Increasing operational performance, improving drivability and ensuring safe transport of cargo and passengers is the one of the top priority of automobile manufacturers. With increasing acceptance of hybrid and electric vehicles and integration of smart and connected technologies, manufacturers are concentrating on improving power and drivetrain systems encompassing components such as clutch, transmission, propeller shaft and rear axle. Depending upon its position and application, an axle serves different functions of steering and transmission. A propeller shaft serves the purpose of transmitting torque and rotation along with other drive train components.
Escalating vehicle production to meet the everyday increasing demand of thriving global population is one of the pivotal factors influencing revenue sales of automotive axle and propeller shaft market. In addition, the growth of automotive axle and propeller shaft market is further propelled by the thriving aftermarket demand for propeller and axles in emerging economies. However, increased component cost and additional vehicle weight are the two factors that can act as a challenge to the automotive axle and propeller shaft market.
With vehicle weight pivotally influencing vehicle performance, the adoption of light weight propeller shaft is gaining traction. Apart from body and frame, some of the leading car manufacturers such as Aston Martin and Alfa Romeo, have incorporated carbon fibre propeller shafts in some of their models. With increasing adoption of electric vehicles, critical focus over power train and axle system is expected to bring significant changes in terms of component and system design and material utilization in automotive axle and propeller shaft market during the forecast years.
The automotive axle and propeller shaft market can also be segmented on the basis of region as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East and Africa (MEA). APEJ axle and propeller shaft market is spearheaded by India and China. With sustainable demand for aftermarket components, the increasing sales of heavy commercial vehicles in these regions is expected to bolster revenue sales of automotive axle and propeller shafts market.
Proliferating demand for light commercial and passenger vehicles in ASEAN countries such as Indonesia and Malaysia among other countries is boosting the sales of automotive axle and propeller shaft market. The recuperating sales of vehicles is expected to create strong demand for automotive and propeller shafts during the forecast year. With a number of OEM manufacturers shifting production bases in Latin America, the region is expected to witness significant development in terms of supply and demand for domestic automotive axle and propeller shaft manufacturers.
Key automotive axle and propeller shaft markets in Western Europe such as Germany, Italy, Spain and U.K. are witnessing relatively high demand for aftermarket components such as drive train components and shafts for electric vehicles segment. This automotive axle and propeller shaft market demand is expected to mature during the first half of the forecast period. However, post 2021, the demand is expected to resurge. Middle East and Africa and Eastern Europe automotive axle and propeller shaft market is expected to witness significant demand owing to escalating sales of passenger cars and light commercial and heavy commercial vehicles.
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Examples of some of the market participants in the globalautomotive axle and propeller shaft market include Dana Corporation, IFA Rotorion, Meritor Inc., Korea Flange Co. Ltd. (KOFCO), ZF Friedrichshafen AG, Showa Corporation, JTEKT Corporation, Hyundai Wia Corporation, GKN-Walterscheid GmbH, American Axle & Manufacturing, Inc., and Gelenkwellen-Service GmbH.