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The commercial vehicle propeller shaft market size is estimated to grow at a CAGR of 4.64% between 2022 and 2027. The market size is forecasted to increase by USD 3,742.48 million. The growth of the market depends on several factors, including the increasing demand for commercial vehicles, the rising preference for pickup trucks in emerging countries, and the increasing demand for logistics by roadways.
This commercial vehicle propeller shaft market report extensively covers market segmentation by application (LCV and M&HCV), type (single piece and multi piece), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing demand for commercial vehicles is notably driving the market growth, although factors such as the overloading of heavy-duty trucks may impede the market growth. 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 increasing demand for commercial vehicles is notably driving market growth. Commercial vehicle propeller shafts are important components of a vehicle, as they support high loads. The rising demand for commercial vehicles is driving the growth of the global commercial vehicle propeller shaft market. The sales of vehicles such as pickup trucks for commercial purposes are high in the developed automotive markets of North America, such as the US and Canada. The rising demand for medium-duty and heavy-duty trucks is driving the market owing to the availability of multiple commercial vehicle propeller shafts to support heavy loads.
In the developing and developed economies of APAC, the demand for commercial vehicles is rising owing to the improving socio-economic conditions, infrastructure, employment opportunities, and manufacturing. This is expected to drive the demand for various vehicles, such as medium- and heavy-duty trucks, during the forecast period. The global commercial vehicle industry grew by 30.7% in FY22 when compared to FY21. It is anticipated to record a strong volume growth of 60.2% y-o-y in H1FY23. Thus, the increasing demand for commercial vehicles is expected to fuel the growth of the global commercial vehicle propeller shaft 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 growth in construction activities, which will drive the growth of the global commercial vehicle propeller shaft 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 vehicles, as most mining sites in the country are located in remote areas. This will drive the sales of commercial vehicles for transporting goods over long distances. Therefore, the growth in global construction and infrastructure development activities will drive the demand for commercial vehicles, which, in turn, will positively impact the growth of the global commercial vehicle propeller shaft market during the forecast period.
The overloading of heavy-duty trucks may impede market growth. The overloading of heavy-duty trucks decreases the efficiency of commercial vehicle propeller shafts. 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.
Fleet owners are focusing on increasing the payload capacity of vehicles to transport large quantities of cargo during a single delivery trip. However, in developing countries, commercial vehicles 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 vehicles to earn a profit. Thus, the overlading of heavy-duty trucks will negatively impact the growth of the global commercial vehicle propeller shaft market during the forecast period.
The 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 growth strategies.
Global Commercial Vehicle Propeller Shaft Market Customer Landscape
Vendors 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 commercial vehicle propeller shafts such as multi-piece driveshafts.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the LCV segment will be significant during the forecast period. The growth of this segment is attributed to high sales of various types of vehicles, such as small compact trucks, pickup vans, and pickup trucks. These vehicles 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 6,604.47 million in 2017 and continued to grow until 2021. 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 commercial vehicle propeller shafts, which, in turn, will drive the growth 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.
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 vehicles, which is driving the sales of pickup trucks. Light-duty trucks dominate the North American commercial vehicle market, which mainly includes pickup trucks. Consumers in these countries prefer personal vehicles over public transport for commuting, which leads to high demand for vehicles. The medium and heavy-duty trucks market in North America is also growing due to developments in the construction sector and mining projects.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, the automotive industry in the region was negatively impacted owing to the COVID-19 pandemic. However, in 2021, successful COVID-19 vaccination drives were conducted across countries in this region, and the rise in investment inflows into the automotive sector helped manufacturing plants and service units resume their operations. These factors will propel the growth of the regional market during the forecast period.
The commercial vehicle propeller shaft market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the commercial vehicle propeller shaft market as a part of the global automotive parts and equipment market within the global auto components market. The global automotive parts and equipment market covers companies engaged in the production of parts and accessories for automobiles such as passenger cars, electric vehicles, commercial vehicles, heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Technavio calculates the global auto components market size based on the combined revenue generated by manufacturers of automotive parts and accessories. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Commercial Vehicle Propeller Shaft Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.64% |
Market growth 2023-2027 |
USD 3,742.48 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.24 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, Japan, and India |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 Wia Corp., 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 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 report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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