Portland, OR, June 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive axle & propeller shaft market generated $29.3 billion in 2020, and is expected to reach $45.3 billion by 2030, witnessing a CAGR of 4.6% from 2021 to 2030. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in production & sales of vehicles, rise in adoption of electric vehicles, surge in aftermarket demand for axle & propeller shaft from emerging economies, and rise in demand for comfortable & fuel efficient vehicles drive the growth of the global automotive axle & propeller shaft market. However, varying prices of raw materials and concerns related to vehicle recall & regulatory restrain the market growth. On the other hand, rise in demand for all-wheel drive vehicles and surge in use of lightweight materials for manufacturing of axle & propeller shafts create new opportunities in the coming years.
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Covid-19 Scenario:
- The Covid-19 pandemic forced many countries to implement lockdown restrictions. This resulted to disruptions in supply chain and created shortage of automotive parts & suspension of production activities of vehicles across the globe. The demand for axle & propeller shafts reduced from the automotive sector.
- Post-lockdown, the sales for electric car experienced a significant growth, witnessing the growth of nearly 109% in 2021. This growth in sales of electric vehicle led to rise in demand for automotive axle and propeller shaft and led to the growth of the market.
The report offers detailed segmentation of the global automotive axle & propeller shaft market based on type, vehicle type, sales channel, and region.
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Based on type, the live axle segment contributed to the largest share in 2020, accounting for more than half of the total market share, and is estimated to maintain its lead position during the forecast period. However, the single piece propeller shaft segment is expected to manifest the highest CAGR of 6.5% from 2021 to 2030.
Based on sales channel, the original equipment manufacturer segment held the highest share in 2020, accounting for more than 90% of the global automotive axle & propeller shaft market. However, the aftermarket segment is estimated to witness the fastest CAGR of 6.5% during the forecast period.
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Based on region, Asia-Pacific accounted for the largest share in 2020, contributing to nearly two-fifths of the total market share, and is estimated to continue its leadership status by 2030. However, Europe is projected to portray the fastest CAGR of 5.5% during the forecast period.
Leading players of the global automotive axle & propeller shaft market analyzed in the research include American Axle & Manufacturing, Inc., Gestamp Automocion, Dana Incorporated, Hyundai Wia Corporation, S.A., Hitachi, Ltd., JTEKT Corporation, IFA Group, Meritor, Inc., Melrose Industries Plc, and ZF Friedrichshafen AG.
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