Commercial Vehicle Propeller Shaft Market size to record USD 3.74 billion growth from 2023-2027, Robust growth in industrial, construction, and mining activities is one of the key market trends, Technavio

NEW YORK, May 3, 2024 /PRNewswire/ -- The global commercial vehicle propeller shaft market size is estimated to grow by USD 3.74 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 4.64% during the forecast period.

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Key Trends Fueling Growth

• Robust growth in industrial, construction, and mining activities: 
• Increasing urbanization in developing economies like China and India is boosting demand for housing and related infrastructure. This fuels growth in the global commercial vehicle propeller shaft market as construction projects require LCVs and M and HCVs to transport materials.
• The US, Middle East, and Asia are experiencing rapid construction growth. In the US, low mortgage and unemployment rates are driving a construction boom. APAC countries like India and Malaysia are pushing construction to improve economic conditions. Middle Eastern nations like Saudi Arabia and the UAE are investing in new infrastructure to diversify from oil.
• China's mining expansion also boosts commercial vehicle demand, particularly in remote areas. For instance, Xinjiang province has extreme temperatures but sees significant mining activity.
• As mining and construction increase globally, commercial vehicles become essential for reaching remote sites, driving demand for propeller shafts. Overall, the growth in construction and infrastructure activities worldwide will boost demand for commercial vehicles and propeller shafts.

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Major Challenges:

• Decline in automotive production due to global semiconductor chip shortage 
• The worldwide chip shortage has caused carmakers to halt production periodically when supplies run low, slowing automotive manufacturing. Renault Group announced reduced production plans in India due to the chip shortage in February 2023. General Motors saw decreased sales in 2022, delivering 21% fewer vehicles in China.
• In April 2021, Fiat Automobiles S.p.A. slowed production at its Brazilian factory in Betim for the second time. General Motors and Ford extended downtimes at North American plants in April 2021 due to the chip shortage, impacting the global automotive industry.
• Consequently, the shortage is expected to decrease demand for components like commercial vehicle propeller shafts, hindering growth in the global commercial vehicle propeller shaft market.

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Analyst Review

The Commercial Vehicle Propeller Shaft Market is driven by the demand for durable components in heavy-duty trucks, light commercial vehicles, buses, and coaches. Manufacturers like Dana Incorporated and Meritor produce propeller shafts using materials such as steel, carbon fiber, and polymer composites to ensure strength and reliability.

With a focus on fuel efficiency and weight reduction, propeller shafts incorporate vibration damping technology to meet emission standards. The market sees a shift towards electric and hybrid vehicles, necessitating advancements in materials like stainless steel and Kevlar epoxy. Different axle configurations, including live, dead, and tandem axles, cater to various vehicle types, from passenger cars to heavy commercial vehicles.

As emission regulations tighten and global markets grow, the industry adapts through customization and modularization, promoting sustainability and sustainable energy use. Technological advancements drive the development of semi-floating, full-floating, and three-quarter floating axles, along with live and dead front axles, ensuring efficiency and reliability in commercial vehicle operations.

Market Overview

The commercial vehicle propeller shaft market is driven by factors such as trade agreements, global market growth, and advanced manufacturing. With increasing demand for pickup trucks and electric vehicles, the market is witnessing a shift towards efficient drive shaft systems. Components like universal joints, differentials, and center bearings play crucial roles in ensuring smooth operation and fuel efficiency.

Manufacturers are focusing on optimizing shaft tubing and slip yoke designs to reduce fuel consumption and dependence on foreign suppliers. Both semi-floating and full-floating axles are widely used in commercial vehicles, offering varying degrees of load-bearing capacity and durability.

As the global market expands, stakeholders are exploring innovative solutions to meet the evolving needs of the automotive industry while adhering to quality standards and regulatory requirements.

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Key Topics Covered:

 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 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio