Automotive Axle & Propeller Shaft Market Worth $35.0 Billion by 2025 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, June 19, 2019 /PRNewswire/ -- According to the new market research report "Automotive Axle & Propeller Shaft Market by Axle Type (Live, Dead & Tandem), Axle Position (Front & Rear), Propeller Shaft Type (Single & Multi Piece), Passenger Car Propeller Shaft Material (Alloy & Carbon Fiber) and Region - Global Forecast to 2025", published by MarketsandMarkets(TM), the Automotive Axle & Propeller Shaft Market is projected to grow at a CAGR of 2.9% during the forecast period, to reach a market size of USD 35.0 billion by 2025 from USD 29.5 billion in 2019. Increasing production of heavy commercial vehicles, rising SUV demand, and growing adoption of AWD vehicles to get enhanced traction is expected to fuel the demand for Automotive Axle & Propeller Shaft Market.
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Single piece segment is estimated to hold the largest share in automotive propeller shaft market
Single-piece propeller shaft dominates the automotive propeller shaft market during the forecast period. The factors that drive the growth of this segment are cost-effectiveness as well as its overall durability. The single-piece propeller shaft is used more than the multi-piece propeller shaft majorly because of its lightweight with high fuel efficiency. The single-piece propeller shaft becomes an ideal choice for the shorter distance between the engine and the rear axle. The demand for the sport utility vehicle segment is rising mainly in US, China, and India, owing to the improving economic environment, low crude oil prices, and rising per capita income. This will prompt the demand for rear wheel drive vehicles which are usually installed with single-piece shaft and subsequently the growth of SUVs would also foster the demand for single-piece propeller shaft in the future.
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Tandem axle segment is anticipated to register the highest growth rate from 2019 to 2025
Tandem axle is expected to be the fastest growing market for the automotive axle market, by type from 2019 to 2025. According to OICA statistics, heavy commercial vehicle sales have increased from 21.2 million units in 2012 to 26.0 million units in 2017, at a CAGR of 4.14%. The growth can be attributed to factors such as increasing infrastructure spending, rising import-export trade, and growing e-commerce activities. Furthermore, the increasing goods trade has prompted the installation of the tandem axle, which offers additional load carrying capacity to the vehicle. The rising growth of good transport would fuel the demand for heavy-duty trucks and semi-trailers which are installed usually with the tandem axle which subor goods transport, which brings the necessity of tandem axle.Europe is estimated to be the second largest market for sliding bearing
Asia Oceania is expected to have a major share in the Automotive Axle & Propeller Shaft Market
The study estimates Asia Oceania as the largest consumer for Automotive Axle & Propeller Shaft Market during the forecast period. The region is the global leader in vehicle production, with production growth of about 26%-28% over the past five years for passenger cars and commercial vehicles. China has been the leading automotive market for vehicle production as well as sales in this region. According to OICA, China, along with Japan and India, accounted for almost 40%-44% of the global vehicle production in 2018.
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Some of the key players in the Automotive Axle & Propeller Shaft Market are ZF Friedrichshafen AG (Germany), Dana Incorporated (US), GKN PLC (UK), American Axle & Manufacturing, Inc. (US), Meritor, Inc. (U.S.), Showa Corporation (Japan), Hyundai Wia Corporation (South Korea), JTEKT Corporation (Japan), and GKN plc (UK). ZF and GKN adopted the strategies of expansion, and new product development, to retain its leading position in the automotive axle and propeller market.
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