In autos, axles and propeller shafts are key components that generate momentum. They are made from medium-carbon steel, glass fibres, thermoplastic polyamide, epoxy composite, chrome-molybdenum steel, and carbon fibres. Live, tandem, and dead axles are axles that sustain the entire weight of the vehicle and transfer torque from the differential to the wheels. Propeller shafts, on the other hand, such as multi-piece, slip-in tube, and single-piece shaft, transmit torque and rotation from an engine to a vehicle's wheels. Automobile axles and propeller shafts offer a range of characteristics, including high specific strength, power transmission at various elevation levels, and corrosion and abrasion resistance. These components enhance handling, safety, and efficiency while also increasing clearance and offering a smoother ride.
Global Automotive Axle and Propeller Shaft Market Driving Factors and Challenges
The continuous rise in vehicle production and sales globally is one of the primary factors driving the global automotive axle and propeller shaft market. Rising consumer demand for cars is a result of expanding economies, rising urbanization, and improving economic conditions. Since axles and propeller shafts are necessary for every vehicle to transmit power and allow for movement, this ongoing demand directly supports the market's expansion. The kinds of vehicles being manufactured and, consequently, the axles and propeller shafts needed are being impacted by shifting consumer preferences. Heavy-duty axles and shafts are in higher demand as a result of the growing popularity of trucks, SUVs, and crossovers, which are bigger and more durable vehicles. Stricter emission laws have been implemented in several regions as a result of the global focus on lowering greenhouse gas emissions and increasing fuel efficiency. In response, automakers are creating lighter cars with cutting-edge powertrains, such as electric and hybrid models.
The market for traditional axle and propeller shafts is facing serious challenges from the ongoing transition to electric and hybrid vehicles. Electric vehicles (EVs) have various drivetrains, frequently with direct drive or single-speed transmissions. Because of this, they might not need axles with unique properties or conventional propeller shafts like internal combustion engine (ICE) vehicles. Manufacturers of propeller shafts and axles must reassess their production capacities and product portfolios in light of this shift. The automotive sector's focus on reducing weight to enhance fuel efficiency and minimize emissions presents a difficulty for companies that manufacture propeller and axle shafts. Aluminium and composite materials, which are lightweight, are being utilized more often in the construction of automobiles. As a result, producers have to create lightweight parts that still maintain strength, stiffness, and durability while staying within budgetary limits.
Impact of COVID-19 on Global Automotive Axle and Propeller Shaft Market
Worldwide most of the business have been affected by COVID- 19. Major companies have announced a temporary production halt owing to lockdown and to ensure the safety of their staff, which has essentially reduced demand and caused supply chain disruptions during the pandemic. Due to cash flow problems, small manufacturers had to halt component manufacturing during the COVID-19 pandemic. The market for automotive axle and propeller shafts is impacted directly by this decline in demand for automobile production as a whole. In the automotive industry, the COVID-19 crisis has led to changes like digital platforms, contactless payments, and virtual dealerships.
Global Automotive Axle and Propeller Shaft Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; IFA Group, JTEKT Corporation, Melrose Industries Plc, Showa Corporation, ZF Friedrichshafen AG, American Axle Manufacturing, Dana Incorporated, GKN plc, Hitachi Ltd, Hyundai Wia Corporation.
Global Automotive Axle and Propeller Shaft Market Segmentation:
By Axle Type: Based on the Axle Type, Global Automotive Axle and Propeller Market is segmented as: Live, Dead, Tandem.
By Axle Position: Based on the, Global Automotive Axle and Propeller Market is segmented as: Front, Rear.
By Propeller Shaft Type: Based on the Propeller Shaft Type, Global Automotive Axle and Propeller Market is segmented as: Single, Multi-Piece
By Passenger Car Propeller Shaft Material: Based on the Passenger Car Propeller Shaft Material, Global Automotive Axle and Propeller Market is segmented as: Alloy, Carbon Fibre.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.