The Japan automotive propeller shaft market is thriving due to the country’s strong automotive manufacturing sector and technological advancements. Japan is home to some of the world’s largest car manufacturers, such as Toyota, Honda, and Nissan, which drives demand for high-quality automotive components, including propeller shafts. Japanese automakers prioritize performance, efficiency, and durability, leading to continuous innovation in propeller shaft design and materials. The push toward hybrid and electric vehicles also influences the market, as manufacturers seek lightweight, efficient components to enhance overall vehicle performance and meet environmental regulations in the transition to cleaner energy.
The automotive propeller shaft market is growing rapidly. Substantial R&D investments made by automotive manufacturers for the development of innovative product lines drive the market growth. Besides, the rising focus of major automakers to develop lightweight shafts that can reduce the overall weight and increase the torque of vehicles boost the market size.
With increasing vehicle sales and the automotive industry worldwide, the market is expected to witness significant gains during the next few years. In this regard, Market Research Future (MRFR) states that the global automotive propeller shaft market is projected to grow at approximately 8.50% CAGR during the assessment period (2020-2027).
Rising adoption of advanced shaft technologies required to drive axle or rear axle a substantial market demand. Moreover, the rise in the production of electric and lightweight vehicles escalates market demand. Growing demand for high torque vehicles and safety concerns are the major growth drivers.
Additionally, rapid advances in shaft technologies and materials used to manufacture shafts accelerate market growth. Conversely, fluctuating prices and the demand-supply gap in raw materials required for production are major factors projected to impede market growth.
Nevertheless, the increase in luxury vehicles and sports cars sales would support market growth throughout the review period. Also, the constant rise in autonomous vehicle sales and the spurring rise in the auto component industry are expected to boost market revenues.
Automotive Propeller Shaft Market – Segments
The report is segmented into reports, position, types, propeller shaft types, materials, and regions. The position segment is sub-segmented into front, rear, and inter-axle propeller shafts. The type segment is sub-segmented into live, dead, and tandem axle.
The propeller shaft type segment is sub-segmented into single, multi-piece, and others. The material segment is sub-segmented into alloy and carbon fibers. The region segment is sub-segmented into Americas, Europe, APAC, MEA, and the Rest-of-the-World.
Global Automotive Propeller Shaft Market – Regional Analysis
APAC dominates the global automotive propeller shaft market, witnessing the increasing demand from OEMs and aftermarkets. Besides, substantial R&D investments in product development and advances in material technologies drive regional market growth. Increased vehicle sales due to the rising economy and population in the region accelerate the market value. Moreover, the continually rising foreign direct investments (FDIs) led by the raw material advantages boost the market size.
Automotive Propeller Shaft Market – Competitive Analysis
Highly competitive, the global 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 active in the automotive propeller shaft market are American Axle & Manufacturing, Inc. (US), Meritor, Inc. (US), ZF Friedrichshafen AG (Germany), GKN plc (UK), Wilson drive shafts (England), Showa Corporation (Japan), JTEKT Corporation (Japan), Gestamp (Spain), Nexteer Automotive (US), D & F Propshafts (UK), Bailey Morris Limited (UK), Dana Holding Corporation (US), American Axle & Manufacturing Holdings, Inc. (US), Hyundai Wia Corporation (South Korea), and B & F limited (UK), among others.
Industry/ Innovation/ Related News:
Apr. 14, 2021 --- Magna announced a simple drive solution for electric pickup trucks. Magna’s eBeam motor can virtually be fitted to any pickup by simply changing the axle shafts and spring mounts to suit. Magna aims to use its eBeam technology to make it easier to build electric pickup trucks and other related work vehicles.
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