Global Automotive Axle and Propeller Shaft Market Projected to Reach $42.81 billion by 2029 with CAGR of 5.9%
21 Jan, 2025
What Has Been The Growth Pattern of The Automotive Axle and Propeller Shaft Market In Recent Years?
Over the past years, the Automotive Axle and Propeller Shaft Market has shown strong growth patterns.
• The market increased from $32.38 billion in 2024 to $34.05 billion in 2025, indicating a robust CAGR of 5.2%.
The growth in the historic period was majorly driven by government regulations, globalization, rise in disposable income, and an increased demand for commercial vehicles.
What Is The Future Market Size And Growth Forecast For The Automotive Axle and Propeller Shaft Market?
The automotive axle and propeller shaft market is anticipated to see robust growth in the upcoming years.
• The projected market size by 2029 is estimated to be around $42.81 billion, growing at a CAGR of 5.9%.
This growth can be attributed to factors like adoption of electric vehicles (EV), emergence of autonomous vehicles, stringent emission regulations, global trade agreements, and global market growth. Other key trends shaping the market include customization and modularization, sustainability, advanced manufacturing techniques, electric and hybrid vehicle integration, partnerships, and collaborations.
What Are The Key Drivers Propelling The Automotive Axle and Propeller Shaft Market Growth?
The increased demand for comfortable and fuel-efficient vehicles is set to fuel the growth of the automotive axle and propeller shaft market. For example, in January 2024, a report by Kelley Blue Book highlighted that in 2023, 1.2 million car buyers in the U.S. opted for electric vehicles. This represented 7.6% of the entire U.S. vehicle market, up from 5.9% in 2022. Such trends indicate a boost in the demand for comfortable and fuel-efficient vehicles, consequently propelling the growth of the automotive axle and propeller shaft market.
How Is The Automotive Axle and Propeller Shaft Market Segmented?
The automotive axle and propeller shaft market covered in this report is segmented –
1) By Type: Single Piece, Multi Piece
2) By Propeller Shaft Type: Front Propeller, Inter-Axle, Rear Propeller
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
4) By Material: Alloy, Carbon Fiber
5) By Sales Channel: Original Equipment Manufacturer, After market
What Trends Are Influencing the Automotive Axle and Propeller Shaft Market?
The automotive axle and propeller shaft market is seeing a rising trend in technological advancements. Companies are introducing new technologies such as the 4in1 electric axle that integrates the electric motor, power electronics, transmission, and thermal management system into a single compact unit. For instance, in June 2022, Schaeffler Technologies introduced the 4in1 electric axle, improving comfort, range, and efficiency in electric vehicles.
Who Are The Key Players In The Automotive Axle and Propeller Shaft Market?
• Dana Holding Corporation
• American Axle & Manufacturing Inc.
• Gelenkwellen-Service GmbH
• GKN-Walterscheid GmbH
• Hyundai Wia Corporation
• IFA Rotorion
• JTEKT Corporation
• Meritor Inc.
• ZF Friedrichshafen AG
• Korea Flange Co. Ltd.
What Is The Leading Region In The Automotive Axle and Propeller Shaft Market?
Asia-Pacific led the automotive axle and propeller shaft market in 2024. Meanwhile, Latin America is anticipated to be the fastest-growing region in the forecast period. The automotive axle and propeller shaft market report presents an analysis covering Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.