The report "Automotive Axle & Propeller Shaft Market by Position (Front, Rear, and Inter-Axle Propeller Shaft), Axle Type (Live, Dead, and Tandem Axle), Propeller Shaft Type (Single, and Multi Piece), Material (Alloy, and Carbon Fiber) - Global Forecast to 2021", The global automotive axle and propeller market size, in terms of value, is estimated to be USD 39.11 Billion in 2016, and is projected to grow to USD 58.07 Billion by 2021, at a CAGR of 8.22%.
Browse 88 market data tables and 60 figures spread through 157 pages and in-depth TOC on "Automotive Axle & Propeller Shaft Market by Position (Front, Rear, and Inter-Axle Propeller Shaft), Axle Type (Live, Dead, and Tandem Axle), Propeller Shaft Type (Single, and Multi Piece), Material (Alloy, and Carbon Fiber) - Global Forecast to 2021"
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The major factors behind the growth of automotive axle & propeller shaft sales are growing adoption of AWD vehicles, innovations in engineering focusing towards fuel efficiency and sustainability, as well as rising vehicle production.
Single piece propeller shaft segment: Expected to dominate the propeller shaft market
Single piece propeller shaft segment dominates the global propeller shaft market, in terms of both value and volume. The key reason for such market growth is its cost effectiveness as well as overall durability. Single piece propeller shaft is more widespread than the multi piece propeller shaft majorly because of its light weight and high fuel efficiency.
Live axle segment: Expected to register the highest growth rate
Live axle drives the wheel connected to it along with supporting the weight of the car. Increasing consumer’s preference towards SUVs and RWD passenger cars as well as consistent growth in overall vehicle production have triggered the growth of the live axle market. Growing demand for passenger cars is expected to positively impact the live axle market.
The global automotive axle and propeller market size, in terms of value, is estimated to be USD 39.11 Billion in 2016, and is projected to grow to USD 58.07 Billion by 2021, at a CAGR of 8.22%. Growing global vehicle production, and commercialization of new technologies towards light weighting overall vehicle are expected to drive the axle and propeller shaft market.
The live axle segment is set to register the highest growth rate in comparison with dead and tandem axles. Increasing focus towards optimizing vehicle performance and delivering greater torque would augment the live axle market. Also, growing vehicle production as well as engineering advancements to cater to the changing customer needs would drive the market.
The carbon fiber propeller shaft segment is expected to be the fastest growing market. 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 cost is expected to decline with mass adoption and enhanced manufacturing process, which is projected to make carbon fiber propeller shaft more competitive in the marketplace. These factors would make the carbon fiber propeller shaft segment one of the fastest growing markets.
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Asia-Oceania: Largest market for axle and propeller shaft
Asia-Oceania comprises of developing economies such as India and China, which are major global markets for automobile production. Global OEMs are investing in these countries, given the new market opportunities arising from growing economies, rising vehicle production levels as well as globally competitive automotive manufacturing hub. This is expected to have positive impact on the demand for axles and propeller shafts which would provide significant boost to large number of local and international component suppliers present in the region. Major suppliers such as Showa Corporation (Japan) and globally established players such as ZF Friedrichshafen AG (Germany) have a strong presence in this region.
The Asia-Oceania is the largest market for automotive axle & propeller shaft. Asia-Oceania is estimated to be the largest market for axles and propeller shafts, and is projected to grow at the highest rate from 2016–2021 period. In recent years, the region has emerged as a hub for automobile production. Infrastructural developments and industrialization activities in emerging economies have opened new avenues, creating several opportunities for OEMs along with automotive component suppliers.
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