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The Commercial Vehicle Propeller Shaft Market size is forecast to increase by USD 3.91 billion at a CAGR of 4.65% between 2023 and 2028. Market expansion hinges on several factors, notably the growing need for commercial vehicles, escalating preference for pickup trucks in emerging markets, and the rising demand for road-based logistics services. The surge in demand for commercial vehicles stands out as a primary driver fueling market growth. Propeller shafts play a crucial role in vehicles, supporting heavy loads. The increasing demand for commercial vehicles is driving the global market forward, particularly evident in the robust sales of pickup trucks for commercial use in well-established automotive markets like North America, including the United States and Canada.
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The market is experiencing robust growth driven by several key factors and trends. Firstly, the increasing demand for commercial vehicles, particularly in emerging markets, is propelling market expansion. Commercial vehicles rely on propeller shafts made from materials like medium-carbon steel, glass fibers, and thermoplastic polyamide to support heavy loads and ensure optimal performance. Additionally, the rising preference for pickup trucks, especially in emerging economies, is further boosting the demand for commercial vehicle propeller shafts.
Furthermore, technological advancements such as the use of epoxy composites and carbon fibers in propeller shaft manufacturing are enhancing performance, resulting in a smoother ride and improved engine performance. The trend towards all-wheel drive (AWD) vehicles is also driving the adoption of propeller shafts, as they play a critical role in transmitting torque to all drive wheels, thereby improving vehicle traction and stability.
Moreover, the growing concerns over air-quality issues and the depletion of oil reserves are encouraging the development of alternative propulsion systems, including electric vehicles and hybrids. As a result, there is a rising demand for propeller shafts compatible with these alternative propulsion systems, stimulating market growth and innovation in the market. Our researchers analyzed the data with 2022 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.
The surge in demand for commercial cars stands out as a pivotal driver propelling market growth in the market. Recognized as crucial components of vehicles, propeller shafts play a vital role in supporting heavy loads. This escalating demand for commercial cars, particularly evident in the robust sales of pickup trucks tailored for commercial use, notably in well-established automotive markets like North America, notably the US and Canada, is a key catalyst for the market's expansion.
Furthermore, the rising demand for medium-duty and heavy-duty trucks is driving market growth, given the availability of propeller shafts capable of supporting substantial loads. The escalating demand for commercial cars is further buoyed by improving socio-economic conditions, infrastructure development, increasing employment opportunities, and manufacturing advancements, particularly observed in developing and developed economies across the Asia-Pacific region. Projections indicate a significant growth trajectory, with the global commercial vehicle industry witnessing substantial volume growth, emphasizing the promising outlook for the market during the forecast period.
The robust growth in industrial, construction, and mining activities is a key trend shaping the market. Rapid urbanization, especially in developing economies such as China and India, is increasing the demand for housing and related infrastructure. Large-scale real estate projects will require additional services of LCVs and M& HCVs to transport raw materials for construction. Several countries and regions, such as the US, the Middle East, and Asia, are witnessing rapid expansion in construction activities, which will drive the expansion of the global market. Governments of emerging economies in APAC, such as India, Malaysia, Indonesia, and Thailand, are undertaking initiatives to drive the construction industry.
The rise in mining activities in China will fuel the demand for commercial cars, as most mining sites in the country are located in remote areas. This will drive the sales of commercial cars for transporting goods over long distances. Therefore, the growth in global construction and infrastructure development activities will drive the demand for cars, which, in turn, will positively impact the market growth and trends of the market during the forecast period.
The overloading of heavy-duty trucks may impede market growth. The overloading of heavy-duty trucks decreases the efficiency. It also causes road shocks and damages the driver's cabin and cargo hold. In addition, overloading decreases a vehicle's stability at high speeds, which increases the risk of accidents.
Moreover, the fleet owners are focusing on increasing the payload capacity of cars to transport large quantities of cargo during a single delivery trip. However, in developing countries, these cars are commonly overloaded with cargo. Mature economies such as the US and Europe have stringent regulations to curb overloading. However, freight transport companies often overload their cars to earn a profit. Thus, the overlading of heavy-duty trucks will negatively impact the development of the global 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 and forecasting strategies.
Market 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 propeller shafts such as multi-piece driveshafts.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market 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.
The market share growth by the LCV segment will be significant during the forecast period. The rise of this segment is attributed to high sales of various types of cars, such as small compact trucks, pickup vans, and pickup trucks. These cars are generally used for intra-city and inter-city transport. They are available in various sizes, shapes, wheels, and weights.
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The LCV segment was valued at USD 6.85 billion in 2018. The sales of LCVs are increasing globally, owing to their use for numerous applications. LCVs are primarily used for providing last-mile connectivity for logistical services. They are ideal in stop-and-go traffic and for light construction and municipal applications. The rise in construction and inter-city activities involving transportation is driving the demand for LCVs. LCVs are considered ideal for the logistics industry, as they are compact. Thus, the robust demand for LCVs will fuel the demand for the shafts, which, in turn, will drive the expansion of the market during the forecast period.
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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. Moreover, the countries such as the US, Canada, and Mexico are the major contributors to the market in the region. Consumers in the region prefer large utility cars, which is driving the sales of pickup trucks. Light-duty trucks dominate the North American market, which mainly includes pickup trucks. Consumers in these countries prefer personal cars over public transport for commuting, which leads to high demand for cars. The medium and heavy-duty trucks market in North America is also growing due to developments in the construction sector and mining projects.
Segment Overview
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 Commercial Vehicle Propeller Shaft Market encompasses the production and sale of drive shafts, universal joint, differentials, and related components for light commercial vehicles, buses, and coaches. Key players in this market include Dana Incorporated and Meritor. The market is driven by factors such as vibration damping for improved fuel efficiency and weight reduction to meet emission standards. Advanced materials like carbon fiber, polymer composites, steel SM45C, stainless steel, HS carbon epoxy, E-glass polyester, and Kevlar epoxy are utilized in the manufacturing of automotive axles.
Simialrly, the market is influenced by trends in vehicle types, including passenger cars and heavy commercial vehicles, as well as industry factors such as disposable income, emission regulations, trade agreements, global market growth, customization and modularization, sustainability, and advanced manufacturing. Propeller shaft designs include front propeller, inter-axle, and rear propeller, with variations in live, dead, and tandem axles, as well as semi-floating, full-floating, and three-quarter floating axles.
Moreover, the Commercial Vehicle Propeller Shaft Market encompasses the production, sales, and installation of drive shaft systems for commercial vehicles. Key components include universal joints, differential, center bearing, slip yokes, end yokes, shaft tubing, and transmission systems. Hybrid vehicles and various types of axles, such as live, dead, tandem, and Semi-floating axle, are also part of this market. Alloys, including single-piece types, are utilized for enhanced durability and strength. Fuel consumption and dependence on foreign resources drive the need for sustainable energy solutions in this sector.
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 3. 91 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.37 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, China, Canada, Japan, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market forecasting, 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 the forecast period |
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 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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