AI is Redefining the Commercial Vehicle Propeller Shaft Market, Projected Growth of USD 3.9 Billion from 2024-2028, Driven by Rising Vehicle Demand - Technavio

NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global commercial vehicle propeller shaft market size is estimated to grow by USD 3.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.65% during the forecast period. Increasing demand for commercial vehicles is driving market growth, with a trend towards growth in industrial, construction, and mining activities. However, decline in automotive production due to global semiconductor chip shortage poses a challenge. Key market players include American Axle and Manufacturing Holdings Inc., Cardone Industries Inc., Comer Industries Spa, Dana Inc., Elbe Holding GmbH and Co. KG, GKN Automotive Ltd., Guru Nanak Auto Enterprises Ltd., Hindustan Hardy Ltd., Hitachi Ltd., Hyundai Motor Co., IFA Holding GmbH, JTEKT Corp., Nexteer Automotive Group Ltd., NTN Corp., Powertrain Industries Inc., RSB Transmissions India Ltd., Toyota Motor Corp., Yamada Manufacturing Co. Ltd., and ZF Friedrichshafen AG.

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Market Driver

The commercial vehicle propeller shaft market is experiencing significant growth due to the increasing demand for commercial vehicles in the industrial, construction, and mining sectors. Urbanization, particularly in developing countries like China and India, is driving the need for housing and infrastructure development, leading to an increase in the use of light commercial vehicles (LCVs) and medium & heavy commercial vehicles (M&HCVs) for transporting construction materials. The US, Middle East, and Asia are witnessing a growth in construction activities, necessitating the use of commercial vehicles and propeller shafts. Additionally, the mining industry in China is also contributing to the market's growth by increasing the demand for commercial vehicles, especially in remote mining sites. Propeller shafts play a crucial role in heavy-duty trucks, LCVs, buses, and coaches by transferring torque from the powertrain to the differential, ensuring smooth vehicle dynamics. Advanced materials like steel, aluminum, and composites, along with innovative manufacturing techniques, enhance the load capacity and durability of propeller shafts to cater to the demands of the construction and mining sectors. The global demand for commercial vehicles and propeller shafts is on the rise due to the flourishing industrial, construction, and mining activities driven by urbanization and infrastructure development. Manufacturers are focusing on developing innovative solutions to meet the performance and durability requirements of these sectors. The expansion of construction in the US, the growth of the construction sector in India, and infrastructure investments in the Middle East are key indicators of the expanding market for commercial vehicles and propeller shafts. These developments will drive the growth of the commercial vehicle propeller shaft market during the forecast period. 

The Commercial Vehicle Propeller Shaft market is experiencing significant growth, driven by increasing demand in passenger cars and heavy commercial vehicles. Disposable income growth and emission regulations are key factors. Trade agreements and global market expansion also contribute. Customization and modularization trends continue, with a focus on sustainability and advanced manufacturing. Fuel consumption remains a concern, leading to interest in sustainable energy and electric vehicles. Technological advancements include semi-floating, full-floating, and three-quarter floating axles, live front axles, dead front axles, and driveline components like universal joints, powertrains, differentials, and axles. Key vehicle segments include pickup trucks, heavy-duty trucks, light commercial vehicles, buses, and coaches. Market players focus on producing high-quality shaft tubing from steel to meet the needs of this diverse industry. 

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 Market Challenges

• The global chip shortage has significantly impacted the automotive industry, causing production delays and decreased sales for major automakers. For instance, Renault Group announced production declines in India due to the chip shortage, while General Motors experienced a 21% decrease in Chinese sales in 2022. This crisis has slowed down automotive production worldwide, negatively affecting the demand for automotive components like commercial vehicle propeller shafts. As a result, the global commercial vehicle propeller shaft market is expected to experience hindered growth during the forecast period.
• The Commercial Vehicle Propeller Shaft market faces several challenges in various sectors. In pickup trucks and light commercial vehicles, the demand is for lighter, more fuel-efficient shafts made from composites like carbon fiber and polymer composites, or alloys. For heavy-duty trucks, buses, and coaches, durability and weight reduction are key concerns, with steel and stainless steel propeller shafts being popular choices. Universal joints, slip yokes, and center bearings require high precision and reliability. Drive shafts in powertrains must meet emission standards and ensure vibration damping. Differentials and axles, including live, dead, and tandem axles, need to be efficient. Key players like GKN Automotive, Dana Incorporated, Meritor, and Automotive axle face challenges in producing propeller shafts for electric and hybrid vehicles, which require specialized materials and designs. Single-piece and multi-piece shafts, front propeller shafts, inter-axle, and rear propeller shafts all present unique engineering challenges. The market must balance cost, performance, and sustainability, as steel SM45C, HS carbon epoxy, E-glass polyester, and Kevlar epoxy all have their advantages and limitations. Ultimately, the market will continue to evolve as technology advances and customer demands change.

