Global Automotive Axle and Propeller Shaft Market by Product Types, Fitting Positions, Vehicle Types, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

The global automotive axle and propeller shaft market was valued at USD 29.5 billion in 2019 and is expected to reach USD 34 billion by 2026, expanding at a CAGR of around 3% during the forecast period, 2020–2026. The growth of the market is attributed to increasing demand for light weight and strong vehicles.

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Automotive Axle and Propeller Shaft plays a vital role in functioning of a vehicle. The torque received from engine propulsion is transferred to propeller shaft which is connected to axle between the wheels and transfers the power through rotation, which further leads to rotation of wheels when axle transfers to torque to active axle. Propeller shaft is a part whose primary task is to provide power from engine to axle to enable motion in the vehicle. The parts are made up of alloy, carbon, aluminum, steel, and fiber.

Market Trends, Drivers, Restraints, and Opportunities:

Rising demand for automotive with better torque and horse power is driving the growth of the market.
Cost effective installation and ability to manage high power operations in a vehicle as compared to chains and belts is fueling the growth of the market
Low maintenance, strength, smooth functioning, safety are the features steering the growth of the market.
Fluctuating prices of raw materials are hampering the growth of the market.
Emergence of all wheel drive technology which is one of the positive trends and is expected to foster the growth of the market in forecasted period.