Automotive Axle and Propeller Shaft Market Share Archives

A central shaft used to rotate wheels or gears is called an Axle. It is an essential part of the suspension and drivetrain of a car. The axle permits the wheels to spin while bearing the weight of the car. It allows the wheels to rotate and move the car forward or backward by attaching them to the chassis. Axles come in different varieties, including driving, rear, and front axles. The Propeller Shaft, sometimes referred to as the drive shaft, is a revolving shaft that transfers engine power to the wheels. It transfers torque to the wheels or differential from the engine or transmission of the car, allowing it to move.

According to SPER Market Research, ‘Global Automotive Axle and Propeller Shaft Market Size- By Axle Type, By Axle Position, By Propeller Shaft Type, By Passenger Car Propeller Shaft Material- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Automotive Axle and Propeller Shaft Market is estimated to reach USD 49.76 billion by 2033 with a CAGR of 4.81%.

Axle and Propeller Shaft are in high demand due to the growing global vehicle market, particularly in developing nations like China, India, and Southeast Asia. The need for off-road vehicles, trucks, and SUVs which frequently call for stronger axle and propeller shaft systems fuels the expansion of the industry. Axles and propeller shafts operate better and last longer because to material and design innovations like the use of lightweight alloys and sophisticated composite materials. Product quality is improved and production costs are decreased through the use of innovative manufacturing technologies, such as automation and precision machining. New specifications for propeller shafts and axles including ones that can withstand the high torque produced by electric motors have been brought about by the popularity of electric vehicles.

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Technology is advancing quickly in the automotive sector, leading to the development of electrified and driverless cars. This necessitates constant innovation and adaptation in the sometimes sophisticated and resource-intensive axle and propeller shaft designs. It can be difficult to integrate new technologies with current systems, especially for manufacturers who have to guarantee performance and compatibility. Prices of raw materials, including steel and aluminum, can fluctuate, which can affect how much it costs to produce propeller shafts and axles. Profit margins may be impacted by increased production costs brought on by the requirement for cutting-edge manufacturing technology and premium materials. Stricter environmental and safety laws can be difficult to follow, necessitating new technology and compliance expenses.

The market for automobile axles and propeller shafts was significantly impacted by the COVID-19 outbreak. Axles and propeller shaft production and supply were delayed as a result of lockdowns and other restrictions that forced temporary factory closures. Due to lockdown measures, decreased consumer spending, and economic uncertainty, the automotive industry saw a substantial reduction in car sales during the early stages of the epidemic. The demand for automotive parts, such as propeller shafts and axles, decreased as a result of lower vehicle production numbers. The financial stability of companies was impacted by the rising costs of health and safety measures including personal protective equipment and sanitation. Due to lower sales and production hiccups, several firms suffered large revenue losses.

Key Players:

Automotive components, such as Axle and Propeller Shaft, are mostly produced and used in China. Thus, China dominates the market for Automotive Axle and Propeller Shafts. Some of the Key Players are IFA Group, JTEKT Corporation, Melrose Industries Plc, Showa Corporation, ZF Friedrichshafen AG, Others.

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Automotive Axle and Propeller Shaft Market Analysis

Kenya Electric Vehicle Market Size- By Vehicle Type, By Component, By Vehicle Class, By Propulsion, By Vehicle Drive Type, By Vehicle Top Speed, By Charging Point Type, By Vehicle Connectivity- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

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Axles and propeller shafts are important parts of automobiles that produce momentum. Medium-carbon steel, glass fibres, thermoplastic polyamide, epoxy composite, chrome-molybdenum steel, and carbon fibres are used to make them. Axles that support the entire weight of the vehicle and transfer torque from the differential to the wheels are known as live, tandem, and dead axles. Propeller shafts, on the other hand, including multi-piece, slip-in tube, and single-piece shafts, convey torque and rotation from an engine to the wheels of a vehicle. Axles and propeller shafts in automobiles have a variety of properties, including high specific strength, power gearbox at varied elevation levels, and corrosion and abrasion resistance. These components improve handling, safety, and efficiency while also providing more clearance and a smoother ride.

According to SPER market research, ‘Automotive Axle and Propeller Shaft Market Size By Axle Type, By Axle Position, By Propeller Shaft Type, By Passenger Car Propeller Shaft Material -Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Automotive Axle and Propeller Shaft Market is predicted to reach USD 49.76 billion by 2033 with a CAGR of 4.81%.

The vehicle’s drivetrain relies heavily on the propeller shafts and axles. There is a growing body of research aimed at enhancing the overall NVH properties of vehicles due to the growing end-user demand for a comfortable and enjoyable driving experience. As a result of their contact with the ground, manufacturers of propeller and axle shafts must ensure that their products do not transmit noise and vibrations produced by engines or wheels. Both in the manufacturing and assembly levels of the process, the products are extensively tested for NVH properties and performance. Along with enhancing passenger comfort, this helps the vehicle’s overall structural performance. For instance, the increasing need for comfort in luxury cars will have a significant impact on the market for advanced propeller shafts and axles, which help to lessen vibration in the car. By lowering the friction coefficient and preserving vehicle control, advanced axle and propeller shaft technologies have contributed to achieving a certain level of passenger security.

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The automotive sector uses propellers, although sales of these parts have been flat recently. The high cost of production is one element that has been impeding this market. Propellers are consequently frequently constructed from less expensive materials like plastic and fiberglass, which gives them a lower strength and shorter lifespan.

Impact of COVID-19 on Global Automotive Axle and Propeller Shaft Market

Globally, COVID-19 has affected every one of its businesses. Large corporations have declared a temporary suspension of operations due to lockdown and employee safety, which has effectively decreased demand and disrupted the supply chain throughout the pandemic. Small Tier II and Tier III manufacturers were forced to stop producing componentry during the COVID-19 pandemic due to cash flow issues. The market for propeller and axle shafts for automobiles is directly impacted by this overall decline in demand for automobile production. The COVID-19 crisis has affected the automotive sector, resulting in changes to virtual dealerships, contactless payments, and digital platforms.

Automotive Axle and Propeller Shaft Market Key Players:

Geographically, In the upcoming years, Europe is expected to continue experiencing steady growth, making it the second-largest and most established market for automotive axle and propeller shafts. It is predicted that the demand for axle and propeller shafts will be driven by the high car demand in Germany, the UK, and France relative to other nations, as well as the increase in sales of premium vehicles. Asia-Pacific’s largest market, China is seeing a sharp increase in demand for luxury automobiles. Due to the country’s growing disposable income, China is one of the largest markets for luxury automobiles. Additionally, the key market players IFA Group, JTEKT Corporation, Melrose Industries Plc.

Automotive Axle and Propeller Shaft Market Segmentation:

By Axle Type: Based on the Axle Type, Global Automotive Axle and Propeller Shaft Market Segmentation is segmented as: Live, Dead, Tandem.

By Axle Position: Based on the, Automotive Axle and Propeller Shaft Market Segmentation is segmented as: Front, Rear.

By Propeller Shaft Type: Based on the Propeller Shaft Type, Automotive Axle and Propeller Shaft Market Segmentation is segmented as: Single, Multi-Piece

By Passenger Car Propeller Shaft Material: Based on the Passenger Car Propeller Shaft Material, Global Automotive Axle and Propeller Shaft Market Segmentation is segmented as: Alloy, Carbon Fibre.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.