Automotive Axle and Propeller Shaft Market to Grow by USD 4.2 Billion from 2024-2028, Driven by EV Adoption, AI Powered Market Insights- Technavio

NEW YORK, Sept. 11, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global automotive axle and propeller shaft market size is estimated to grow by USD 4.21 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  3.28%  during the forecast period. Increase in adoption of EVs is driving market growth, with a trend towards development of intelligent and advanced automotive axles. However, regulatory challenges associated with automotive axles and propeller shafts  poses a challenge. Key market players include American Axle and Manufacturing Holdings Inc., Comer Industries Spa, Cummins Inc., D.K. Engineering Holdings Ltd., Dana Inc., Dowlais Group plc, Hitachi Ltd., Hyundai WIA Corporation, IFA Holding GmbH, JTEKT Corp., Muhr und Bender KG, Neapco Holdings LLC, Nexteer Automotive Group Ltd., NTN Corp., Schaeffler AG, Talbros Engineering Ltd., Tri-Ring Group Corp, Wanxiang America Corp., Yamada Manufacturing Co. Ltd., and ZF Friedrichshafen AG.

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The automotive axle and propeller shaft market is witnessing significant growth due to the development of new technologies focused on enhancing fuel efficiency in vehicles. Mercedes-Benz (Daimler) is leading this innovation with its latest final drive technology. This advanced axle system enables the automotive axle to regulate oil inside the unit, improving fuel economy by up to 0.5%. The powertrain integration, consisting of the engine, transmission, and axle, benefits from this fuel efficiency boost and reduced maintenance costs, ultimately lowering the total cost of ownership. Mercedes' new final drive axle features an oil supply that depends on speed, torque, and temperature requirements. The oil level in the bowl covering the ring gear is controlled by a throttle valve, minimizing oil swirl for a smooth mating surface and reducing friction loss. Additionally, the company's axle design includes laser-welded gears without bolt heads, new gear teeth geometry, and a ferrite-optimized pinion bearing for reduced friction and oil disturbance. ZF Friedrichshafen also contributes to the market growth with its MULTISTEER MS-B 3000 axle series, designed for high-stress environments. This axle features a securely attached steering cylinder and large steering angle, producing a high-capability axle even with large front wheels. These advancements in automotive axles are expected to have a positive impact on the global automotive axles market during the forecast period. 

The Automotive Axle and Propeller Shaft market is experiencing significant growth, driven by the increasing demand for passenger cars and commercial vehicles. Live axles and dead axles continue to dominate the market in traditional vehicles, while OEMs and Tier I suppliers focus on developing lightweight axles and propeller shafts using materials like aluminum alloys, high strength steel, carbon fiber, and polymer composites. Electric vehicles (EVs) present new opportunities with the rise of e-axles and lightweight components. EV sales are on the rise, leading to increased demand for lightweight, durable, and corrosion-resistant axles and propeller shafts. Light commercial vehicles and heavy commercial vehicles also require axles and propeller shafts for handling and safety. Manufacturers are exploring new materials like carbon fiber shafts and multi-piece propeller shafts to improve specific strength, transmission of power, and NVH properties. Machine learning and artificial intelligence are also being used to optimize designs and improve manufacturing processes. The market is expected to continue growing, driven by the demand for fuel-efficient vehicles and the increasing popularity of electric vehicles. 

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•         The global automotive axle and propeller shaft market faces substantial regulatory challenges, necessitating significant investments in research and development to comply with evolving emission and safety standards. In North America, CAFE standards demand fuel efficiency, leading manufacturers to invest in advanced materials like high-strength steel or aluminum for axles and propeller shafts. In Europe, Euro 6 emission standards require stringent emission reductions, driving the need for low-friction and lightweight components, while the EU's focus on sustainability adds to production costs. China's China 6 emission standards impose significant reductions in vehicle emissions, necessitating the development of more efficient axles and propeller shafts. In India, BS-VI emission standards require substantial investments in new technologies and materials to meet stringent NOx and particulate matter emission reductions. These regulatory requirements can be prohibitive for smaller manufacturers, potentially hindering market growth during the forecast period.

