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DUBLIN--(BUSINESS WIRE)--Nov 14, 2022--
The "Automotive Axle & Propeller Shaft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive axle & propeller shaft market size reached US$ 70.33 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 90.65 Billion by 2027, exhibiting a CAGR of 4.32% during 2021-2027.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Automotive axles and propeller shafts are essential components that generate momentum in vehicles. They are manufactured of medium-carbon steel, glass fibers, thermoplastic polyamide, epoxy composite, chrome-molybdenum steel and carbon fibers. Live, tandem and dead are some common axles that hold the entire weight of the vehicle and provide torque from differential to wheels.
On the other hand, propeller shafts, such as multi-piece, slip-in tube and single-piece shaft, transmit torque and rotation from an engine to the wheels of the automobile. Automotive axles and propeller shafts exhibit various properties, including high specific strength, transmission of power at different elevation levels, and corrosion and abrasion resistance. These components improve handling, safety, efficiency, and provide higher clearance and a smoother ride.
Significant expansion in the automotive sector, along with the risings sales of automobiles due to rapid urbanization and industrialization, particularly in emerging economies, is primarily driving the market growth. Automotive axles and propeller shafts are widely incorporated in vehicles to rotate the wheels, transmit torque and provide momentum, which, in turn, is propelling the market growth.
Additionally, the widespread adoption of carbon fiber shafts in premium vehicles due to their structural advantages, including durability, toughness, and higher strength, is favoring the market growth. Moreover, various technological advancements, such as the integration of machine learning (ML) and artificial intelligence (AI) in manufacturing automotive axles and propeller shafts to enhance efficiency, accuracy and consistency, are providing an impetus to the market growth.
In line with this, the widespread adoption of lightweight axles and propeller shafts for providing greater potential and increasing vehicle efficiency is positively impacting the market growth. Other factors, including the rising adoption of fuel-efficient vehicles and increasing demand for all-wheel drive (AWD) vehicles, are anticipated to drive the market further toward growth.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global automotive axle & propeller shaft market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, vehicle type and sales channel.
Breakup by Type:
Breakup by Vehicle Type:
Breakup by Sales Channel:
Breakup by Region:
Key Questions Answered in This Report:
For more information about this report visit https://www.researchandmarkets.com/r/ljzb6e
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KEYWORD:
INDUSTRY KEYWORD: GENERAL AUTOMOTIVE AUTOMOTIVE MANUFACTURING MANUFACTURING AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/14/2022 06:01 AM/DISC: 11/14/2022 06:04 AM
http://www.businesswire.com/news/home/20221114005559/en