Passenger Cars Axle & Propeller Shaft Market to Grow with a CAGR of 7.29% Globally through to 2028
Global Expansion and
Emerging Markets, Technological Advancements and Innovation, Consumer Demand
for Performance and Safety are factors driving the Global Passenger Cars Axle
& Propeller Shaft market in the forecast period 2024-2028.
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 shaft 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.
Browse over
market data Figures spread through 180 Pages and an in-depth TOC on
"Global Passenger Cars Axle & Propeller Shaft Market.”
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 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 Global Passenger Cars Axle & Propeller
Shaft Market.
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