Automotive Axle and Propeller Shaft Global Market Report 2023

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Major players in the automotive axle and propeller shaft market are Dana Corporation, American Axle and Manufacturing Inc., Gelenkwellen-Service GmbH, GKN-Walterscheid GmbH, Hyundai Wia Corporation, IFA Rotorion, JTEKT Corporation, Meritor Inc.

New York, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Axle and Propeller Shaft Global Market Report 2023" - https://www.reportlinker.com/p06426351/?utm_source=GNW
, ZF Friedrichshafen AG, Korea Flange Co. Ltd., Wahan Engineering Corporation, Automotive Axles Limited, Bailey Morris Ltd., D And F Propshafts, Mark Williams Enterprises Inc., and Wilson Drive Shafts.

The global automotive axle and propeller shaft market grew from $28.96 billion in 2022 to $30.95 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The automotive axle and propeller shaft market is expected to grow to $39.72 billion in 2027 at a CAGR of 6.4%.

The automotive axle and propeller shaft market consist of sales of single-piece type propeller shaft, two-piece type propeller shaft , semi-floating axle, full-floating axle, three-quarter floating axle, live front axle, dead front axle, Elliot, reverse Elliot, Lamoine and reversed Lamoine.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

An automotive axle is a rod or a shaft that rotates the wheels and supports the vehicle’s entire weight, whereas propeller shafts are a component of an axle system that helps to transmit torque between the transmissions. The automotive axle and propeller shaft are used to transmit and provide torque and rotation to the wheels of the vehicle.

Asia-Pacific was the largest region in the automotive axle and propeller shaft market in 2022.Latin America is expected to be the fastest-growing region in the forecast period.

The regions covered in this automotive axle and propeller shaft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The main types of automotive axles and propeller shafts are single-piece and multi-piece.A single piece refers to an arrangement with two universal joints that increase the strength and efficiency of the shaft.

The types of propeller shafts are front propeller, inter-axle, and rear propeller. The types of vehicles covered passenger cars, light commercial vehicles, and heavy commercial vehicles made with materials such as alloys and carbon fibre sold by original equipment manufacturers and aftermarket.

The increase in demand for comfortable and fuel-efficient vehicles is expected to propel the growth of the automotive axle and propeller shaft market going forward.Fuel-efficient vehicles can be referred to as vehicles that have a fuel consumption of fewer than 6 litres per 100 km, which reduces global warming emissions and produces less pollution.

Automotive axles and propeller shafts help fuel-efficient vehicles by reducing fuel expenses, carbon emissions, and dependence on foreign oil while also improving the use of sustainable energy.For instance, in April 2021, according to the Global EV Outlook 2021, published by the International Energy Agency report, a France-based global energy system intergovernmental organization, the number of electric vehicles sold worldwide reached 10 million in 2020, an increase of 43% from the previous year.

There were about 3 million new electric vehicles registered in 2020. Europe took the lead for the first time with 1.4 million new registrations. China registered 1.2 million new electric automobiles after the United States registered 2.95 million. Thus, the increase in demand for comfortable and fuel-efficient vehicles is driving the automotive axle and propeller shaft market.

Technological advancements are the key trend gaining popularity in the automotive axle and propeller shaft market.Major companies operating in the market are introducing new technologies such as driveline systems technology that uses an integrated oil pan (IOP) front axle assembly with an electronic disconnect that transmits torque from the front axle to the front axle half shafts, reducing friction.

For instance, in January 2020, Xtrac Limited, a UK-based designer and manufacturer of transmission systems operating in the automotive axle and propeller shaft market, launched an advanced e-axle system for electric-powered Rallycross cars that is highly efficient and lightweight and is suitable for use with motors with a power rating of 250kW.This e-axle technology delivers lubrication by an internal eccentric rotor pump with pressure input to all crucial locations to reduce churning losses and increase overall gearbox efficiency.

There is also an option to add an externally mounted oil cooler.

In November 2021, Walterscheid Powertrain Group, a Germany-based off-highway and industrial equipment and machinery manufacturing company, acquired IFA Kardan for an undisclosed amount.With this acquisition, Walterscheid Powertrain Group aims to expand the driveshaft portfolio and increase focus on the main and secondary drives for small- and medium-sized agricultural and construction vehicles.

IFA Kardan is a Germany-based manufacturer of Cardan shafts and various types of joints used in construction and agricultural vehicles operating in the automotive axle and propeller shaft market.

The countries covered in the automotive axle and propeller shaft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The automotive axle and propeller shaft market research report is one of a series of new reports that provides automotive axle and propeller shaft market statistics, including global and regional shares, competitors with an automotive axle and propeller shaft market share, detailed automotive axle and propeller shaft market segments, market trends and opportunities, and any further data you may need to thrive in the automotive axle and propeller shaft industry. This automotive axle and propeller shaft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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