Automotive Axle & Propeller Shaft Market Development Status and Outlook 2025

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Automotive Axle & Propeller Shaft Market
Automotive Axle & Propeller Shaft Market

The Global Automotive Axle and Propeller Shaft Market size in terms of value is estimated to be USD 29.5 billion in 2019, which is projected to grow to USD 35.0 billion, by 2025 at a CAGR of 2.9%.

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.

Opportunities

  • Growing Market for AWD Vehicles
  • Growing Demand for Aluminum Propeller Shaft
  • Ongoing Trend for E-Mobility

Europe is expected to account for the second-largest automotive axle and propeller shaft market during the forecast period

Europe is estimated to be the second-largest and established automotive axle and propeller shaft market and is projected to witness stable growth in the coming years. A major growth driver is expected to be stringent fuel-economy norms which would encourage research activities to develop lightweight solutions for vehicles.  The increased production level in Germany, the UK, and France, along with the rise in premium vehicle sales, are estimated to drive the demand for axles and propeller shafts. Rising preference for comfort while driving by end-users would also positively impact the demand for a better quality of axles and propellers. Also, ZF Friedrichshafen AG (Germany), Dana Incorporated (US), GKN PLC (UK), IFA Rotorion (Germany), and Gestamp (Spain) are the key suppliers in the European market which are continually making R&D efforts to further extend the growth of automotive axle and propeller shaft market in Europe.

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The report provides detailed profiles of the following companies:

  • ZF (Germany)
  • Dana (US)
  • GKN (UK)
  • Meritor (US)
  • American Axle & Manufacturing (US)
  • Showa (Japan)
  • Hyundai WIA (South Korea)
  • JTEKT (Japan)
  • Gestamp (Spain)
  • IFA (Germany)

Alloy is estimated to be the highest consumed material during the forecast period

Alloys hold the maximum market share in the passenger car propeller industry. A majority of passenger car and light commercial vehicles are installed with propeller shaft made up of alloy material owing to its benefits such as satisfactory strength, stiffness, and lower cost. However, in case of high-speed performance, and efficient torque requirement, either the diameter of the metal shaft needs to be increased, or manufactured in the form of two or three-piece component. The shaft joints and couplings handle the service loads, high angles, terrain change, and need to have a support structure that further results in increased weight. Hence, the ongoing trend is shifting to design and develop propeller shafts, which are lightweight and cost-effective. As a result, suppliers are now more inclined toward using lightweight materials (carbon fiber) with high durability and comfort factors while designing drivetrain components, especially propeller shafts.

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Carbon fiber propeller shaft is the fastest-growing segment

Carbon fiber composites are being used in automotive components owing to their structural advantages over their metallic counterparts. These include lower weight and higher strength, which are of vital importance to the OEMs. The carbon-fiber propeller shaft is fitted mostly in the SUVs provided premium vehicle manufacturers. Mercedes-Benz, BMW, and Audi are prominent car manufacturers in the premium segment and have registered significant growth in recent years in their vehicle sales. According to a Mercedes-Benz publication, the company sold nearly 2.3 million cars globally in 2017 with sales growing by 9.9% year-on-year basis. Further, as per the BMW press release, the company’s sales grew by 4.2% between 2016 and 2017. Thus, the growth in premium vehicle sales is becoming an essential factor that will drive the carbon fiber propeller shaft market.

Key Questions addressed by the report:

  • Our study suggests that Asia Oceania is the largest market for automotive axle and propeller shaft. What is the market size of the automotive axle and propeller shaft market in different regions in 2019? What would be the regional growth rate during the next seven years?
  • The study indicates that the live axle dominates the axle market. How the demand is anticipated to be significant in the next few years.
  • The study indicates that a single piece holds the maximum share of the automotive propeller shaft market. How would the upcoming regulatory changes and market trends impact the usage of materials for shaft manufacturing? What would be the regional growth rate for the next seven years?
  • What are the current market dynamics and pricing trends in the automotive axle and propeller shaft market?
  • What is the average selling price of live, dead, and tandem axle for different vehicle types? Also, what are the average cost of a single piece and multi-piece propeller shaft?

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