Automotive Propeller Shaft Global Market segmented by Position (Front, Rear, and Inter-Axle Propeller Shaft), Type (Live, Dead, and Tandem Axle), Propeller Shaft Type (Single, Multi Piece, and Other), Material (Alloy, and Carbon Fiber), and region.
Automotive Propeller Shaft Market Key Players Analyzed in Report are:
ZF Friedrichshafen AG (Germany), American Axle & Manufacturing, Inc. (U.S.), Meritor, Inc. (U.S.), Showa Corporation (Japan), GKN plc (U.K.), Wilson drive shafts (England), Nexteer Automotive (U.S.), JTEKT Corporation (Japan), Gestamp (Spain), Dana Holding Corporation (U.S.), D & F Propshafts (U.K.), Bailey Morris limited (England), B & F limited (U.K.), American Axle & Manufacturing Holdings, Inc. (U.S.), and Hyundai Wia Corporation (South Korea).
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The global automotive propeller shaft market is accelerating mainly due to the demand for light-weight vehicles to ensure improved fuel efficiency and high torque. Additionally, the technological innovations in these propeller shafts drive the market growth exponentially. The increase in unit sales of new vehicles has augmented the demand for the propeller shaft, escalating its market growth on the global platform.
Acknowledging the exponential traction, the market is vibrating with currently, Market Research Future (MRFR) in its recently published study report asserts that the global automotive propeller shaft market is booming and expected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the projected period (2017 -2023).
Additional factors substantiating the market growth include the improvements brought about in the materials and the burgeoning automotive industry. Substantial investments made in the research and development activities so as to innovate their product line are paying off well, fostering the growth of the market.
Market Segments Analysis:
The market can be segmented into five key dynamics for enhanced understanding;
By Positions: Front, Rear, and Inter-Axle Propeller Shaft.
By Types: Live, Dead, and Tandem Axle among others.
By Propeller Shaft Types : Single, and Multi-Piece among others.
By Materials: Alloy, and Carbon Fiber among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
The Asia Pacific region accounts for the leading market for the automotive propeller shaft, capturing the largest market share, globally. Moreover, the presence of long-established original equipment manufacturers provides impetus to the market growth in the region, providing the strong base for the significant development.
The European region with its well-established automotive industry accounts for the second-largest market for the automotive propeller shaft. The presence of several giant automakers in the region is the main driving force acting as a headwind to the market growth.
The North American region with its fast-growing market for automotive propeller shaft is emerging as one of the lucrative markets. Burgeoning automotive industry and innovations brought about in the propeller shafts provide impetus to the growth of the regional market.
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