
      • M and HCV
    • Type
      • Single piece
      • Multi piece
    • Material Type
      • Alloy Fiber
      • Carbon Fiber
    • Geography
      • North America
        • Canada
        • US
      • APAC
        • China
        • India
        • Japan
      • Europe
        • South America
          • Middle East and Africa

          By Application Insights

          • The lcv segment is estimated to witness significant growth during the forecast period.

          The market encompasses the production and sales of propeller shafts used in various types of commercial vehicles, including light commercial vehicles (LCVs), heavy-duty trucks, buses, coaches, and specialty vehicles. Among these, LCVs, also known as light goods carriers or commercial carriers, accounted for a significant market share in 2021 due to their widespread use in various applications. These vehicles, which include pickup trucks, vans, and compact trucks, are primarily used for intra-city and inter-city transport. Propeller shafts in LCVs are essential components of the powertrain system, connecting the transmission system to the differential and axle. They are available in various materials, such as steel, composites, and alloys, and come in different designs, including single-piece and multi-piece, front propeller shafts, inter-axle, and rear propeller shafts.

          The market for commercial vehicle propeller shafts is driven by factors such as fuel efficiency, weight reduction, and emission standards. Additionally, the increasing adoption of electric and hybrid vehicles is expected to provide significant growth opportunities In the coming years. Key players In the market include GKN Automotive, Dana Incorporated, Meritor, and Automotive Axle.

          Commercial Vehicle Propeller Shaft Market Size

          Get a glance at the  Commercial Vehicle Propeller Shaft Industry report of share of various segments Request Free Sample

          The LCV segment was valued at USD 6.85 billion billion in 2018 and showed a gradual increase during the forecast period.

          Regional Analysis

          • North America is estimated to contribute 36% to the growth of the global market during the forecast period.

          Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

          Commercial Vehicle Propeller Shaft Market Share by Geography

          For more insights on the market share of various regions, Request Free Sample

          The North American market for commercial vehicle propeller shafts is primarily driven by the significant production volumes of pickup trucks In the US, Canada, and Mexico. These countries lead the automobile industry in North America, with pickup trucks accounting for a large portion of sales due to consumer preference for large utility vehicles. Additionally, medium and heavy-duty trucks, which have high production volumes In the US and Canada, contribute significantly to the market. Light commercial vehicles, predominantly pickup trucks, dominate the North American commercial vehicle sector. The demand for propeller shafts in this market is influenced by factors such as vibration damping, fuel efficiency, weight reduction, and emission standards.

          Manufacturers focus on using materials like steel, composites, and alloys, including Carbon fiber, Polymer composites, Steel SM45C, Stainless steel, HS carbon epoxy, E-glass polyester, and Kevlar epoxy, to produce efficient and durable propeller shafts. Companies such as GKN Automotive, Dana Incorporated, Meritor, and Automotive axle are key players In the market. The trend towards sustainability and advanced manufacturing processes, as well as the increasing popularity of electric and hybrid vehicles, also impact the market dynamics.

          Market Dynamics

          Our  researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

          What are the key market drivers leading to the rise In the adoption of Commercial Vehicle Propeller Shaft Industry?

          Increasing demand for commercial vehicles is the key driver of the market.

        • The market experiences significant growth due to the increasing demand for commercial vehicles, particularly in developed regions like North America, where pickup trucks are popular for business use. Medium-duty and heavy-duty trucks contribute significantly to market expansion, as they require robust propeller shafts to support heavy loads. Universal joints, slip yokes, end yokes, and shaft tubing are essential components of these shafts, made from various materials such as steel, composites, and alloys. The market dynamics are influenced by factors like emission standards, fuel efficiency, weight reduction, and the increasing popularity of electric and hybrid vehicles. Commercial vehicle manufacturers, including GKN Automotive, Dana Incorporated, and Meritor, offer various types of propeller shafts, such as single-piece and multi-piece, front and rear, inter-axle, and live or dead axles.
        • Advanced manufacturing techniques, customization, and modularization are essential trends In the market, focusing on sustainability, vibration damping, and fuel consumption reduction. The market is also impacted by trade agreements and emission regulations. The future of the market lies In the development of advanced materials like carbon fiber and polymer composites, as well as the integration of sustainable energy sources in electric and hybrid vehicles.

          • What are the market trends shaping the Commercial Vehicle Propeller Shaft Industry?

          Robust growth in industrial, construction, and mining activities is the upcoming market trend.

        • The market is experiencing significant growth due to the increasing demand for light commercial vehicles (LCVs) and medium & heavy commercial vehicles (M&HCVs) in various industries, particularly construction and mining. Urbanization, especially in developing countries, is driving this demand as housing and infrastructure projects require the transportation of materials. Countries such as the US, the Middle East, and Asia are witnessing a surge in construction activities, leading to increased demand for commercial vehicles and propeller shafts. Additionally, mining operations in China are also fueling the need for commercial vehicles, especially in remote sites. The types of commercial vehicles utilizing propeller shafts include pickup trucks, buses, coaches, and heavy-duty trucks.
        • These vehicles require robust propeller shafts to ensure optimal power transfer from the transmission system to the axle. Propeller shafts are available in various types, such as single-piece and multi-piece, front propeller, inter-axle, and rear propeller. Materials used in manufacturing these shafts include steel, composites, and alloys. The market dynamics are influenced by factors such as vibration damping, fuel efficiency, weight reduction, emission standards, and the shift towards electric and hybrid vehicles. Manufacturers like GKN Automotive, Dana Incorporated, and Meritor are key players in this market, offering innovative solutions to meet the evolving needs of the commercial vehicle industry.

          • What challenges does the Commercial Vehicle Propeller Shaft Industry face during its growth?

          Decline in automotive production due to global semiconductor chip shortage is a key challenge affecting the industry growth.

        • The global automotive industry is currently facing a significant challenge due to the semiconductor chip shortage, leading to production halts and decreased sales for major automakers. For instance, Renault Group announced reduced production plans in India, while General Motors experienced a 21% decline in sales in China in 2022 due to this issue. This crisis is expected to negatively impact the demand for automotive components, including commercial vehicle propeller shafts. Commercial vehicle propeller shafts are essential components of the powertrain system, connecting the transmission system to the differential and axle. They come in various types, such as single-piece or multi-piece, front or rear propeller shafts, and live, dead, or tandem axles.
        • Materials used include steel, composites, and alloys, such as HS carbon epoxy, E-glass polyester, Kevlar epoxy, and stainless steel. The market for commercial vehicle propeller shafts is driven by factors like vibration damping, fuel efficiency, weight reduction, and emission standards. Electric and hybrid vehicles are also gaining popularity, leading to the development of new materials like carbon fiber and polymer composites. However, the chip shortage may hinder the growth of this market during the forecast period, as the production of these components relies on a steady supply of semiconductors. Customization and modularization, sustainability, and advanced manufacturing are key trends In the market.
        • Other factors influencing the market include the dependence on foreign suppliers, sustainable energy sources, and the development of electric and hybrid vehicles. Despite these challenges, the market is expected to grow due to the increasing demand for commercial vehicles and the continuous innovation in propeller shaft technology.

          • Exclusive Customer Landscape

          The commercial vehicle propeller shaft market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the commercial vehicle propeller shaft market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

          Commercial Vehicle Propeller Shaft Market Share by Geography

           Customer Landscape

          Key Companies & Market Insights

          Companies are implementing various strategies, such as strategic alliances, commercial vehicle propeller shaft market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

          American Axle and Manufacturing Holdings Inc. - The market encompasses innovative solutions, including multi-piece driveshafts. These advanced shafts cater to the specific requirements of heavy-duty applications, ensuring optimal performance and durability. Multi-piece driveshafts are engineered to provide enhanced flexibility and ease of maintenance, making them a preferred choice for commercial vehicle manufacturers and fleet operators. Their robust design enables them to withstand the rigors of commercial use, contributing to the overall efficiency and reliability of the vehicle.

