The Global Automotive Axle & Propeller Shaft Market was valued at US$ 31.61 billion in 2021 and is predictable to reach US$ 45.94 billion by 2030 which is projected to attain a CAGR of 4.2 % during the forecast period from 2021- 2030.
The automotive axle and propeller shaft market is likely to be driven by a constant growth in vehicle production, demand for luxury vehicles, AWD vehicles, and commercialization of innovative technologies aimed at reducing overall vehicle weight. Due to a greater focus on sustainability, the automotive sector is seeing an increase in demand for fuel efficient automobiles to go along with the increase in production. OEMs and Tier I suppliers are collaborating to develop new fuel-efficient technology and lightweight solutions that will improve vehicle performance. In the worldwide automotive axle and propeller shaft market, these variables are expected to play a significant influence.
Axles and propeller shafts are critical components of the vehicle's drivetrain. Increased study into improving the vehicle's overall NVH qualities has stemmed from rising end-user demand for a comfortable and pleasurable driving experience. Manufacturers of axle and propeller shafts must design their goods so that noise and vibrations created by the engine or wheels are not transmitted to the ground. By decreasing the friction coefficient and retaining vehicle control, advanced axle and propeller shaft technologies have assisted in achieving a certain level of security for passengers.
However, the market's growth is halted by the fluctuating price of raw materials such as steel and carbon, and aluminium alloys used in the manufacture of axles and propellers.
Furthermore, rising demand for fuel-efficient vehicles is likely to give opportunities for key players in the market to supply low-cost, light-weight goods, which would improve vehicle fuel efficiency. The growing popularity of all-wheel-drive (AWD) vehicles, particularly in North America and Europe, has boosted demand for axles and propeller shafts.
The need for aluminium propeller shafts is increasing.
The use of light-weight automotive materials has resulted in a reduction in overall vehicle weight, lowering fuel consumption per vehicle and lowering overall emissions. In the automotive industry, there has been a growing tendency toward the use of lightweight materials such as aluminium, high-strength steel, and others in light-duty cars. Because of the requirement for weight reduction, the propeller shaft industry has seen a new trend of demand for aluminium propeller shafts. When compared to carbon fibre, the key advantage of an aluminium propeller shaft is its cost-effectiveness. The growing demand for lightweight fibre materials has bolstered the widespread use of polymer composites in the production of innovative propeller shafts in recent years. The goal of this new technology is to increase reliability while lowering manufacturing costs.
The Asia Pacific region is expected to be the largest market during the forecast period.
Based on regional insights, the global automotive axle & propeller shaft market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Segmentation and Scope of the Global Automotive Axle & Propeller Shaft Market
Automotive Axle Market, By Type
Automotive Axle Market, By Axle Position
Automotive Propeller Shaft Market, By Position
Automotive Propeller Shaft Market, By Type
Passenger Car Propeller Shaft Market, By Material
Rest of World
Middle East & Africa
Prominent players in the Global Automotive Axle & Propeller Shaft Market among other includes: