Automotive Propeller Shaft Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The world's automobile propeller shaft market is estimated to be worth $49 billion in 2023, and it is expected to remain at that level through 2030. This stability, combined with a high CAGR of 9.0% from 2022 to 2030, suggests a dynamic market, with a strong focus on technological development and changing customer preferences. The projected growth reflects a high demand for high-power vehicles and the increasing use of lightweight materials, which contribute to greater fuel efficiency and vehicle performance. Also, the increasing production of electric and hybrid vehicles will require the development of propeller shafts to optimize the transmission of power and improve fuel efficiency. Also, the ongoing trend toward electrification and automation of vehicles will require propeller shaft manufacturers to continue their development and to invest in new materials and designs. The companies with the most experience in the industry, such as GKN, Dana Incorporated, and American Axle & Manufacturing (AAM), are at the forefront of these developments, engaging in strategic cooperation and launching new products to win the market. These efforts not only show a commitment to the development of the product, but also reflect the competition in the automobile propeller shaft market as it tries to adapt to the rapidly changing automobile industry.

Regional Market Size

Regional Deep Dive

The propeller shaft market is expected to grow at a CAGR of more than 6% during the forecast period, owing to the increasing demand for lightweight and fuel-efficient vehicles, advancements in manufacturing technology, and the growing focus on electric vehicles (EVs). The propeller shaft market is expected to be influenced by the changing trends in the automotive industry, government regulations, and consumer preferences. The propeller shaft market is expected to grow as the manufacturers adopt to the changing trends in the industry. The market is expected to be influenced by the growing focus on sustainability and innovation.

Europe

• Europe is at the forefront of adopting advanced materials in propeller shaft manufacturing, with companies like Volkswagen and BMW exploring carbon fiber composites to reduce weight and improve performance.
• The European Union's Green Deal is influencing automotive manufacturers to prioritize sustainability, resulting in increased investments in R&D for eco-friendly propeller shaft solutions.

Asia Pacific

• In the Asian-Pacific region, especially in China and India, the growth of automobile production is booming. And the local automobile companies such as Tata and BYD are developing low-cost propeller shafts for the masses.
• Government initiatives promoting electric mobility, such as China's New Energy Vehicle (NEV) policy, are driving innovation in propeller shaft technologies to support the growing EV segment.

Latin America

• Latin America is seeing a resurgence in automotive manufacturing, with countries like Brazil and Mexico becoming key players in the supply chain, prompting local suppliers to enhance their propeller shaft offerings.
• Trade agreements such as the USMCA are facilitating cross-border investments in the automotive sector, encouraging companies to innovate in propeller shaft technologies to meet diverse market needs.

North America

• The North American automotive sector is witnessing a shift towards electric vehicles, prompting manufacturers like General Motors and Ford to invest in lightweight propeller shaft technologies that enhance vehicle efficiency.
• Regulatory changes, such as stricter emissions standards set by the Environmental Protection Agency (EPA), are pushing automotive companies to innovate in propeller shaft design, leading to increased collaboration with suppliers like GKN Automotive.

Middle East And Africa

• In the Middle East, the automotive market is expanding due to increasing disposable incomes and urbanization, leading to a rise in demand for high-performance vehicles that require advanced propeller shaft technologies.
• The African automotive industry is witnessing growth in local assembly plants, with companies like Nissan and Toyota investing in regional production, which is expected to boost the demand for locally sourced propeller shafts.

Did You Know?

“Did you know that the propeller shaft is a critical component in transmitting power from the engine to the wheels, and its design can significantly impact a vehicle's fuel efficiency?” — Automotive Engineering Journal

Segmental Market Size

The Propeller Shaft is a vital part of the drive train and transmits power from the engine to the wheels. This market is currently growing at a steady rate, driven by rising vehicle production and technological improvements in the field of automobiles. The shift towards electric vehicles, which require shafts to accommodate their different powertrains, is also driving the market. The advanced shafts are currently being introduced in large-scale production by companies such as GKN and Dana. The shafts are being manufactured in various regions, such as North America and Europe. Lighter materials and improved designs are enhancing the performance of the shafts. The shafts are primarily used in passenger cars, commercial trucks, and off-road vehicles, where their performance and efficiency are vital. The trend towards reducing vehicle emissions, which is being driven by government regulations, is driving the market further. These regulations are driving manufacturers to use new materials and processes such as aluminum and carbon fiber.

Future Outlook

The car drive shaft market will grow at a CAGR of 9.0% from 2023 to 2030. The growth will be driven by the increasing demand for light and fuel-efficient cars, and the increasing importance of reducing emissions while maintaining high performance. Also, as the industry moves toward electric and hybrid vehicles, the drive shaft's role in power transmission will change. Drive shafts will have to be designed and made with new materials to suit new drivetrains. By 2030, the market is expected to stay at about $48.9 billion, reflecting the high demand for advanced drive shafts in all vehicle segments. In addition, technological developments such as the use of composite materials and the development of advanced manufacturing processes will further shape the market. These innovations not only increase the drive shaft's life and efficiency, but also reduce its weight, which is critical to improving the performance of the car. The trend towards electrification will also have a significant influence on the design and function of the drive shaft, resulting in increased adoption in electric and hybrid vehicles. In this way, the penetration of advanced drive shaft technology will increase significantly, and by 2030 it is expected that these innovations will be installed in about 30% of new vehicles. The car drive shaft market will be a dynamic environment, driven by technological developments and changing consumer preferences.