The global Automotive Propeller Shaft market size is projected to reach approximately USD 49,000 Million by 2030, at a CAGR of 9% from 2022 to 2030. Automotive propeller shafts are mechanical components that act as the link between different parts of a vehicle's drive train. They transmit torque and drive wheels, allowing the vehicle to move in a controlled fashion.
The COVID-19 virus has spread across the globe and has been classified as a pandemic. In March 2022, the announcement of coronavirus as a pandemic led to lockdowns in the majority of countries. Governments of many countries have been passing legislation & implementing policies that have made work outside the office not just manageable, but also downright necessary. However, manufacturers are providing automation and robots to reduce human interaction in the industry which should support the growth of the automotive propeller shaft market. The use of technological advances like AI, robotic machinery, and other innovative machinery during the pandemic is not only helping businesses to be more productive but ensuring their continuity.
The Automotive Propeller Shaft market is expected to grow over the next few years. This is due to increasing demand for propeller shafts and improved engine performance. The market's growth is also driven by environmental concerns such as rising fuel prices, increasing pollution, and air-quality issues. Automotive manufacturers are investing heavily in R&D to innovate their product lines. One of the major focuses for auto manufacturers is to develop lighter materials and reduce fuel consumption. The development of these lighter materials will then drive a market that has been long in need of improvement.
One of the main factors in the growth of this market is technology innovation in materials. Automotive industry growth and vehicle sales all allow for more people to start buying this product. The future of the car propeller shaft is bright and innovative. Technologies that reduce weight in vehicles are advancing, which will revolutionize the automobile market. Sales of new vehicles have been steadily increasing for a while, and this will increase demand for propeller shafts. Propeller shafts are important to the vehicle's movement and can provide enough torque for the vehicle to keep running smoothly.
Propellers are a part of the automotive industry, but their market has been stagnating for the past few years. One factor that has been holding back this market is the high cost of production. As a result, propellers are often made from cheaper materials like plastic and fiberglass which makes them weaker and less durable.
The Automotive Propeller Shaft market has a huge potential in the future because of the increasing demand for electric vehicles, lack of oil reserves, and rising global population. The industry is expected to grow as more people are driving electric cars and developing new types of propulsion systems. The market is driven by factors such as increasing demand for electric vehicles and growing need for affordable hybrid and alternative propulsion systems, increased research and development activities in the automotive industry, and growing infrastructure  Â
Based on Position, the global Automotive Propeller Shaft market has been segmented based on Front, Rear, and Inter-Axle Propeller Shaft. The front wheel propeller shaft segment is the fastest growing in the global Automotive Propeller Shaft market.
Based on the Type, the global Automotive Propeller Shaft market has been segmented based on Live, Dead, and Tandem axles. The live axle segment is expected to be the fastest growing in the global Automotive Propeller Shaft market.
Based on the Propeller Shaft Type, the global Automotive Propeller Shaft market has been segmented based on Single, Multi Piece, and Other. Multi-piece propeller shaft segment is expected to be the fastest growing in the global Automotive Propeller Shaft market.
Based on the material, the global Automotive Propeller Shaft market has been segmented based on Alloy, and Carbon Fiber. The carbon fiber segment is expected to be the largest in the global Automotive Propeller Shaft market.
Regional AnalysisBy region, the global Automotive Propeller Shaft market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region holds the largest market for the Automotive Propeller Shaft business.
In the forecast period, Asia Pacific is expected to dominate the market due to increasing demand for propeller shafts among both OEMs and aftermarket replacements. The market demand for propeller shafts is expected to experience substantial growth in emerging economies like India, China, and many others. The automotive manufacturers are prioritizing new products & technology in this region.
The automotive propeller shaft market in North America is growing during the forecast period. The growing demand for automotive propeller shafts as well as technological advancements is driving this market growth. Automotive propeller shafts are made of high-quality material and can endure harsh conditions. They are an essential component of every car, truck, and SUV. The demand for automotive propeller shafts is increasing because of their versatility.
The market comprises various national and international players. The market players are investing in R&D and also finding new ways to develop and improve product portfolios. Various players are entering into expansion, new product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.
Prominent players in the global Automotive Propeller Shaft market include ZF Friedrichshafen AG, American Axle & Manufacturing, Inc, Meritor, Inc., Showa Corporation, GKN plc, Wilson drive shafts, Nexteer Automotive, JTEKT Corporation, Gestamp, Dana Holding Corporation, D & F Propshafts, Bailey Morris Limited, B & F limited, American Axle & Manufacturing Holdings, Inc., and Hyundai Wia Corporation
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for global Automotive Propeller Shaft market segmented by product type, material type, category, shape and distribution channel by value (in US dollars). Also, to understand the consumption/ demand created by consumers of Automotive Propeller Shaft during the period of 2019-2030
To identify and infer, the drivers, restraints, opportunities and challenges for the global Automotive Propeller Shaft market
To find out the factors which are affecting the sales of Automotive Propeller Shaft among consumers
To identify and understand the various factors involved in the global Automotive Propeller Shaft market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies002E
| Report Attribute/Metric | Details |
| Market Size 2030 | USD 49,000 Million |
| Compound Annual Growth Rate (CAGR) | 9% (2022-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Position, Type, Propeller Shaft Type, Material |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ZF Friedrichshafen AG, American Axle & Manufacturing, Inc, Meritor, Inc., Showa Corporation, GKN plc, Wilson drive shafts, Nexteer Automotive, JTEKT Corporation, Gestamp, Dana Holding Corporation, D & F Propshafts, Bailey Morris Limited, B & F Limited, American Axle & Manufacturing Holdings, Inc., and Hyundai Wia Corporation |
| Key Market Opportunities | Increase in demand for electric vehicle |
| Key Market Dynamics | Technology innovation |
Automotive Propeller Shaft Market Highlights:
Frequently Asked Questions (FAQ) :
The global Automotive Propeller Shaft market is growing at a CAGR of ~ 9% over the next 7 years
ZF Friedrichshafen AG, American Axle & Manufacturing, Inc, Meritor, Inc., Showa Corporation, GKN plc, Wilson drive shafts, Nexteer Automotive, JTEKT Corporation, Gestamp, Dana Holding Corporation, D & F Propshafts, Bailey Morris Limited, B & F Limited, American Axle & Manufacturing Holdings, Inc., and Hyundai Wia Corporation are the major companies operating in the global Automotive Propeller Shaft market.
North America is expected register the highest CAGR during 2022 - 2030
Asia Pacific holds the largest share in 2022
The study period of global Automotive Propeller Shaft market is 2022 - 2030
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
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