Automotive Axle & Propeller Shaft Market by Axle & Propeller Shaft Type and Propeller Shaft Type and Vehicle Type - Global Opportunity Analysis - 2025

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“Automotive Axle & Propeller Shaft Market by Axle Type (Live, Dead & Tandem), Axle Position (Front & Rear), Propeller Shaft Type (Single & Multi Piece), Passenger Car Propeller Shaft Material (Alloy & Carbon Fiber) and Region – Global Forecast to 2025″
The automotive axle and propeller market size in terms of value is estimated to be USD 29.5 billion in 2019, which is projected to grow to USD 35.0 billion, by 2025 at a CAGR of 2.9%. Growing global vehicle production, increasing demand for luxury vehicles, and commercialization of new technologies towards light-weighting of the overall vehicle is expected to drive axle and propeller shaft market

Key Market Players

Some of the key players in the automotive axle and propeller shaft market are ZF Friedrichshafen AG (Germany), Dana Incorporated (US), GKN PLC (UK), American Axle & Manufacturing, Inc. (US), Meritor, Inc. (U.S.), Showa Corporation (Japan), Hyundai Wia Corporation (South Korea), JTEKT Corporation (Japan), and GKN plc (UK). ZF and GKN adopted the strategies of expansion, and new product development, to retain its leading position in the automotive axle and propeller market.

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Recent Developments

  • In May 2019, Meritor announced plans to acquire AxleTech for approximately USD 175 million. The addition of AxleTech will enhance Meritor’s growth platform, bringing a highly complementary global product portfolio across the off-highway, defense, specialty, and aftermarket segments. AxleTech’s offerings include a full product line of independent suspensions, axles, braking solutions, and drivetrain components. These capabilities will enable Meritor to offer global customers a more comprehensive array of differentiated products and solutions while further diversifying the company’s portfolio.
  • In February 2019, ZF’s AxTrax AVE electric portal axle was awarded the 2019 EBUS Award in the category “Drives for Battery Buses.” AxTrax AVE electric portal axle makes it easier for bus manufacturers and public transport authorities to switch over to quiet, zero local emission drives. This driven axle can be operated by all electric not only by battery or overhead lines but also in hybrid or fuel cell configurations. The flexibility in configuration options and the selection of energy source makes it the ideal solution for almost any urban environment.
  • In April 2018, American Axle Manufacturing (AAM) and Liuzhou Wuling Automobile Industry Co. Ltd., a subsidiary of Guangxi Automobile Group Co., Ltd., entered into a joint venture agreement to manufacture driveline systems. Liuzhou AAM plans to provide both conventional and electric drive axles in China. Independent rear axles and driveheads by Liuzhou AAM will meet the needs of the fast-growing segments of multi-purpose vehicles and crossovers, including vans, minivans, and sport utility vehicles.

Single piece segment is estimated to hold the largest share in automotive propeller shaft market

Single-piece propeller shaft dominates the automotive propeller shaft market during the forecast period. The factors that drive the growth of this segment are cost-effectiveness as well as its overall durability. The single-piece propeller shaft is used more than the multi-piece propeller shaft majorly because of its lightweight with high fuel efficiency. The single-piece propeller shaft becomes an ideal choice for the shorter distance between the engine and the rear axle. The demand for the sport utility vehicle segment is rising mainly in US, China, and India, owing to the improving economic environment, low crude oil prices, and rising per capita income. This will prompt the demand for rear wheel drive vehicles which are usually installed with single-piece shaft and subsequently the growth of SUVs would also foster the demand for single-piece propeller shaft in the future.

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Europe is expected to account for the second largest market during the forecast period

Europe is estimated to be the second largest and established market for axles and propeller shafts and is projected to witness stable growth in the coming years. A major growth driver is expected to be stringent fuel-economy norms which would encourage research activities to develop lightweight solutions for vehicles.  The increased production level in Germany, the UK, and France, along with the rise in premium vehicle sales, are estimated to drive the demand for axles and propeller shafts. Rising preference for comfort while driving by end-users would also positively impact the demand for a better quality of axles and propellers.
Location: United States

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