Automotive Propeller Shaft Market Competitive Environment and Higher Growth Rate with Forecast 2023-2030 | Top Players

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Market Overview

According to the latest report by Market Research Future (MRFR), the Global Automotive Propeller Shaft Market is expected to record a substantial valuation over the review period at a steady 9% CAGR.

The impressive growth of the global vehicle propeller shaft market is influenced by a number of noteworthy factors, such as the significant investments made by leading market players, which has increased market research and development activities and is anticipated to be related to technological advancements over the review period. High-quality auto parts are also more in demand as a result of rising consumer demand for modern, innovative vehicles like commercial trucks and passenger cars. Over the course of the forecast, this is anticipated to fuel market growth.

Key Players

The key players acknowledged in the global Vehicle propeller shaft market are

ZF Friedrichshafen AG,
American Axle & Manufacturing, Inc,
Meritor, Inc.,
Showa Corporation,
GKN plc,
Wilson drive shafts,
Nexteer Automotive,
JTEKT Corporation,
Gestamp,
Dana Holding Corporation,
D & F Propshafts,
Bailey Morris Limited,
B & F limited,
American Axle & Manufacturing Holdings, Inc.,
Hyundai Wia Corporation

Segmental Analysis

The global Vehicle propeller shaft market is segmented on the basis of position, type, propeller shaft type, and material.

Based on the position type, the market for Automotive Propeller Shafts has been segmented as the front, inter-axle, and rear propeller shaft. The front-wheel propeller shaft is estimated to lead the Vehicle propeller shaft market over the forecast period because it is the most consumer-preferred in comparison to other position types since it improves the aerodynamics of the vehicle.

based on the type, the global Vehicle propeller shaft market has been segmented as dead, live, and tandem axle. The live axle segment is likely to lead the market over the evaluation period because it offers improved optimization of vehicle performance and higher torque in comparison to the others.

based on the propeller shaft type, the global market for Automotive Propeller Shafts is segmented as multi-piece, single, and other. The multi-piece propeller shaft is anticipated to dominate the market over the review period as it improves the efficiency of vehicles.

Regional Analysis

based on the region, the global market for Automotive Propeller Shaft has been analyzed as Europe, North America, Asia Pacific, and Rest of the World.

The Asia Pacific region is likely to dominate the global Vehicle propeller shaft market during the assessment period owed to the rising demand for propeller shaft among both, aftermarket replacement and OEMs. The increasing demand for propeller shaft in developing economies such as China, India, and among others is anticipated to drive the Vehicle propeller shaft market in the Asia Pacific. Moreover, the automotive manufacturers in the Asia Pacific region are shifting their focus on new product innovations and are heavily investing in research and development activities. The growing new product development is projected to drive the Vehicle propeller shaft market in this region.

Europe is considered as one of the significant regions of the global Vehicle propeller shaft market and is expected to acquire the second-largest market share owing to the considerable automotive technology providers in this region, particularly in developing countries such as Germany, France, the UK. The Vehicle propeller shaft market in Europe is also driven by the considerable demand for automobiles in the region.

North America is expected to be the third-largest market in Automotive Propeller Shafts, in which the U.S. accounts for the significant market share and is the major contributor. In the U.S., the primary focus in the automotive industry is to reduce the weight of the vehicle, which has led to the increasing adoption of light-weight cars. The reduced weight propeller shaft is anticipated to drive the market in this region.

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