Automotive Propeller Shaft Industry 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 steady CAGR.
The remarkable growth of the global automotive propeller shaft market is influenced by several notable factors such as the High investments made by key market players, which has consequently increased the research and development activities in the market and is expected to relate to technological advancements over the review period. The growing consumer demand for innovative and up-to-date automobiles such as commercial vehicles and passenger cars has risen the need for the high quality of automobile components as well. This is expected to fuel market growth over the forecast period.
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The global automotive 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 automotive propeller shaft industry 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 automotive 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.
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 automotive 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 automotive 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 automotive propeller shaft market in this region.
Europe is considered as one of the significant regions of the global automotive 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 automotive 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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The key players acknowledged in the global automotive propeller shaft market are American Axle Manufacturing, Inc. (U.S.), Bailey Morris Limited (England), B F limited (U.K.), Dana Holding Corporation (U.S.), D F Propshafts (U.K.), GKN plc (U.K.), Gestamp (Spain), Hyundai Wia Corporation (South Korea), JTEKT Corporation (Japan),Meritor, Inc. (U.S.), Nexteer Automotive (U.S), Showa Corporation (Japan), Wilson drive shafts (England), and ZF Friedrichshafen AG (Germany).
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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