Latest News- Automotive Axle And Propeller Shaft Market: Passenger vehicles is expected to lead the Vehicle Type segment during 2024-2028

The Automotive Axle And Propeller Shaft Market is being driven by Increase in adoption of EVs

The Automotive Axle And Propeller Shaft Market is expected to grow at a CAGR of 3.28% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4215.6 million. In the automotive industry, the pursuit of enhanced fuel efficiency is a key focus for innovation. Mercedes-Benz (Daimler), a leading automaker, has recently introduced an advanced final drive technology for its automotive axles. This technology enables the axle to regulate oil flow internally, resulting in a potential fuel economy improvement of up to 0.5%. By integrating the engine, transmission, and axle into a single powertrain, Mercedes-Benz not only optimizes fuel efficiency but also reduces vehicle maintenance costs, thereby decreasing the total cost of ownership. The new final drive axle's oil supply is intelligently managed based on speed, torque, and temperature requirements. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Passenger vehicles
  • Commercial vehicles
• Location
  • Rear
  • Front
  • Interaxle
• Geography
  • APAC
    • China
    • India
  • Europe
    • Germany
    • UK
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in adoption of EVs
• Rising aftermarket demand for automotive axles and propeller shafts
• Surge in use of lightweight materials for manufacturing automotive axles and propeller shafts

However, the market also witnesses some limitations, which are as follows:

• Regulatory challenges associated with automotive axles and propeller shafts
• High production costs for automotive axles and propeller shafts
• Sustainability concerns related to automotive axle and propeller shaft manufacturing

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Market Scope in Automotive Axle And Propeller Shaft Market Research Report

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Research Analysis Overview

The Automotive Axle and Propeller Shaft Market encompasses propeller shafts utilized in passenger cars, including live axle and dead axle systems. This market caters to both OEM and aftermarket sectors, focusing on electric vehicles and conventional ones. Lightweight materials like aluminum, high strength steel, carbon fiber, polymer composites, alloys, and various steels are employed to enhance NVH properties and corrosion resistance. Propeller shafts come in various forms, such as multi-piece, slip-in tube, and single-piece, all serving the purpose of transmitting power efficiently. Tier I suppliers and OEMs leverage materials like medium-carbon steel, glass fibers, thermoplastic polyamide, epoxy composite, chrome-molybdenum steel, and carbon fibers to produce these components.

Market Research Overview

The global automotive parts and equipment market encompasses businesses specializing in the production of components and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive drivetrain systems, powertrain solutions, axle manufacturing, propeller shaft technology, differential systems, vehicle driveline parts, automotive transmission systems, rear axle assemblies, front axle systems, heavy-duty drivetrain parts, and electric vehicle drivetrains. Factors driving growth in this market include the increasing integration of electronic components in automobiles, such as electronic control units (ECUs), and the rising sales of electric vehicles, motorcycles, and passenger cars.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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