•         The Automotive Axle and Propeller Shaft market faces several challenges for OEMs and Tier I suppliers. The use of various materials like aluminum, high strength steel, carbon fiber, polymer composites, alloys, and different types of steel in manufacturing axles and propeller shafts adds complexity. OEMs and suppliers must consider specific strength, transmission of power, corrosion resistance, and abrasion resistance when choosing materials. Carbon fiber shafts offer lightweight solutions for fuel-efficient vehicles and all-wheel drive systems. However, handling and safety concerns require careful consideration. Materials like glass fibers, thermoplastic polyamide, epoxy composite, and chrome-molybdenum steel are also used. Manufacturers must balance durability, toughness, and cost-effectiveness. The integration of machine learning and artificial intelligence in designing and manufacturing lightweight axles is a growing trend. Meeting the demands of passenger cars, light commercial vehicles, and heavy commercial vehicles requires addressing various challenges, including handling, safety, and specifications for different applications.

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This automotive axle and propeller shaft market report extensively covers market segmentation by  

1. Vehicle Type
• 1.1 Passenger vehicles
• 1.2 Commercial vehicles
2. Location 
• 2.1 Rear
• 2.2 Front
• 2.3 Interaxle
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Passenger vehicles-  The Automotive Axle and Propeller Shaft Market is a significant sector in the automotive industry. Manufacturers produce axles and propeller shafts for various vehicle applications, ensuring smooth power transmission from the engine to the wheels. These components are essential for vehicle functionality and are in high demand due to increasing automobile production. Market growth is driven by factors such as rising vehicle sales, technological advancements, and stringent emission norms. Companies focus on improving product efficiency and durability to meet customer expectations and stay competitive.

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The Automotive Axle and Propeller Shaft Market encompasses the production and supply of propeller shafts for use in passenger cars. Propeller shafts, also known as driveshafts, transmit power from the transmission to the differential or rear wheels. They come in various designs such as live axle, dead axle, multi-piece, slip-in tube, and single-piece propellers. Materials used in manufacturing propeller shafts include medium-carbon steel, high strength steel, aluminum, alloys, carbon fiber, polymer composites, and chrome-molybdenum steel. The choice of material depends on factors like NVH properties, weight, and corrosion resistance. Passenger cars, OEMs, and Tier I suppliers are significant consumers of propeller shafts. With the rise of electric vehicles, there is growing demand for lightweight propeller shafts made from materials like carbon fiber and aluminum to reduce vehicle weight and improve efficiency. Propeller shafts play a crucial role in the transmission of power and require high strength and durability. The market is expected to grow due to increasing vehicle production and the demand for advanced materials in automotive applications.

The Automotive Axle and Propeller Shaft Market encompasses the production and supply of axles and propeller shafts for passenger cars, light commercial vehicles, and heavy commercial vehicles. Axles come in various types, including live axle and dead axle, while propeller shafts are available as multi-piece or single-piece designs. The market is driven by factors such as the increasing demand for fuel-efficient vehicles, all-wheel drive systems, and electric vehicles (EVs). Lightweight materials like aluminum alloys, high strength steel, carbon fiber, and polymer composites are increasingly used to manufacture axles and propeller shafts for improved specific strength, corrosion resistance, and abrasion resistance. The market also benefits from advancements in technology, including machine learning and artificial intelligence, which enable the production of lightweight axles and propeller shafts. The aftermarket segment is also significant, with OEMs and Tier I suppliers supplying replacement parts to meet the growing demand for maintenance and repair. The transition to EVs is expected to bring significant growth opportunities, with the development of e-axles and lightweight carbon fiber shafts for improved handling, safety, durability, and toughness.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Vehicle Type
• Passenger Vehicles
• Commercial Vehicles
• Location
• Rear
• Front
• Interaxle
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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