Automotive propeller shaft is one of the most crucial components in the automotive drivetrain system, as the component is responsible for transmitting engine torque to the automotive wheels, which finally turns into motion of the vehicle. Propeller shaft is a key component deciding the performance of the vehicle, thus design and development of automotive propeller shaft must be done with high precision. Due to this factor, which is further supplemented by the existing regulatory atmosphere in automotive industry focused on lightweight and increased fuel efficiency, propeller shaft manufacturers invest heavily in research and development for innovating new products. The global automotive propeller shaft market is expected to witness healthy upsurge in sales, owing to robustly growing demand for new vehicles. Light weighting of propeller shaft is presently the prime focus of propeller shaft manufacturers, the lightweight shafts will not only improve fuel efficiency but also enhance driving experience, this trend has brought hollow shafts into limelight and significant growth is expected in hollow shafts segment. The manufacturers are focusing on introducing new and advanced materials, which could significantly reduce weight of the shafts.
Global Automotive Propeller Shaft Market: Market Dynamics
Increasing demand for automotive, particularly passenger cars, which in turn leads to increased vehicle production, is one of the major motive forces driving the growth of automotive propeller shafts market. High value growth in vehicle sales is witnessed in developing nations such as India where the national economy has been growing robustly over years. Further, existing regulatory environment to mitigate concerns such as carbon emissions is motivating manufacturers to invest in research and development, which again drives the market growth. However, on the other side, increasing cost of raw materials and economic uncertainties existing in some of the major regions could hamper growth of the global automotive propeller shaft market.
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Global Automotive Propeller Shaft Market: Segmentation
The global automotive propeller shaft market can be segmented based on product type, material type, shaft position, category, vehicle type and sales channel.
By product type, the global automotive propeller shaft market can be classified into:
- Single Piece
- Multi-Piece
- Collapsible shafts
By shaft position, the global automotive propeller shaft market can be classified into:
- Front
- Interaxle
- Rear
By category, the global automotive propeller shaft market can be classified into:
- Rigid
- Hollow
By material type, the global automotive propeller shaft market can be classified into:
- Steel
- Aluminium
- Carbon Fibre
By vehicle type, the global automotive propeller shaft market can be classified into:
- Passenger Cars
- Economic cars
- Mid-range
- Premium & Luxury
- Light commercial vehicles
- Heavy commercial vehicles
- Heavy Trucks
- Buses & Coaches
By sales channel, the global automotive propeller shaft market can be classified into:
- OEM
- Aftermarket
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Global Automotive Propeller Shaft Market: Region-wise Outlook
Asia Pacific dominates the global automotive production and sales, thus the region is expected to remain as the major market in terms of demand for automotive propeller shaft both from OEMs and aftermarket replacement demands. India, China, Japan, South Korea and ASEAN countries are expected to be the key drivers for the growth in the market. The market in the region is expected to witness entry of new market participants to gratify the domestic demands. In the latter half of the forecast period, manufacturers will be keener towards new product development and establishing strategic collaborations and partnerships with leading technology providers. Europe, being a home for leading automotive technology providers, is expected to be the next big market and maintain its position as innovator for propeller shaft technology. North America is projected to remain as the next major market followed by Europe, and the U.S. is the major contributor to the growth in the region. Latin America automotive propeller shaft market is expected to witness fast growth, as major auto OEMs have shifted their production into growing markets of Latin America.
Global Automotive Propeller Shaft Market: Market Participants
Examples of some of the market participants identified in the global automotive propeller shaft market are:
- American Axle & Manufacturing Holdings, Inc.
- Dana Holding Corporation
- GKN PLC
- ZF Friedrichshafen AG
- Meritor, Inc.
- SHOWA Corporation
- Hitachi Automotive Systems America, Inc.