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The automotive axle and propeller shaft market size is forecast to increase by USD 4.22 billion, at a CAGR of 3.28% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing adoption of electric vehicles (EVs) and the development of intelligent and advanced automotive axles. The shift towards EVs is creating a demand for more efficient and lightweight axle solutions to accommodate larger batteries and electric motors. Additionally, the trend towards advanced automotive technology is leading to the development of intelligent axles with features such as torque vectoring and active suspension systems. However, regulatory challenges associated with automotive axles and propeller shafts, including emissions standards and safety regulations, pose significant challenges to market growth. Producers must navigate these regulations while also addressing the need for cost-effective and durable solutions to remain competitive in the market.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The passenger vehicles segment is estimated to witness significant growth during the forecast period. The market encompasses the production and supply of axles and propeller shafts for passenger cars, light commercial vehicles, and heavy commercial vehicles. Axles, available as live or dead axles, transmit power from the vehicle's engine to the wheels. Propeller shafts, also known as driveshafts, transmit power from the transmission to the differential or rear axle. In the context of electric vehicles, axles and propeller shafts have evolved into e-axles and E-shafts, integrating electric motors and reducing the overall weight through the use of lightweight materials such as aluminum alloys, high strength steel, carbon fiber, and polymer composites.
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The passenger vehicles was the largest segment and was valued at USD 16.17 billion in 2018. These materials offer enhanced NVH (Noise, Vibration, and Harshness) properties, ensuring a smoother driving experience. OEMs and Tier I suppliers are investing in research and development to create more durable, lightweight, and efficient axles and propeller shafts. For instance, carbon fiber shafts offer superior specific strength, corrosion resistance, and abrasion resistance, making them ideal for handling the demanding requirements of commercial vehicles. Multi-piece and single-piece propeller shafts are engineered for various applications, catering to the specific needs of passenger cars, light commercial vehicles, and heavy commercial vehicles. Electric vehicle sales are on the rise, and the market for automotive axles and propeller shafts is expected to grow in tandem, as the shift towards sustainable transportation continues. The focus on reducing weight and improving performance will drive the adoption of advanced materials such as aluminum alloys, high strength steel, carbon fiber, and alloys. These materials offer superior handling, safety, and durability, ensuring the efficient transmission of power in various automotive applications.
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APAC is estimated to contribute 49% 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. The market is witnessing significant growth due to the increasing demand for tougher and more durable components in the manufacturing of fuel-efficient passenger cars, light commercial vehicles, and heavy commercial vehicles. Machine learning and artificial intelligence technologies are being integrated into the design and production processes to enhance the strength and performance of lightweight axles, particularly in all-wheel drive systems. These advanced technologies enable manufacturers to optimize the weight and dimensions of axles while maintaining their structural integrity, thereby reducing fuel consumption and improving vehicle dynamics. The integration of machine learning and artificial intelligence in the automotive industry is expected to revolutionize the axle and propeller shaft market in the coming years.
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.
Increase in adoption of EVs is notably driving market growth. The market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) worldwide. In contrast to conventional passenger cars with live or dead axles, electric vehicles necessitate specialized drivetrain components that cater to their unique powertrain requirements. These components include advanced axles and efficient, lightweight propeller shafts to optimize battery performance and extend vehicle range. The transition to electric powertrains is compelling automotive axle and propeller shaft manufacturers to innovate and create cutting-edge materials and designs. Regulatory pressures to decrease emissions and enhance fuel efficiency in vehicles are further fueling the adoption of EVs, necessitating modern, high-performance automotive axles and propeller shafts.
Lightweight materials, such as aluminum alloys, carbon fiber, and high-strength steel, are increasingly being used to create axles and propeller shafts that offer superior specific strength, corrosion resistance, and abrasion resistance. Tier I suppliers and OEMs are collaborating to develop multi-piece and single-piece propeller shafts, as well as carbon fiber shafts, to address the specific handling and safety demands of electric vehicles. In the context of light commercial and heavy commercial vehicles, the market for automotive axles and propeller shafts is expected to grow steadily, driven by the increasing demand for fuel-efficient and durable drivetrain components. The use of advanced materials, such as thermoplastic polyamide, epoxy composite, chrome-molybdenum steel, and glass fibers, is contributing to the development of more robust and long-lasting axles and propeller shafts for various vehicle applications. Thus, such factors are driving the growth of the market during the forecast period.
