Automotive Axle & Propeller Shaft Market Size, Share, Growth, and Industry Analysis by Type (Alloy & Carbon Fiber), By Application (OEM & Aftermarket) & Regional Forecast By 2031

Updated On: 15 April 2024

Automotive Axle And Propeller Shaft Market Report Overview

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The global automotive axle & propeller shaft market size is USD 18590 million in 2021, as per our research, the market is expected to reach USD 27627.63 million in 2031, exhibiting a CAGR of 4.5% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with automotive axle & propeller shaft industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Important elements of a car's drivetrain system that aid in transferring power from the engine to the wheels are the axle and propeller shaft. A central shaft or rod that joins a vehicle's wheels. It aids in the rotation of the wheels and offers support. The front axle and the rear axle are the two different types of axles found in the majority of cars. The front axle of a front-wheel-drive car is in charge of sending gearbox power to the front wheels. It consists of a solid beam or independent suspension system with constant velocity (CV) joints for steering flexibility and smoothness.

The rear axle transmits gearbox power to the back wheels of a vehicle with rear-wheel drive. A solid beam or independent suspension system, a differential (a mechanism for distributing torque among the wheels), and axle shafts that link the differential to the back wheels are its usual components. Both the front and back axles of an all-wheel-drive car provide power to all four wheels. On numerous types of roads, this technology improves traction and handling. A revolving tube called the driveshaft, also referred to as the propeller shaft, is used to deliver torque from the gearbox or transfer case to the differential or axle.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 outbreak caused problems for manufacturers of automotive materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for automotive. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall automotive industry. This has partially impacted the automotive axle & propeller shaft industry.

LATEST TRENDS

"Electric Motors to Boost the Market Growth"

The integration of axles and propeller shafts with electric motors and batteries is a significant trend in the automotive industry, particularly in the context of electric vehicles (EVs). In EVs, manufacturers are combining the electric motor, axle, and propeller shaft into a single unit known as an Integrated Drive Unit or Integrated Motor Axle (IMA). This integration eliminates the need for a separate transmission system and simplifies the power train layout. By integrating these components, the overall weight and size of the propulsion system can be reduced, which contributes to improved vehicle efficiency and range. Integrating the motor with the axle and propeller shaft allows for more direct power transmission, eliminating the losses associated with traditional drivetrain components like gears, clutches, and driveshafts. This direct power transfer improves overall powertrain efficiency and reduces energy losses, ultimately enhancing the vehicle's performance and extending its range. The global automotive axle & propeller shaft industry will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is the electric motors. These new developments are mostly to blame for the market's overall growth.

Automotive Axle And Propeller Shaft Market Segmentation

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• By Types 

Based on type, the market is classified into alloy & carbon fiber.

• By Application

Based on the market is categorized into OEM & aftermarket.

DRIVING FACTORS

"Vehicle Production that Gives the Market Extra Boost"

Vehicle production and sales have a direct impact on the demand for automotive axle & propeller shaft systems. The overall growth in the automotive industry, driven by factors such as economic conditions, consumer demand, and government policies, influences the demand for these components. The total production of vehicles worldwide is a crucial factor in determining the demand for axle and propeller shaft systems. As the automotive industry expands, particularly in emerging markets, the production of vehicles increases, leading to a higher demand for axle and propeller shaft components. Different vehicle types and segments have different requirements for axle and propeller shaft systems. The demand for axle and propeller shafts is influenced by the production and sales volumes of various vehicle types and segments. Automotive industry trends, such as the increasing demand for SUVs, crossover vehicles, and electric vehicles (EVs), influence the demand for axle and propeller shaft systems. The demand for axle and propeller shaft systems includes both original equipment manufacturer (OEM) and aftermarket segments. As a result, the growth, and the rising vehicle production will boost the market. It will contribute to the expansion of the automotive industry and it will improve the overall automotive axle & propeller shaft market growth.

"Technological Advancement to Encourage Market Expansion"

Technological advancements have a significant impact on the sales of automotive axle & propeller shaft systems. As new technologies emerge and existing ones evolve, they bring about improvements in performance, efficiency, durability, and overall vehicle dynamics. These advancements drive the demand for innovative axle and propeller shaft solutions. The use of lightweight materials, such as aluminum, magnesium alloys, and advanced composites, in the manufacturing of axle and propeller shaft systems has gained prominence. These materials offer higher strength-to-weight ratios, reducing the overall weight of the components. Lightweight axle and propeller shaft systems contribute to improved fuel efficiency, reduced emissions, and enhanced vehicle performance. Technological advancements in manufacturing techniques, such as precision machining, forging, and composite manufacturing processes, have enabled the production of complex and lightweight axle and propeller shaft systems. These advanced techniques result in higher accuracy, better control over component characteristics, and increased production efficiency. Over the course of the forecast period, the market is anticipated to grow as a result of all these advanced features of synthetic media.  As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"Economic to Impede Market Expansion"

General economic conditions, such as recessions or fluctuations in disposable income, can impact the demand for vehicles and subsequently affect the axle and propeller shaft market. During economic downturns, consumers may postpone vehicle purchases or opt for lower-cost options, which can impact the demand for these components. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Automotive Axle And Propeller Shaft Market Regional Insights

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"North America Dominating the Market Across the Globe"

The market for automotive axle & propeller shaft is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the automotive axle & propeller shaft market share is the growing demand of product in OEM & aftermarket is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

•               Mark Williams Enterprises Inc (U.S.)

•               Meritor Inc (U.S.)

•             Dana Limited (U.S.)

•             Melrose Industries PLC (U.K.)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost automotive axle & propeller shaft market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.