Market Analysis
Market Research Future (MRFR) projects the global automotive propeller shaft market to exhibit an 8.50% CAGR from 2020 to 2027 (forecast period).
The automotive propeller shaft is a mechanical component used to drive the wheels and transmit torque. The propeller shaft is typically used to link other components of the drive train that cannot be linked directly due to their great distance between the two components. The drive shaft contains one or more universal joints, a jaw coupling, and, sometimes, a prismatic joint. A longitudinal shaft is used to transfer power from the engine to the other side of the vehicle before moving towards the wheels. It uses a drive shaft to shift power from the engine to the wheels. It is one of the most important components of the wheel since it is in charge of driving the vehicle. Since the propeller shaft influences the vehicle's performance, its construction must be performed with great care. Many automotive manufacturers are actively investing in R&D in order to innovate their product line. Many manufacturers are focusing on developing lightweight shafts in order to minimize the total weight of the vehicle, which will result in better fuel efficiency. As a result, the decrease in total vehicle weight will drive the demand in the future.
The factors driving the growth of the automotive propeller shaft market are material technology advancement, growth in the automotive industry, and an increase in new vehicle sales. The market is expected to be driven in the future by technological advancements in automotive propeller shafts. In order to reduce the total weight of the vehicle, innovations such as lightweight propeller shafts have arisen. The increase in sales of new vehicles will result in the increasing use of propeller shaft in the vehicle to drive the vehicle. It is an essential vehicle component because it provides torque and allows the vehicle to move.
COVID-19 Impact on the Global Automotive Propeller Shaft Market
The COVID-19 virus has spread all over the world. The declaration of coronavirus as a pandemic in March 2020 resulted in lockdowns being implemented in the majority of countries. Government regulations in most countries have forced industry players to allow their workers to operate remotely. The introduction of automated technology to minimize human activity in manufacturing facilities, on the other hand, is expected to help the growth of the automotive propeller shaft industry. During the pandemic, the use of advanced technology, including automated machinery, not only ensured the continuity of businesses but also allowed for increased work efficiency.
Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/2137
Several emerging and developing economies have imposed partial or total countrywide lockdowns in order to maintain social distancing. To curb the spread of the pandemic, the majority of retail outlets and e-commerce sites were closed. Under the lockdown, the manufacture of automotive components and the provision of related facilities were restricted to permissible limits. The development of automotive propeller shafts was also hampered, resulting in a demand-supply imbalance. The COVID-19 pandemic has disrupted supply chains, limiting the global automotive market's expansion. These factors have had a major effect on the global economy and the automotive industry's revenue generation.
Automotive Propeller Shaft Market – Segments
The report is segmented into five dynamics.
By Position: Front, Rear, and Inter-Axle Propeller Shaft.
By Type: Live, Dead, and Tandem Axle.
By Propeller Shaft Type: Single, Multi-Piece, and others.
By Material: Alloy and Carbon Fiber.
By Regions: Americas, Europe, APAC, and the Rest-of-the-World.
Global Automotive Propeller Shaft Market – Regional Analysis
The Asia Pacific region leads the global automotive propeller shaft market. The largest market share attributes to the increasing demand for propeller shaft among both OEMs and aftermarket replacement. Also, substantial R&D investments for product development, advances in material technologies, and increased vehicle sales drive the regional market growth.
Besides, the region with its raw material advantages attracts foreign investors and therefore witnesses increasing the numbers of production plants. Moreover, the continually rising economy and population in the region accelerate the automotive propeller shaft market sales. China leads the APAC automotive propeller shaft market, followed by India.
Europe stands second in the global automotive propeller shaft market. The market is driven by the presence of several automotive technology providers in this region. Europe is the global hub for automobile research and innovation, which positively impacts the regional market's growth. Furthermore, enormous advances in automotive technologies and the rising economic growth in the region propel market growth. Additionally, the large and well-established automotive sectors in the region substantiate the growth of the market.
Also, increased vehicle safety concerns influence the growth of the regional market. Furthermore, strict government standards for vehicle safety influence market growth in the region. The European Automotive Propeller Shaft market is projected to create an immense revenue pocket during the assessment period.
North America is also a considerably large market for automotive propeller shafts, globally. The development of reduced weight shafts and increasing demand from the transportation sector are the latest propeller shaft market trends. Besides, factors such as the growing significant GDP and high per capita income of demographics foster the regional market's growth. Moreover, favorable government policies, leading OEMs, and well-developed automobile infrastructures in the region influence the automotive propeller shaft sales.
Automotive Propeller Shaft Market – Competitive Analysis
Highly competitive, the automotive propeller shaft market appears diversified with the presence of several well-established players. To gain a larger competitive share of the market, innovation, mergers & acquisitions, and brand reinforcement remain key trends for propeller shaft manufacturers.
Major Players:
Players leading the automotive propeller shaft market include American Axle & Manufacturing, Inc. (U.S.), ZF Friedrichshafen AG (Germany), Meritor, Inc. (U.S.), GKN plc (U.K.), Showa Corporation (Japan), Wilson drive shafts (England), JTEKT Corporation (Japan), Nexteer Automotive (U.S.), Gestamp (Spain), D & F Propshafts (U.K.), Dana Holding Corporation (U.S.), Bailey Morris Limited (England), American Axle & Manufacturing Holdings, Inc. (U.S.), B & F limited (U.K.), and Hyundai Wia Corporation (South Korea), among others.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/automotive-friction-brake-system-market-2137
About Market Research Future -
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with the technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone: +1 628 258 0071(US) +44 2035 002 764(UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