          The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

          • American Axle and Manufacturing Holdings Inc.
          • Cardone Industries Inc.
          • Comer Industries Spa
          • Dana Inc.
          • Elbe Holding GmbH and Co. KG
          • GKN Automotive Ltd.
          • Guru Nanak Auto Enterprises Ltd.
          • Hindustan Hardy Ltd.
          • Hitachi Ltd.
          • Hyundai Motor Co.
          • IFA Holding GmbH
          • JTEKT Corp.
          • Nexteer Automotive Group Ltd.
          • NTN Corp.
          • Powertrain Industries Inc.
          • RSB Transmissions India Ltd.
          • Toyota Motor Corp.
          • Yamada Manufacturing Co. Ltd.
          • ZF Friedrichshafen AG

          Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

          Research Analyst Overview

          The market encompasses a vital component of the powertrain system, connecting the transmission to the drive axle. This essential part is subjected to significant loads and must ensure power transmission while absorbing vibrations and minimizing fuel consumption. The propeller shaft, also known as the driveshaft, is a tubular component designed to transmit power from the transmission to the differential or axle. It consists of several parts, including universal joints, slip yokes, end yokes, and shaft tubing. These components are typically manufactured using materials such as steel and composites, with the choice of material depending on factors such as weight reduction, vibration damping, and emission standards.

          The market for commercial vehicle propeller shafts is driven by the demand for heavy-duty trucks, light commercial vehicles, buses, and coaches. These vehicles require robust and durable propeller shafts to handle the high torque and power outputs. The increasing trend towards electric and hybrid vehicles also presents opportunities for the market, as these vehicles require specialized propeller shafts to accommodate their unique powertrains. Market dynamics include the need for weight reduction and improved fuel efficiency, which has led to the adoption of advanced materials such as alloys, carbon fiber, and polymer composites. Emission regulations and trade agreements also play a significant role in shaping the market, with manufacturers focusing on developing propeller shafts that meet the latest standards.

          Customization and modularization are key trends In the commercial vehicle industry, and the propeller shaft market is no exception. Manufacturers are developing multi-piece propeller shafts that can be customized to fit various vehicle configurations. This approach allows for easier installation and reduces the need for extensive vehicle modifications. Sustainability and advanced manufacturing techniques are also important considerations In the market. The use of sustainable energy sources, such as electric vehicles, is driving the development of new propeller shaft designs that can accommodate these powertrains. Advanced manufacturing techniques, such as 3D printing, are also being explored to improve production efficiency and reduce costs.

          In conclusion, the market is a dynamic and evolving industry, driven by factors such as vehicle demand, material trends, and regulatory requirements. Manufacturers must stay abreast of these trends to develop innovative and cost-effective solutions that meet the needs of their customers while adhering to the latest standards.

          Market Scope

          Report Coverage

          Details

          Page number

          171

          Base year

          2023

          Historic period

          		 2018-2022

          Forecast period

          2024-2028

          Growth momentum & CAGR

          Accelerate at a CAGR of 4.65%

          Market growth 2024-2028

          USD 3914.4 million

          Market structure

          Fragmented

          YoY growth 2023-2024(%)

          4.37

          Key countries

          US, China, Canada, Japan, and India

          Competitive landscape

          Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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          What are the Key Data Covered in this Commercial Vehicle Propeller Shaft Market Research and Growth Report?

          • CAGR of the Commercial Vehicle Propeller Shaft industry during the forecast period
          • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
          • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
          • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
          • Growth of the market across North America, APAC, Europe, South America, and Middle East and Africa
          • Thorough analysis of the market’s competitive landscape and detailed information about companies
          • Comprehensive analysis of factors that will challenge the commercial vehicle propeller shaft market growth of industry companies

          We can help! Our analysts can customize this commercial vehicle propeller shaft market research report to meet your requirements.

