Automotive Axles and Propeller Shafts Market
PORTLAND, OREGON, USA, Sept. 5, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled ‘Automotive Axle & Propeller Shaft Market’, the automotive axle and propeller shaft market was valued at $29.3 billion in 2020 and is expected to reach $45.3 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
Asia-Pacific is expected to dominate the automotive axles and driveshafts market owing to the increase in demand for passenger vehicles from China, Japan, and India. In January 2021, vehicle sales in China increased by 29.5% compared to the previous year. Rising vehicle production in the emerging economies of China, Japan, Taiwan, and India, coupled with increased adoption of fuel-efficient vehicles, is contributing to the growth of the Asia-Pacific market.
The adoption of electric vehicles has been observed across the world. Several manufacturers are developing lightweight axle parts with the aim of improving the performance of electric vehicles. Additionally, manufacturers are also developing and integrating aluminum-based parts in automobiles as it helps to reduce vehicle weight. Now, increasing adoption of electric vehicle is one of the factors driving the growth of the market.
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The Covid-19 pandemic has forced many countries to put in place lockdown restrictions. This has led to disruptions in the supply chain and created a shortage of auto parts and the suspension of vehicle production activities across the world. The demand for axle shafts and propellers has decreased in the automotive sector.
Post-lockdown, electric car sales have seen significant growth, registering nearly 109% growth in 2021. This growth in electric vehicle sales has led to an increase in demand for automotive axles and driveshafts and driven the growth of the market. .
The report offers a detailed segmentation of the global Automotive Axles and Drive Shafts market on the basis of type, vehicle type, sales channel and region.
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Based on type, the drive axles segment contributed the largest share in 2020, accounting for more than half of the total market share, and is expected to maintain its leading position during the forecast period. However, the one-piece propeller shaft segment is expected to show the highest CAGR of 6.5% from 2021 to 2030.
Based on sales channel, the OEM segment held the highest share in 2020, accounting for over 90% of the global automotive axles and driveshafts market. However, the secondary market 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 nearly two-fifths of the total market share, and is expected to maintain its leading status by 2030. However, Europe is expected to show the fastest CAGR of 5.5% during the forecast period.
The major players of the global automotive axles and driveshafts market analyzed in the research include American Axle & Manufacturing, Inc., Gestamp Automocion, Dana Incorporated, Hyundai Wia Corporation, SA, Hitachi, Ltd., JTEKT Corporation, IFA Group, Meritor, Inc., Melrose Industries Plc and ZF Friedrichshafen AG.
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Similar reports we have on the automotive industry:
Commercial Vehicle Axles Market – https://www.alliedmarketresearch.com/commercial-vehicle-axles-market
Trailer Axles Market – https://www.alliedmarketresearch.com/trailer-axle-market
Automotive Transaxle Market – https://www.alliedmarketresearch.com/automotive-transaxle-market-A13884
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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