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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 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.
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.
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The LCV segment was valued at USD 6.85 billion billion in 2018 and showed a gradual increase during the forecast period.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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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.
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.
Increasing demand for commercial vehicles is the key driver of the market.
Robust growth in industrial, construction, and mining activities is the upcoming market trend.
Decline in automotive production due to global semiconductor chip shortage is a key challenge affecting the industry growth.
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.
Customer Landscape
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:
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.
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.
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Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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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 4.65% |
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Market growth 2024-2028 |
USD 3914.4 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.37 |
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Key countries |
US, China, Canada, Japan, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Market Segmentation by Material Type
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Research Framework
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
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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