Automotive Axle and Propeller Shaft Market Share, Trends, Growth Drivers, Key Manufacturers, Future Opportunities and Forecast till 2033: SPER Market Research
Axles and propeller shafts are important parts of automobiles that produce momentum. Medium-carbon steel, glass fibres, thermoplastic polyamide, epoxy composite, chrome-molybdenum steel, and carbon fibres are used to make them. Axles that support the entire weight of the vehicle and transfer torque from the differential to the wheels are known as live, tandem, and dead axles. Propeller shafts, on the other hand, including multi-piece, slip-in tube, and single-piece shafts, convey torque and rotation from an engine to the wheels of a vehicle. Axles and propeller shafts in automobiles have a variety of properties, including high specific strength, power gearbox at varied elevation levels, and corrosion and abrasion resistance. These components improve handling, safety, and efficiency while also providing more clearance and a smoother ride.
According to SPER market research, ‘Automotive Axle and Propeller Shaft Market Size By Axle Type, By Axle Position, By Propeller Shaft Type, By Passenger Car Propeller Shaft Material -Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Automotive Axle and Propeller Shaft Market is predicted to reach USD 49.76 billion by 2033 with a CAGR of 4.81%.
The vehicle’s drivetrain relies heavily on the propeller shafts and axles. There is a growing body of research aimed at enhancing the overall NVH properties of vehicles due to the growing end-user demand for a comfortable and enjoyable driving experience. As a result of their contact with the ground, manufacturers of propeller and axle shafts must ensure that their products do not transmit noise and vibrations produced by engines or wheels. Both in the manufacturing and assembly levels of the process, the products are extensively tested for NVH properties and performance. Along with enhancing passenger comfort, this helps the vehicle’s overall structural performance. For instance, the increasing need for comfort in luxury cars will have a significant impact on the market for advanced propeller shafts and axles, which help to lessen vibration in the car. By lowering the friction coefficient and preserving vehicle control, advanced axle and propeller shaft technologies have contributed to achieving a certain level of passenger security.
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The automotive sector uses propellers, although sales of these parts have been flat recently. The high cost of production is one element that has been impeding this market. Propellers are consequently frequently constructed from less expensive materials like plastic and fiberglass, which gives them a lower strength and shorter lifespan.
Impact of COVID-19 on Global Automotive Axle and Propeller Shaft Market
Globally, COVID-19 has affected every one of its businesses. Large corporations have declared a temporary suspension of operations due to lockdown and employee safety, which has effectively decreased demand and disrupted the supply chain throughout the pandemic. Small Tier II and Tier III manufacturers were forced to stop producing componentry during the COVID-19 pandemic due to cash flow issues. The market for propeller and axle shafts for automobiles is directly impacted by this overall decline in demand for automobile production. The COVID-19 crisis has affected the automotive sector, resulting in changes to virtual dealerships, contactless payments, and digital platforms.
Automotive Axle and Propeller Shaft Market Key Players:
Geographically, In the upcoming years, Europe is expected to continue experiencing steady growth, making it the second-largest and most established market for automotive axle and propeller shafts. It is predicted that the demand for axle and propeller shafts will be driven by the high car demand in Germany, the UK, and France relative to other nations, as well as the increase in sales of premium vehicles. Asia-Pacific’s largest market, China is seeing a sharp increase in demand for luxury automobiles. Due to the country’s growing disposable income, China is one of the largest markets for luxury automobiles. Additionally, the key market players IFA Group, JTEKT Corporation, Melrose Industries Plc.
Automotive Axle and Propeller Shaft Market Segmentation:
By Axle Type: Based on the Axle Type, Global Automotive Axle and Propeller Shaft Market Segmentation is segmented as: Live, Dead, Tandem.
By Axle Position: Based on the, Automotive Axle and Propeller Shaft Market Segmentation is segmented as: Front, Rear.
By Propeller Shaft Type: Based on the Propeller Shaft Type, Automotive Axle and Propeller Shaft Market Segmentation is segmented as: Single, Multi-Piece
By Passenger Car Propeller Shaft Material: Based on the Passenger Car Propeller Shaft Material, Global Automotive Axle and Propeller Shaft Market Segmentation is segmented as: Alloy, Carbon Fibre.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Automotive Axle and Propeller Shaft Market Outlook
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