The factors driving the growth of the automotive propeller shaft market are material technology advancement, growth in the automotive industry, and an increase in new vehicle sales. The market is expected to be driven in the future by technological advancements in automotive propeller shafts. To reduce the total weight of the vehicle, innovations such as lightweight propeller shafts have arisen. The increase in sales of new vehicles will result in the increasing use of propeller shaft in the vehicle to drive the vehicle. It is an essential vehicle component because it provides torque and allows the vehicle to move.
Market Research Future (MRFR) projects the global automotive propeller shaft market to exhibit an 8.50% CAGR from 2020 to 2027 (forecast period).
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Major Players:
Players leading the automotive propeller shaft market include ZF Friedrichshafen AG (Germany), American Axle & Manufacturing, Inc. (U.S.), Meritor, Inc. (U.S.), Showa Corporation (Japan), GKN plc (U.K.), Wilson drive shafts (England), Nexteer Automotive (U.S.), JTEKT Corporation (Japan), Gestamp (Spain), Dana Holding Corporation (U.S.), D & F Propshafts (U.K.), Bailey Morris limited (England), B & F limited (U.K.), American Axle & Manufacturing Holdings, Inc. (U.S.), and Hyundai Wia Corporation (South Korea).
The automotive propeller shaft is a mechanical component used to drive the wheels and transmit torque. The propeller shaft is typically used to link other components of the drive train that cannot be linked directly due to their great distance between the two components. The drive shaft contains one or more universal joints, a jaw coupling, and, sometimes, a prismatic joint. A longitudinal shaft is used to transfer power from the engine to the other side of the vehicle before moving towards the wheels.
It uses a drive shaft to shift power from the engine to the wheels. It is one of the most important components of the wheel since it oversees driving the vehicle. Since the propeller shaft influences the vehicle's performance, its construction must be performed with great care. Many automotive manufacturers are actively investing in R&D to innovate their product line. Many manufacturers are focusing on developing lightweight shafts to minimize the total weight of the vehicle, which will result in better fuel efficiency. As a result, the decrease in total vehicle weight will drive the demand in the future.
Additionally, rapid advances in shaft technologies and materials used to manufacture shafts accelerate market growth. The increase in sales of luxury vehicles and sports cars pushes the market growth. Simultaneously, the constant rise in smart and autonomous vehicle sales boosts market revenues. Conversely, fluctuating prices and the demand-supply gap in raw materials required for production are major factors projected to impede the market growth.
Similarly, low-cost counterfeit propeller shafts floating in the market are anticipated to obstruct the market growth during the predicted period. Nevertheless, the spurring rise in the auto component industry would support market growth throughout the review period.
automotive propeller shaft market – Segments
The report is segmented into five dynamics.
By Position: Front, Rear, and Inter-Axle Propeller Shaft.
By Type: Live, Dead, and Tandem Axle.
By Propeller Shaft Type: Single, Multi Piece, and others.
By Material: Alloy and Carbon Fiber.
By Regions: Americas, Europe, APAC, and the Rest-of-the-World.
Global automotive propeller shaft market – Regional Analysis
The Asia Pacific region leads the global automotive propeller shaft market. The largest market share attributes to the increasing demand for propeller shaft among both OEMs and aftermarket replacement. Also, substantial R&D investments for product development, advances in material technologies, and increased vehicle sales drive the regional market growth.
Besides, the region with its raw material advantages attracts foreign investors and therefore witnesses increasing the numbers of production plants. Moreover, the continually rising economy and population in the region accelerate the automotive propeller shaft market sales. China leads the APAC automotive propeller shaft market, followed by India.
Europe stands second in the global automotive propeller shaft market. The market is driven by the presence of several Automotive technology providers in this region. Europe is the global hub for automobile research and innovation, which positively impacts the regional market's growth. Furthermore, enormous advances in Automotive technologies and the rising economic growth in the region propel market growth. Additionally, the large and well-established Automotive sectors in the region substantiate the growth of the market.
Also, increased vehicle safety concerns influence the growth of the regional market. Furthermore, strict government standards for vehicle safety influence market growth in the region. The European automotive propeller shaft market is projected to create an immense revenue pocket during the assessment period.
North America is also a considerably large market for Automotive propeller shafts, globally. The development of reduced weight shafts and increasing demand from the transportation sector are the latest propeller shaft market trends. Besides, factors such as the growing significant GDP and high per capita income of demographics foster the regional market's growth. Moreover, favorable government policies, leading OEMs, and well-developed automobile infrastructures in the region influence the Automotive propeller shaft sales.
automotive propeller shaft market – Competitive Analysis
Highly competitive, the automotive propeller shaft market appears diversified with the presence of several well-established players. To gain a larger competitive share of the market, innovation, mergers & acquisitions, and brand reinforcement remain key trends for propeller shaft manufacturers.
Industry/ Innovation/ Related News:
October 27, 2020 ----- Scania AB (Sweden), a major commercial vehicle manufacturing company, launched a heavyweight vehicle - XT Heavy Tipper for the mining and heavy construction industries. The new heavyweight contender would substantially reduce costs and increase productivity for operators in these businesses. Scania is again at the forefront of innovation to exceed customer expectations and take on the yellow equipment manufacturers.
Scania specifically manufacturers heavy Lorries, trucks, and buses. This outstanding heavyweight is equipped with an air-sprung, steered pusher axle in front of the rear bogie and propeller shaft supporting higher torque, the greater strength of the differential and hub reduction to support higher loads, the entire suspension – springs, anti-roll bar, and shock absorbers – has been reinforced.
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