The global automotive axle and propeller shaft market will grow at a 3.7% CAGR during the forecast period 2023 to 2033 to reach a valuation of about US$ 47.1 billion by 2033, projects Future Market Insights.
| Attributes | Details |
|---|---|
| Market Size 2022A | US$ 31.4 billion |
| Market Size 2023E | US$ 32.8 billion |
| Market Size 2033F | US$ 47.1 billion |
| Value CAGR (2023 to 2033) | 3.7% |
The importance of axle and propeller shafts is predicted to increase, which serve as the backbone of powertrain systems and aid the transfer of engine power to the wheels. The market for automotive axles and propeller shafts is expected to increase strongly, according to FMI, as a result of factors such as rising vehicle production, rising customer demand for hybrid and electric vehicles, and manufacturers' emphasis on integrated and smart technology for automobiles.
According to the FMI analysis, the automotive axle and propeller shaft market reached over US$ 31.4 billion in 2022 and is anticipated to register a CAGR of 3.7% during 2023 to 2033. The rising preference of customers toward integrated technologies and comfortable travel experiences is expected to boost the market for fuel-efficient and sustainable vehicles across countries, creating an absolute dollar opportunity of about US$ 14.3 billion.
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The market analysis for automotive axles and shafts from 2018 to 2022 exhibited a historical growth rate of 1.9% CAGR. The global manufacturing of vehicles has decreased in 2020 as a result of the automotive sector losing a sizeable portion of the market due to recent covid limitations and the rising pandemic restrictions. Axles and propeller shafts suffered as a result of the pandemic's significant impact on the manufacturing sector, which also had an adverse effect on the powertrain components such as axles and propeller shafts. Tightening pollution regulations and disruptions in the component supply chain have had an influence on production of vehicles.
However, as a result of increasing dynamic demand for vehicles after the Covid pandemic, automobile production has recovered. The market for electric vehicles will grow as a result of quick technology improvements in the automotive industry, shifting consumer preferences, and supportive regulations. According to the most recent FMI analysis, the market is expected to grow at a rate of 3.7% between 2023 and 2033 and create an absolute dollar opportunity of about US$ 14.3 billion.
Manufacturers are focusing on enhancing power and drivetrain systems, which include parts like the clutch, gearbox, propeller shaft, and rear axle, as hybrid and electric vehicles gain popularity owing to smart and connected technologies integrated into them. The market will present a sizable financial potential for the manufacturers of lightweight axle and propeller shafts, depending on their position and application.
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Due to growing consumer demand for high-performing automobiles and an increase in vehicle sales across many nations, manufacturers are focusing on vehicle design elements to improve vehicle performance and longevity. The demand for shafts with higher stress handling capabilities is also anticipated to increase as a result of the strict fuel-efficiency rules and rising heavy-duty applications. Axle shaft demand is driven by their expanding use in commercial vehicles, which can tolerate high operating stress and cut down on construction equipment downtime.
Rising disposable income across developing and emerging nations, stringent emission regulations, and government investment in infrastructure development are a few of the prominent factors creating a huge demand for the automotive axle and propeller shaft market during the forecast period 2023 to 2033. The market is estimated to reach a valuation of about US$ 47.1 billion by 2033 and grow at a robust CAGR of about 3.7% during the forecast period 2023 to 2033.
As a result of the region's dynamic automotive market, there is a rising need for drive shafts and other axle-related parts of the powertrain. As one of the market's prime consumers, China is anticipated to generate enormous demand for axle and propeller shafts between 2023 and 2033. Over the course of the forecast period, East Asia is anticipated to experience a solid CAGR of roughly 3.2%.
A few of the factors anticipated to favorably impact the market expansion of automobiles and promote their production include evolving rules for vehicle emissions and expanding infrastructure development expenditure across India and other such emerging nations. It is anticipated that this will increase demand in the area for automobile parts like drive shafts. East Asia is predicted to hold 36% of the global market for vehicle axles and propeller shafts by the end of 2033.
The growing sales of heavy commercial vehicles in the area are anticipated to support revenue sales of the automotive axle and propeller shafts market due to the sustained demand for aftermarket components. Demand for aftermarket parts such as drivetrain components and shafts for the electric vehicle segment is rather high in the key automotive axle and propeller shaft markets in the USA During the projected period, it is anticipated that demand for automobile axle and propeller shafts would reach maturity. The USA is expected to cater to around 87.4% market value share of the North American market in the estimated year 2023.
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Key players operating in the automotive axle and shaft market include Dana Corporation, IFA Rotorion, Meritor Inc., Korea Flange Co. Ltd. (KOFCO), ZF Friedrichshafen AG, Showa Corporation, JTEKT Corporation, Hyundai Wia Corporation, GKN-Walterscheid GmbH, American Axle & Manufacturing, Inc., and Gelenkwellen-Service GmbH.
To build a strong position in the automotive axle and propeller shaft market, key market participants are expanding their market presence through crucial strategies such as product differentiation, new product development, and strategic alliances and partnerships with key stakeholders in the market.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.7% from 2023 to 2033 |
| Base Year for Estimation | 2023 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion, Volume in Units and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Axle Orientation, Vehicle type, Propeller Shaft type, Sales channel, Region |
| Regions Covered | North America; Latin America; East Asia; South Asia and Pacific; Western Europe; Eastern Europe; Central Asia; Russia and Belarus; Balkan and Baltic Countries; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Argentina, Germany, Italy, France, United kingdom, Spain, BENELUX, Nordics, Poland,Hungary, Romania, Czech Republic, Russia, Belarus, China, Japan, South Korea, India, ASEAN, Australia and New Zealand, GCC Countries, Turkey, South Africa, Northern Africa, Israel |
| Key Companies Profiled | Dana Corporation; IFA Rotorion; Meritor Inc.; Korea Flange Co. Ltd. (KOFCO); ZF Friedrichshafen AG; Showa Corporation; JTEKT Corporation; Hyundai Wia Corporation; GKN-Walterscheid GmbH; American Axle & Manufacturing, Inc.; Gelenkwellen-Service GmbH. |
| Customization and Pricing | Available upon Request |
In 2023, the value of the Automotive Axle and Propeller Shaft market reached over US$ 32.8 billion.
During the forecast period, the Automotive Axle and Propeller Shaft market is estimated to expand at a CAGR of 3.7% during 2023 to 2033.
The Automotive Axle and Propeller Shaft market are projected to reach US$ 47.1 billion by the end of 2033.
China is projected to lead Automotive Axle and propeller shaft market in East Asia.
Key players operating in the automotive axle and shaft market include Dana Corporation, IFA Rotorion, Meritor Inc., Korea Flange Co. Ltd. (KOFCO), and ZF Friedrichshafen AG
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Automotive Axle and Propeller Shaft Market
