Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market Size Matters in Expansion with USD 10 Billion Valuation
According to TechSci Research report, “Global Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market stood at USD 10 billion in 2022 and is anticipated to grow with a CAGR of 6.57% in the forecast period, 2024-2028. The operation of a vehicle is significantly influenced by the axles and propeller shafts of the vehicle. Live axles also execute the extra responsibility of supplying the torque to the wheels in addition to bearing the entire weight of the vehicle, cargo, and passengers on the axles.
Along with the other elements of the drive train, a propeller shaft’s job is to deliver torque and rotation. The growing worldwide vehicle production as well as engineering advancements that are geared toward sustainability and fuel efficiency are major market drivers for axles and propeller shafts.
The booming aftermarket demand for automobile axles and propellers in developing nations is a key driver of this market’s expansion. Some of the factors driving the growth of the axle & propeller shaft market include an increase in vehicle production and sales across the globe, a rise in the adoption of electric vehicles, higher aftermarket demand for axle & propeller shafts from emerging economies, and a surge in demand for comfortable & fuel-efficient vehicles.
However, the market’s expansion is anticipated to be hampered by fluctuating raw material prices, vehicle recalls, and regulatory issues. During the projection period, it is also anticipated that the rising demand for all-wheel drive cars and the increased usage of lightweight materials in the production of axle and propeller shafts would create growth possibilities.
The Global Automotive Medium & Heavy Commercial Vehicle Axle & Propeller Shaft Market is a dynamic and integral segment of the automotive industry, focusing on the critical components that drive and control medium and heavy commercial vehicles (MCVs and HCVs). At the heart of this market are axle and propeller shaft systems.
Axles are responsible for transmitting power from the vehicle’s transmission to the wheels, enabling motion, while propeller shafts transfer power from the transmission to the vehicle’s differential, ensuring that the engine’s torque is distributed efficiently to the wheels.
The scope of this market encompasses a wide range of commercial vehicle types, from heavy-duty trucks, buses, and construction vehicles to specialized applications like mining and agriculture. Each vehicle category poses unique demands on axle and propeller systems, necessitating customization and adaptability in design and functionality. One of the foremost challenges in this market is navigating the complex landscape of regulatory compliance. Governments across the globe impose stringent emissions standards and safety regulations on commercial vehicles, driving manufacturers to continuously innovate axle and propeller systems to meet these evolving requirements.
The pressing need to reduce emissions and curb environmental impact has led to the development of cleaner and more fuel-efficient commercial vehicles. Axle and propeller systems are instrumental in achieving these goals, as they play a crucial role in minimizing energy losses and optimizing drivetrain performance.
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Safety is paramount in the commercial vehicle sector, and the integration of advanced safety features and driver assistance systems (ADAS) poses a significant challenge. Axle and propeller systems must seamlessly collaborate with electronic stability control (ESC), anti-lock braking systems (ABS), and various ADAS to enhance vehicle safety and stability. Commercial vehicles are designed to transport goods and materials efficiently. Payload efficiency and load-bearing capacity are critical factors.
Axle and propeller systems must be engineered to handle substantial payloads while ensuring operational efficiency and minimizing wear and tear. The global trend of rapid urbanization and the surge in last-mile delivery services have transformed the market dynamics. Commercial vehicles operating in urban environments face the challenge of navigating through congested streets, making frequent stops, and delivering goods efficiently. Axle and propeller systems must provide precise control, agility, and durability to meet these demands.
The transition to electrification and alternative propulsion systems is reshaping the landscape of axle and propeller systems. Electric commercial vehicles (e-trucks) and hydrogen fuel cell vehicles are gaining traction, necessitating innovative axle and propeller designs to accommodate these new powertrains.
The integration of advanced electronics and sensors into axle and propeller systems is transforming them into intelligent components.
Electronic sensors monitor critical parameters such as wheel speed, torque distribution, and wheel slip, enhancing vehicle stability, traction control, and performance. Despite the challenges, several drivers propel the growth of the Global Automotive Medium & Heavy Commercial Vehicle Axle & Propeller Market, including regulatory compliance, electrification, safety, payload efficiency, and urbanization demands. These drivers push manufacturers to develop innovative solutions that enhance efficiency, reduce emissions, improve safety, and meet the evolving needs of the commercial vehicle industry.
Major companies operating in Global Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market are:
- Dana Corporation
- IFA Rotorion
- Meritor Inc.
- Korea Flange Co. Ltd. (KOFCO)
- ZF Friedrichshafen AG
- Showa Corporation
- JTEKT Corporation
- GKN-Walterscheid GmbH
- American Axle & Manufacturing, Inc.
- Gelenkwellen-Service GmbH
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“The Global Automotive Medium & Heavy Commercial Vehicle Axle & Propeller Shaft Market is a critical sector within the automotive industry, providing essential components that drive and control these substantial vehicles. These systems play a pivotal role in ensuring the efficiency, reliability, and safety of medium and heavy commercial vehicles, which are the backbone of global logistics and transportation. Challenges related to regulatory compliance, electrification, safety integration, payload efficiency, and urbanization demands are reshaping this market. Manufacturers are continually innovating to meet these challenges, resulting in more environmentally sustainable, technologically advanced, and efficient axle and propeller systems. As the commercial vehicle industry adapts to the changing landscape of transportation, these components remain at the forefront of ensuring the smooth and efficient operation of medium and heavy commercial vehicles worldwide.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Axle Type (Live, Dead, Tandem), By Propeller Shaft Type (Single Piece, Multi Piece), By Demand Category (OEM, Aftermarket) By Region, By Competition, 2018-2028”, has evaluated the future growth potential of Global Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market.
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Table of Content-Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market
- Global Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume & Volume
5.2. Market Share & Forecast
5.2.1. By Axle Type Market Share Analysis (Live, Dead, Tandem)
5.2.2. By Propeller Shaft Type Market Share Analysis (Single Piece, Multi Piece)
5.2.3. By Demand Category Market Share Analysis (OEM, Aftermarket)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value & Volume & Volume, 2022)
5.3. Global Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market Mapping & Opportunity Assessment
5.3.1. By Axle Type Market Mapping & Opportunity Assessment
5.3.2. By Propeller Shaft Type Market Mapping & Opportunity Assessment
5.3.3. By Demand Category Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Axle Type Market Share Analysis
6.2.2. By Propeller Shaft Type Market Share Analysis
6.2.3. By Demand Category Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value & Volume
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Axle Type Market Share Analysis
6.3.1.2.2. By Propeller Shaft Type Market Share Analysis
6.3.1.2.3. By Demand Category Market Share Analysis
6.3.2. India Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value & Volume
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Axle Type Market Share Analysis
6.3.2.2.2. By Propeller Shaft Type Market Share Analysis
6.3.2.2.3. By Demand Category Market Share Analysis
6.3.3. Japan Medium & Heavy Commercial Vehicles Axle & Propeller Shaft Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value & Volume
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Axle Type Market Share Analysis
6.3.3.2.2. By Propeller Shaft Type Market Share Analysis
6.3.3.2.3. By Demand Category Market Share Analysis