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          Table of Contents not available.

          Research Methodology

          Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

          INFORMATION SOURCES

          Primary sources

          • Manufacturers and suppliers
          • Channel partners
          • Industry experts
          • Strategic decision makers

          Secondary sources

          • Industry journals and periodicals
          • Government data
          • Financial reports of key industry players
          • Historical data
          • Press releases

          DATA ANALYSIS

          Data Synthesis

          • Collation of data
          • Estimation of key figures
          • Analysis of derived insights

          Data Validation

          • Triangulation with data models
          • Reference against proprietary databases
          • Corroboration with industry experts

          REPORT WRITING

          Qualitative

          • Market drivers
          • Market challenges
          • Market trends
          • Five forces analysis

          Quantitative

          • Market size and forecast
          • Market segmentation
          • Geographical insights
          • Competitive landscape

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          Frequently Asked Questions

          Commercial Vehicle Propeller Shaft market growth will increase by $ 3914.4 mn during 2024-2028.

          The Commercial Vehicle Propeller Shaft market is expected to grow at a CAGR of 4.65% during 2024-2028.

          Commercial Vehicle Propeller Shaft market is segmented by Application( LCV, M and HCV, HCV) Type( Single piece, Multi piece)

          American Axle and Manufacturing Holdings Inc., Cardone Industries Inc., Comer Industries Spa, Dana Inc., Elbe Holding GmbH and Co. KG, GKN Automotive Ltd., Guru Nanak Auto Enterprises Ltd., Hindustan Hardy Ltd., Hitachi Ltd., Hyundai Motor Co., IFA Holding GmbH, JTEKT Corp., Nexteer Automotive Group Ltd., NTN Corp., Powertrain Industries Inc., RSB Transmissions India Ltd., Toyota Motor Corp., Yamada Manufacturing Co. Ltd., ZF Friedrichshafen AG are a few of the key vendors in the Commercial Vehicle Propeller Shaft market.

          North America will register the highest growth rate of 36% among the other regions. Therefore, the Commercial Vehicle Propeller Shaft market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

          US, China, Canada, Japan, India

          • Increasing demand for commercial vehiclesCommercial vehicle propeller shafts are among the default components in a vehicle. They play an important role in vehicles is the driving factor this market.
          • as they support the high load carried by the vehicle. The increasing demand for commercial vehicles is driving the growth of the global commercial vehicle propeller shaft market. The developed automotive markets in North America is the driving factor this market.
          • such as the US and Canada is the driving factor this market.
          • witness high popularity and sales of vehicles such as pickup trucks for commercial purposes. The growing demand for medium-duty and heavy-duty trucks is one of the major contributors to the growth of the global commercial vehicle propeller shaft market owing to the availability of multiple commercial vehicle propeller shafts to support heavy loads. Medium- and heavy-duty trucks have been the backbone of commercial activities is the driving factor this market.
          • including logistics is the driving factor this market.
          • construction is the driving factor this market.
          • mining is the driving factor this market.
          • and any-trade related activities. In the developing and developed economies of APAC is the driving factor this market.
          • the demand for commercial vehicles is increasing due to the improving socio-economic conditions is the driving factor this market.
          • infrastructure is the driving factor this market.
          • employment opportunities is the driving factor this market.
          • and manufacturing. This is expected to drive the demand for various vehicles is the driving factor this market.
          • such as medium- and heavy-duty trucks is the driving factor this market.
          • across regions during the forecast period. The global commercial vehicle industry experienced 30.7% volume growth in FY22 compared to FY21 and is anticipated to record a strong volume growth of 60.2% y-o-y in H1FY23. Thus is the driving factor this market.
          • the increasing demand for commercial vehicles is expected to drive the growth of the global commercial vehicle propeller shaft market during the forecast period. is the driving factor this market.

          The Commercial Vehicle Propeller Shaft market vendors should focus on grabbing business opportunities from the LCV segment as it accounted for the largest market share in the base year.