MarketsandMarkets: Global Automotive Axle & Propeller Shaft Market sales is projected to grow at a CAGR of 8.22% during 2016 to 2021 period, to reach USD 58.07 billion by 2021.
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.
Browse through more than 88 market data tables and 60 figures spread through 158 Pages and in-depth TOC on “Automotive Axle & Propeller Shaft Market – Global Forecast to 2021”
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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.
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 report covers the automotive axle and propeller market, in terms of volume and value, across regions such as Asia-Oceania, Europe, North America, and the Rest of the World (RoW). It explains qualitative and quantitative aspects of axles and propellers with respect to position and types. The report briefly explains and estimates the automotive axle and propeller market on the basis of region, from 2016 to 2021.
The report also provides an overview of the technical, as well as other important aspects of the market. It covers Porter’s five forces analysis, competitive landscape, and company profiles of major players in the automotive axle and propeller shaft ecosystem.