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%. Growing global vehicle production, increasing demand for luxury vehicles, and commercialization of new technologies towards light-weighting of the overall vehicle is expected to drive axle and propeller shaft market
Some of the key players in the automotive axle and 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).
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 the 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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Live Axle is projected to lead the automotive axle market, by type, during the forecast period
The live axle is estimated to hold the largest share of the market during the forecast period between 2019 and 2025. The live axle drives the wheel connected to it along with supporting the weight of the car. Increasing consumer preference towards SUVs and RWD passenger cars as well as consistent growth in overall vehicle production have triggered the growth of the live axles’ market. The demand of RWD/AWD in the US, China, Japan, and European countries have shown significant growth in recent years, and the trend is expected to continue over the forecast period, thus, ultimately boosting the live axle demand for light-duty vehicles. Additionally, the growth in heavy vehicles, mainly in North America and Europe will propel the live axle demand in the future.
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 the 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 global vehicle production in 2018.
Furthermore, as per the World Bank statistics, the per capita income in China and India increased by about 68% and 14%, respectively, from 2010 to 2015. The rise in disposable income is expected to increase the sales of economy, and premium vehicles, which, in turn, will drive the demand for axle and propeller shaft in the region.
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