Global Automotive Axle and Propeller Shaft Market Overview
Automotive axle and propeller shaft are the major operation components of an automobile in which the dead axle is used for the purpose of holding up the entire weight of the vehicle, cargo and passengers. The live axle helps in delivering the torque to the wheels of the vehicle. The propeller shaft is also known as the carden shaft which is used for power transmission to the rear axle from the gear box. Thus, allowing torque and rotation transmission along the drive train components. Axle helps in increasing performance, ensuring safe transport and improves drivability of automobiles. Contingent to the positioning of the axle and propeller shaft position, an axle serves different steering and transmission functions. The propeller aids in carrying the power from clutch and engine to vehicle’s differential components.
Market Size & Forecast
Automotive axle and propeller shaft market is anticipated to record a CAGR of 4.5% over the forecast period. The automotive axle and propeller shaft market is expected to value at USD 2.85 billion at the end of the forecast period. Many multi-national companies are concentrating towards new product advances in automotive axle and propeller shaft. Moreover, the many advantageous properties of automotive axle and propeller shaft are exploited in the field of automation in vehicles. New uses for automotive axle and propeller shaft are discovered through on going industrial researches which is expected to drive the automotive axle and propeller shaft market rapidly.
Currently the global automotive axle and propeller shaft market is observing vibrant growth owing to increasing demand of technologically advanced automobiles in the market. Advances in automotive industry in the past few years and growing space explorations are projected to drive automotive axle and propeller shaft market besides the wide range of functions of automotive axle and propeller shaft in an immense range of applications such as improving power and drivetrain system, increasing operational performance, torque transfer, momentum generation and more during the forecast period. On the basis of regional platform, global Automotive Axle and Propeller Shaft market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
On account of increasing trend towards motorization, North America is panned to observe substantial automotive axle and propeller shaft market growth due to rising automotive usage. North America is expected to be followed by Asia Pacific in terms of consumption due to expanding automotive axle and propeller shaft requirements in technologically advanced automotive sold across the region. On the back of multiplying automotive axle and propeller shaft uses in growing advanced on road automobiles, Asia Pacific is budding as a regional automotive axle and propeller shaft consumption market.
Europe is expected to drive demand and positively impact automotive axle and propeller shaft market growth over the forecast period owing to increasing automotive axle and propeller shaft application for improvement and advancement processes. However, weak economic conditions in countries such as Russia, Spain and others is expected to showcase a more modest growth of the automotive axle and propeller shaft market across the region over the forecast period.
Our-in depth analysis of the global Automotive Axle and Propeller Shaft market includes the following segments:
By Axle Position
By Axle Type
By Propeller Shaft Position
By Propeller Shaft Type
By Vehicle Type
By Sales Channel
Global Automotive Axle and Propeller Shaft Market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The growing disposable income of the present population is surging the demand for customization in automobile industry with rising demand for customized automotive axle and propeller shafts for increased safety, easy drivability, and increased fuel efficiency. Rapid economic development with thriving automotive manufacturing sector is expected to boost the automotive axle and propeller shaft market in the developing regions. Increasing technological advancements are anticipated to drive the automotive axle and propeller shaft market over the forecast period across the globe. Moreover, increasing on-road automobile numbers along with the rising trend of motorization among the current population is driving the automotive axle and propeller shaft market significantly at present and is expected to impact the market strongly during the forecast period. Furthermore, the axle and propeller shaft market is expected to grow on the back of increasing aftermarket sales of the components on account of automobile up-gradation around the globe.
However, fluctuations in raw material costs such as steel and carbon alloys that are majorly used in the manufacturing of axle and propeller shaft along with increased component cost and increased vehicular weight are anticipated to serve as hindrance in the growth of the axle and propeller shaft market.
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