According to TechSci Research report, “Global Passenger Cars Axle & Propeller Shaft Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Passenger Cars Axle & Propeller Shaft Market stood at USD 16 billion in 2022 and is anticipated to grow with a CAGR of 7.29% in the forecast period, 2024-2028. The operation of a vehicle is significantly influenced by the axles and propeller shafts of the vehicle.
Live axles also execute the extra responsibility of supplying the torque to the wheels in addition to bearing the entire weight of the vehicle, cargo, and passengers on the axles. Along with the other elements of the drive train, a propeller shaft’s job is to deliver torque and rotation.
The growing worldwide vehicle production as well as engineering advancements that are geared toward sustainability and fuel efficiency are major market drivers for axles and propeller shafts. The booming aftermarket demand for automobile axles and propellers in developing nations is a key driver of this market’s expansion.
Some of the factors driving the growth of the axle & propeller shaft market include an increase in vehicle production and sales across the globe, a rise in the adoption of electric vehicles, higher aftermarket demand for axle & propeller shafts from emerging economies, and a surge in demand for comfortable & fuel-efficient vehicles. However, the market’s expansion is anticipated to be hampered by fluctuating raw material prices, vehicle recalls, and regulatory issues. During the projection period, it is also anticipated that the rising demand for all-wheel drive cars and the increased usage of lightweight materials in the production of axle and propeller shafts would create growth possibilities.
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The Global Passenger Cars Axle & Propeller Shaft Market is a dynamic and evolving sector within the industry, encompassing crucial components that are fundamental to a vehicle’s propulsion and drivetrain system. The axle and propeller shaft market revolves around two fundamental components that play a pivotal role in a passenger car’s drivetrain system. Axles are responsible for transmitting power from the vehicle’s transmission to the wheels, enabling forward and reverse motion. Propeller shafts, on the other hand, transmit power from the transmission to the vehicle’s differential, ensuring that the torque generated by the engine is effectively distributed to the axles and wheels. The market encompasses various drivetrain configurations, including front-wheel drive (FWD), rear-wheel drive (RWD), and all-wheel drive (AWD). Each configuration has specific requirements for axle and propeller shaft design and functionality. FWD systems typically require shorter and simpler propeller shafts, while RWD and AWD systems demand more complex and longer shafts.
A significant trend in this market is the adoption of advanced materials and lightweight design principles. Manufacturers are increasingly turning to lightweight materials, such as high-strength steel alloys and composite materials, to reduce the weight of axle and propeller shaft components. This weight reduction not only enhances fuel efficiency but also improves vehicle handling and performance. Another noteworthy trend is the integration of advanced technologies within axle and propeller shaft systems.
Modern systems often incorporate electronic sensors and control modules to monitor factors like wheel speed, torque distribution, and wheel slip. These sensors enable the implementation of traction control, stability control, and anti-lock braking systems, enhancing vehicle safety and performance. The ongoing shift toward electrification and hybridization of passenger cars has a significant impact on the axle and propeller shaft market. Electric vehicles (EVs) require specialized axle designs to accommodate electric motors, while hybrid vehicles necessitate systems capable of seamlessly distributing power between internal combustion engines and electric propulsion units.
The globalization of the supply chain and the expansion of the market into emerging economies are reshaping the landscape of axle and propeller shaft production. As automakers establish a global supply chain network, these components are manufactured in regions with cost advantages and are distributed globally, contributing to cost-effective production.
Stringent emissions regulations imposed by governments worldwide present challenges for the axle and propeller shaft market. To meet emissions standards, automakers are under pressure to improve the efficiency of their drivetrain systems.
This challenge drives innovation in axle and propeller shaft design to minimize energy losses during power transmission and enhance overall vehicle efficiency. Durability and reliability remain paramount concerns for axle and propeller shaft systems. These components must withstand various operating conditions, from daily city commuting to off-road adventures. Ensuring long-term reliability while minimizing maintenance requirements is an ongoing challenge for manufacturers.
Consumer demand for enhanced vehicle performance, safety features, and handling capabilities continues to shape the market. Axle and propeller shaft systems play a critical role in delivering the desired level of performance and safety, influencing consumer preferences and automaker decisions. Evolving vehicle designs, including the emergence of crossover SUVs and compact SUVs, impact axle and propeller shaft requirements. These vehicle types often feature unique configurations, and the market must adapt to accommodate the diverse needs of automakers and consumers.
Major companies operating in the Global Passenger Cars Axle & Propeller Shaft Market are:
- Dana Corporation
- IFA Rotorion
- Meritor Inc.
- Korea Flange Co. Ltd. (KOFCO)
- ZF Friedrichshafen AG
- Showa Corporation
- JTEKT Corporation
- GKN-Walterscheid GmbH
- American Axle & Manufacturing, Inc.
- Gelenkwellen-Service GmbH
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“The Global Passenger Cars Axle & Propeller Shaft Market is a vital component of the industry, driving the efficiency and performance of passenger cars worldwide. Axle and propeller shaft systems play a fundamental role in transmitting power from the engine to the wheels, influencing a vehicle’s drivability and fuel economy. Recent trends in lightweight materials, advanced technology integration, and the electrification of vehicles are reshaping this market, aligning it with the industry’s sustainability goals and the demand for improved performance and safety. As the landscape continues to evolve, the axle and propeller shaft market remains at the forefront of innovation, ensuring that passenger cars deliver the performance, efficiency, and reliability that consumers expect while meeting stringent emissions regulations.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Passenger Cars Axle & Propeller Shaft Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Axle Type (Live, Dead, Tandem), By Propeller Shaft Type (Single Piece, Multi Piece), By Demand Category (OEM, Aftermarket) By Region, By Competition, 2018-2028”, has evaluated the future growth potential of Global Passenger Cars Axle & Propeller Shaft Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Passenger Cars Axle & Propeller Shaft Market.
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Table of Content-Passenger Cars Axle & Propeller Shaft Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of theStudy
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Passenger Cars Axle & Propeller Shaft Market
- Global Passenger Cars Axle & Propeller Shaft Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume & Volume
5.2. Market Share & Forecast
5.2.1. By Axle Type Market Share Analysis (Live, Dead, Tandem)
5.2.2. By Propeller Shaft Type Market Share Analysis (Single Piece, Multi Piece)
5.2.3. By Demand Category Market Share Analysis (OEM, Aftermarket)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value & Volume & Volume, 2022)
5.3. Global Passenger Cars Axle & Propeller Shaft Market Mapping & Opportunity Assessment
5.3.1. By Axle Type Market Mapping & Opportunity Assessment
5.3.2. By Propeller Shaft Type Market Mapping & Opportunity Assessment
5.3.3. By Demand Category Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Passenger Cars Axle & Propeller Shaft Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Axle Type Market Share Analysis
6.2.2. By Propeller Shaft Type Market Share Analysis
6.2.3. By Demand Category Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Passenger Cars Axle & Propeller Shaft Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value & Volume
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Axle Type Market Share Analysis
6.3.1.2.2. By Propeller Shaft Type Market Share Analysis
6.3.1.2.3. By Demand Category Market Share Analysis