Latest News:- Commercial Vehicle Propeller Shaft Market: LCV is expected to lead the Application segment during 2024-2028

Commercial Vehicle Propeller Shaft Market to grow at a CAGR of 4.65% during 2024-2028

The Commercial Vehicle Propeller Shaft Market is expected to grow at a CAGR of 4.65% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3914.4 million. The industrial, construction, and mining sectors are experiencing significant growth, leading to an increased demand for commercial vehicles, including light commercial vehicles (LCVs) and medium & heavy commercial vehicles (M&HCVs). This trend is particularly prominent in developing countries such as China and India, where urbanization is driving the need for housing and related infrastructure. In response, commercial vehicle propeller shafts are in high demand due to the heightened requirement for transportation of construction materials. Furthermore, the mining industry in China, as well as in other regions like the US and the Middle East, is witnessing a surge in operations, creating a substantial demand for commercial vehicles to access remote mining sites. 

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The LCV subsegment is expected to dominate the Application segment during the forecast period 

Technavio analysts predict that the LCV subsegment will lead the Application segment during 2024 and 2028 The Light Commercial Vehicles (LCVs) segment dominates the global Commercial Vehicle Propeller Shaft Market, accounting for a significant market share in 2021. This trend is primarily driven by the robust sales of diverse LCV offerings, including small compact trucks, pickup vans, and pickup trucks. These vehicles cater to a wide range of applications in both intra-city and inter-city transportation. The LCV segment's growth can be attributed to its versatility, with vehicles available in various sizes, shapes, wheel configurations, and weight classes.

Here are the various ways based on which the market is segmented: 

• Application
  • LCV
  • M and HCV
• Type
  • Single piece
  • Multi piece
• Geography
  • North America
  • APAC
  • Europe
  • South America
  • Middle East and Africa

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• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish increasing demand for commercial vehicles

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Commercial Vehicle Propeller Shaft Market is witnessing significant growth due to the increasing demand for commercial vehicles, particularly in the transportation of goods and passengers. Propeller shafts are essential components of the powertrain system, connecting the transmission to the differential or the drive axle. They come in various designs, including full-floating axles and semi-floating axles, each with its advantages. Technological advancements in the commercial vehicle industry, such as the shift towards electric vehicles and sustainable energy, are driving innovation in the propeller shaft market. The dependence on foreign oil and high fuel consumption are key challenges, leading to the adoption of advanced manufacturing techniques and materials like steel and shaft tubing for improved efficiency and sustainability. Customization and modularization are also crucial trends, with growing demand for customized propeller shafts for coaches, buses, light commercial vehicles, heavy-duty trucks, and pickup trucks. The global market growth is influenced by trade agreements, emission regulations, and the increasing demand for advanced components like differentials, powertrains, universal joints, drive shafts, end yokes, slip yokes, and center bearings.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including commercial vehicles (CVs), electric vehicles (EVs), 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 automotive components and equipment manufacturers. Key growth drivers in the automotive parts and equipment industry include the surge in electronic components utilization in automobiles, fueled by the expanding sales of electric vehicles, motorcycles, and passenger cars over the last decade. This trend has significantly boosted the demand for electronic control units (ECUs) and other electrical components.

The Commercial Vehicle Propeller Shaft Market is experiencing significant growth, fueled by the increasing demand for commercial vehicles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/