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(Transportation-News.com, January 30, 2020 ) The Global Automotive Axle and Propeller Shaft Market size in terms of value is estimated to be USD 29.5 billion in 2019, which is projected to grow to USD 35.0 billion, by 2025 at a CAGR of 2.9%. Growing global vehicle production, increasing demand for luxury vehicles, and commercialization of new technologies towards light-weighting of the overall vehicle is expected to drive axle and propeller shaft market
Some of the key players in the automotive axle and propeller shaft market are ZF Friedrichshafen AG (Germany), Dana Incorporated (US), GKN PLC (UK), American Axle & Manufacturing, Inc. (US), Meritor, Inc. (U.S.), Showa Corporation (Japan), Hyundai Wia Corporation (South Korea), JTEKT Corporation (Japan), and GKN plc (UK).
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Single piece segment is estimated to hold the largest share in automotive propeller shaft market
Single-piece propeller shaft dominates the automotive propeller shaft market during the forecast period. The factors that drive the growth of this segment are cost-effectiveness as well as its overall durability. The single-piece propeller shaft is used more than the multi-piece propeller shaft majorly because of its lightweight with high fuel efficiency. The single-piece propeller shaft becomes an ideal choice for the shorter distance between the engine and the rear axle. The demand for the sport utility vehicle segment is rising mainly in the US, China, and India, owing to the improving economic environment, low crude oil prices, and rising per capita income. This will prompt the demand for rear-wheel drive vehicles which are usually installed with single-piece shaft and subsequently the growth of SUVs would also foster the demand for single-piece propeller shaft in the future.
Live Axle is projected to lead the automotive axle market, by type, during the forecast period
The live axle is estimated to hold the largest share of the market during the forecast period between 2019 and 2025. The live axle drives the wheel connected to it along with supporting the weight of the car. Increasing consumer preference towards SUVs and RWD passenger cars as well as consistent growth in overall vehicle production have triggered the growth of live axles’ market. The demand of RWD/AWD in the US, China, Japan, and European countries have shown significant growth in recent years, and the trend is expected to continue over the forecast period, thus, ultimately boosting the live axle demand for light-duty vehicles. Additionally, the growth in heavy vehicles, mainly in North America and Europe will propel the live axle demand in the future.
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Asia Oceania is expected to have a major share in the automotive axle & propeller shaft market
The study estimates Asia Oceania as the largest consumer for the automotive axle & propeller shaft market during the forecast period. The region is the global leader in vehicle production, with production growth of about 26%–28% over the past five years for passenger cars and commercial vehicles. China has been the leading automotive market for vehicle production as well as sales in this region. According to OICA, China, along with Japan and India, accounted for almost 40%-44% of global vehicle production in 2018.
Furthermore, as per the World Bank statistics, the per capita income in China and India increased by about 68% and 14%, respectively, from 2010 to 2015. The rise in disposable income is expected to increase the sales of economy, and premium vehicles, which, in turn, will drive the demand for axle and propeller shaft in the region.
Recent Developments:
• In February 2019, ZF’s AxTrax AVE electric portal axle was honored with the 2019 EBUS Award in the category “Drives for Battery Buses.” AxTrax AVE electric portal axle makes it easier for bus manufacturers and public transport authorities to switch over to quiet, zero local emission drives. This driven axle can be operated all-electric not only by battery or overhead lines but also in hybrid or fuel cell configurations. The flexibility in configuration options and in the selection of energy sources makes it the ideal solution for almost any urban environment.
• In February 2018, The eAxle was launched in its first application across Volvo’s range of T8 Twin Engine plug-in hybrids, picking up an Automotive News PACE Innovation Award in 2016. GKN’s coaxial eAxle powered the rear wheels of the LEVC (London EV Company) electrified TX model.
• In May 2019, Dana supplied driveline technologies to General Motors in North and South America, including front and rear Spicer AdvanTEK axles and Spicer prop shafts. Dana was recognized by General Motors as the “Supplier of the Year” for driveline technologies.
• In June 2018, American Axle Manufacturing (AAM) announced that it would supply Power Transfer Units (PTU) for Ford Motor Co. crossover vehicles with all-wheel drive (AWD) starting with the 2019 Ford Edge and Lincoln Nautilus. The new contract expands AAM and Ford’s relationship while supporting their global growth in the popular crossover segment. The PTU is an integral part of the vehicles’ Intelligent AWD, which uses sensors to constantly monitor traction and assist the driver through difficult weather and challenging road conditions. It balances torque between the front and rear wheels to enhance handling and maximizes traction before the occurrence of wheel slip.
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