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Segment Overview 

This commercial vehicle propeller shaft market report extensively covers market segmentation by

1. Application 
• 1.1 LCV
• 1.2 M and HCV
2. Type 
• 2.1 Single piece
• 2.2 Multi piece
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 LCV- The Light Commercial Vehicles (LCVs) segment dominated the global commercial vehicle propeller shaft market in 2021, accounting for a significant market share. LCVs, also known as light goods carriers or commercial carriers, include various types of vehicles such as small compact trucks, pickup vans, and pickup trucks. These vehicles are primarily used for intra-city and inter-city transportation. The LCV segment is experiencing high sales due to their versatility and applicability in multiple sectors. LCVs are extensively used for providing last-mile connectivity in logistical services, construction, and municipal applications. In urban areas, where space is a constraint, LCVs are the preferred choice due to their compact nature. The logistics industry favors LCVs for their suitability in stop-and-go traffic and light construction applications. The market for LCVs is expected to reach 1.02 million units in the local market by 2023, driven by the recovery in demand for small commercial vehicles and light and medium-duty (LMD) trucks. The increasing demand for LCVs will fuel the growth of the commercial vehicle propeller shaft market during the forecast period.

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Research Analysis

The Commercial Vehicle Propeller Shaft Market is witnessing significant growth due to the increasing demand for commercial vehicles such as pickup trucks, buses, coaches, and heavy-duty trucks. Drive shafts, a crucial component of the powertrain system, connect the transmission to the differential and enable power transfer to the wheels. Universal joints, slip yokes, end yokes, and center bearings are essential parts of drive shafts. Steel shaft tubing is the primary material used in manufacturing drive shafts. However, the market is witnessing a shift towards advanced manufacturing techniques and sustainable materials. Emission regulations and trade agreements are key factors influencing the market. Customization and modularization are trends gaining popularity, with a focus on sustainability and fuel consumption. Technological advancements, such as semi-floating and full-floating axles, are revolutionizing the market. The rise of sustainable energy and electric vehicles is also impacting the market dynamics. Despite these opportunities, the market faces challenges such as dependence on foreign markets and fuel consumption. The global market for commercial vehicle propeller shafts is expected to grow at a steady pace in the coming years.

Market Research Overview

The Commercial Vehicle Propeller Shaft Market encompasses the production and supply of Drive Shafts, a crucial component of powertrain systems, for various commercial vehicles including pickup trucks, heavy-duty trucks, buses, coaches, and light commercial vehicles. These shafts connect the transmission system to the differential and facilitate power transfer. Key components include Universal Joints, Slip Yoke, End Yoke, Axle, Center Bearing, and Shaft Tubing, made from materials like Steel, Composites, and Alloys. Factors driving market growth include the need for Vibration Damping, Fuel Efficiency, and Weight Reduction, as well as Emission Standards, Electrification, and Technological Advancements. Vehicles types range from Passenger Cars to Heavy Commercial Vehicles, influenced by Disposable Income, Emission Regulations, Trade Agreements, and Global Market Growth. Market trends include Customization and Modularization, Sustainability, Advanced Manufacturing, and the shift towards Sustainable Energy, with Electric and Hybrid Vehicles gaining popularity. Types of Propeller Shafts include Single-piece and Multi-piece, Front Propeller, Inter-axle, and Rear Propeller, with variations like Semi-floating axle, Full-floating axle, and Three-quarter floating axle, as well as Live and Dead axles.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• LCV
• M And HCV
• Type
• Single Piece
• Multi Piece
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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