The rise in demand for advanced car models is likely to be the primary factor driving the global market of automotive propeller shaft, reveals Market Research Future (MRFR). MRFR in its “ Automotive Propeller Shaft Industry Size” report states that the market is expected to grow at a lucrative CAGR and attain a substantial valuation by the end of the evaluation period of 2019 to 2023.
Factors that are likely to fuel the Automotive Propeller Shaft Industry growth are innovations in materials, quick pace expansion of the automotive industry, and hike in the sales count of the new automobiles. Innovations and upgradation in technologies used for the production of automotive propeller shafts are likely to drive the growth of the market. Light weight propeller shaft is trending in the market as the need for reduction of overall weight of a vehicle is rising. In addition, the growing sales of new vehicle can result in the surge application of propeller shaft in vehicle that can provide better torque, which will enable feasibility in the movement of vehicles. These factors are expected to prompt the market growth.
The global Automotive Propeller Shaft Industry is segmented on the basis of position, type, propeller shaft type, and material.
By position type, the market is segmented into front, inter-axle, and rear propeller shaft. The front-wheel propeller shaft is anticipated to lead in the global Automotive Propeller Shaft Industry across the forecast years. This is because most consumers prefer the front position for propeller shaft over other position types, as it improves the vehicle’s aerodynamics.
By type, the market is segmented into live, dead, and tandem axle. The live axle segment is expected to lead in the global market in the evaluation period. This is because it offers enhanced optimization of vehicle performance, along with higher torque over others.
By propeller shaft type, the market is segmented into multi-piece, single, and other. The multi-piece propeller shaft is likely to direct the market in the review period. This is because it improves the vehicle’s efficiency.
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The Asia Pacific region Automotive Propeller Shaft Industry to show the highest expansion rate across the assessment period. The rise in the demand for propeller shaft among and OEMs and aftermarket service providers in developing economies, such as Japan, India, and China among others are anticipated to propel the APAC Automotive Propeller Shaft Industry Size. Moreover, the automakers in the Asia Pacific region are investing in research and development activities, and innovations. The rise in need for new product development is expected to drive the regional Automotive Propeller Shaft Industry Size.
The Automotive Propeller Shaft Industry in Europe is expected to show a considerable growth. The increase in the count of automotive technology providers in Europe, especially in France, Germany, the United Kingdom is likely to drive the regional market.
The North America Automotive Propeller Shaft Industry is likely to rank third in the growth chart of the market. The United States market is likely to hold a considerable share of the regional market. The rise in need for light weight vehicles has led to the surge in the adoption of propeller shaft, which is expected to escalate the regional market.
MRFR acknowledged some important key player that are operating in the global Automotive Propeller Shaft Industry Size. They are; Bailey Morris Limited (England), American Axle & Manufacturing, Inc. (U.S.), Dana Holding Corporation (U.S.), B & F limited (U.K.), GKN plc (U.K.), Gestamp (Spain), D & F Propshafts (U.K.), JTEKT Corporation (Japan), Hyundai Wia Corporation (South Korea), Nexteer Automotive (U.S), Meritor, Inc. (U.S.), Wilson drive shafts (England), Showa Corporation (Japan), and ZF Friedrichshafen AG (Germany).
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