Development of intelligent and advanced automotive axles is the key trend in the market. The market witness significant growth due to the increasing demand for advanced technology in passenger cars and commercial vehicles. Live axles and dead axles are commonly used in automotive applications, with live axles transmitting power to the wheels and dead axles acting as a support for the vehicle's suspension system. In the context of electric vehicles, E-axles have emerged as a popular alternative, integrating the motor, transmission, and propeller shaft into a single unit. Manufacturers are focusing on using lightweight materials such as aluminum alloys, high strength steel, carbon fiber, and polymer composites to reduce vehicle weight and improve fuel efficiency. Tier I suppliers and OEMs are investing in research and development to produce axles and propeller shafts with enhanced NVH properties, corrosion resistance, and abrasion resistance. The use of lightweight materials like aluminum and carbon fiber in automotive axles and propeller shafts also improves handling and safety.
For instance, carbon fiber shafts offer high specific strength, making them ideal for use in high-performance vehicles. Additionally, the trend towards electric vehicle sales is driving the demand for lightweight and efficient components, such as multi-piece and single-piece propeller shafts made from thermoplastic polyamide, epoxy composite, and chrome-molybdenum steel. In conclusion, the market is expected to grow significantly due to the increasing demand for fuel-efficient and lightweight components in passenger cars, light commercial vehicles, and heavy commercial vehicles. Manufacturers are focusing on using advanced materials and technologies to produce axles and propeller shafts with improved handling, safety, durability, and NVH properties. Thus, such trends will shape the growth of the market during the forecast period.
Regulatory challenges associated with automotive axles and propeller shafts is the major challenge that affects the growth of the market. The market is driven by the increasing demand for advanced and efficient power transmission systems in passenger cars, light commercial vehicles, and heavy commercial vehicles. Axles and propeller shafts play a crucial role in transmitting power from the engine to the wheels, ensuring optimal handling, safety, and durability. The market encompasses various types of axles, including live axle and dead axle, and propeller shafts, such as single-piece and multi-piece designs. Manufacturers are focusing on using lightweight materials, including aluminum alloys, high strength steel, carbon fiber, and polymer composites, to reduce vehicle weight and enhance fuel efficiency. In the context of electric vehicles, there is a growing trend towards the use of e-axles and lightweight materials to improve the specific strength and NVH (noise, vibration, and harshness) properties of axles and propeller shafts.
Regulatory challenges pose significant hurdles to market growth, as manufacturers must comply with evolving safety, emissions, and manufacturing standards across different regions. For instance, in North America, particularly the US, the Corporate Average Fuel Economy (CAFE) standards mandate stringent fuel efficiency requirements, leading automakers to produce lighter and more fuel-efficient vehicles. This, in turn, influences the design and materials used in automotive axles and propeller shafts. Tier I suppliers and OEMs are collaborating to develop innovative solutions, such as carbon fiber shafts, to address the need for lightweight, high-strength, and corrosion-resistant materials. The market is also witnessing growing demand for tandem axles and propeller shafts in heavy commercial vehicles to improve load-carrying capacity and handling. Overall, the market is expected to grow steadily, driven by increasing vehicle production, electrification trends, and the need for advanced power transmission systems. Hence, the above factors will impede the growth of the market during the forecast period.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
American Axle and Manufacturing Holdings Inc. - The company offers automotive axle and propeller shafts such as advanced front and rear axles, heavy-duty commercial axles, electric drive axles, and propeller shafts, including two-piece, single-piece, inter-axle, and carbon fiber variants.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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 market 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.
Lightweight materials like carbon fibers are transforming the automotive industry, enhancing the toughness and efficiency of various vehicle components. In all-wheel drive vehicles, the choice between a single-piece propeller shaft, a multi-piece propeller shaft, or a slip-in tube propeller shaft can impact performance and durability. Single-piece propeller shafts offer simplicity and strength, while multi-piece propeller shafts provide flexibility in accommodating different vehicle configurations. Slip-in tube propeller shafts are often used to handle changes in length and alignment. E-axle technology further advances this field, offering improved efficiency and integration for passenger cars, light commercial vehicles, and heavy commercial vehicles. Each component, whether it's a tandem axle or a specific type of propeller shaft, plays a crucial role in optimizing the performance and reliability of these vehicles.
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Market Scope |
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Report Coverage |
Details |
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Page number |
193 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.28% |
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Market Growth 2024-2028 |
USD 4.22 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.12 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 49% |
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Key countries |
US, China, Germany, UK, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
American Axle and Manufacturing Holdings Inc., Comer Industries Spa, Cummins Inc., D.K. Engineering Holdings Ltd., Dana Inc., Dowlais Group plc, Hitachi Ltd., Hyundai WIA Corporation, IFA Holding GmbH, JTEKT Corp., Muhr und Bender KG, Neapco Holdings LLC, Nexteer Automotive Group Ltd., NTN Corp., Schaeffler AG, Talbros Engineering Ltd., Tri-Ring Group Corp, Wanxiang America Corp., Yamada Manufacturing Co. Ltd., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Five Forces Analysis
7 Market Segmentation by Vehicle Type
8 Market Segmentation by Location
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
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