Automotive Axle and Propeller Shaft Market Research Report By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Axle Type (Driven Axles, Non-Driven Axles), By Propulsion Type (Electric Vehicles, Hybrid Vehicles, Internal Combustion Engine Vehicles), By Material (Steel, Aluminum, Carbon Fiber), By Application (Front Axle, Rear Axle, Propeller Shaft) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Automotive Axle and Propeller Shaft Market Overview:

As per MRFR analysis, the Automotive Axle and Propeller Shaft Market Size was estimated at 22.7 (USD Billion) in 2022. The Automotive Axle and Propeller Shaft Market Industry is expected to grow from 24.2 (USD Billion) in 2023 to 32.3 (USD Billion) by 2032. The Automotive Axle and Propeller Shaft Market CAGR (growth rate) is expected to be around 3.20% during the forecast period (2024 - 2032).

Key Automotive Axle and Propeller Shaft Market Trends Highlighted

Rapid advancements in vehicle electrification and the growing popularity of electric vehicles are driving significant changes in the automotive Axle and Propeller Shaft market. The shift towards electric powertrains has led to a growing demand for lightweight and efficient driveline components, promoting the adoption of aluminum axles and carbon fiber propeller shafts. This transition presents opportunities for suppliers to develop innovative solutions that meet the unique requirements of electric vehicles. Additionally, the increasing focus on fuel efficiency and emission regulations is mentoring the adoption of advanced Axle and Propeller Shaft technologies that reduce friction and improve power transfer. The rise of autonomous driving also presents growth opportunities as these systems require precise and reliable driveline components that can respond quickly to changing road conditions and automate driving functions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Automotive Axle and Propeller Shaft Market Drivers

Increasing demand for lightweight vehicles

The increasing demand for lightweight vehicles is a major driver of the growth of the Global Automotive Axle and Propeller Shaft Market Industry. Lightweight vehicles are more fuel-efficient and have a lower environmental impact than traditional vehicles. As a result, they are becoming increasingly popular with consumers. This is driving demand for lightweight vehicle components, including axles and propeller shafts. Axles and propeller shafts are critical components of a vehicle's drivetrain.They transmit power from the engine to the wheels, allowing the vehicle to move. Lightweight axles and propeller shafts can help to reduce the overall weight of a vehicle, which can improve fuel efficiency and reduce emissions. In addition to the increasing demand for lightweight vehicles, there are a number of other factors that are driving the growth of the Global Automotive Axle and Propeller Shaft Market Industry. These include the increasing popularity of all-wheel drive vehicles, the growing demand for electric vehicles, and the increasing adoption of advanced driver assistance systems (ADAS). All-wheel drive vehicles require more complex drivetrains than two-wheel drive vehicles.

This is because all-wheel drive vehicles need to be able to transmit power to all four wheels. As a result, all-wheel drive vehicles typically have more axles and propeller shafts than two-wheel drive vehicles. Electric vehicles are becoming increasingly popular due to their environmental benefits. Electric vehicles do not produce emissions, which makes them more environmentally friendly than traditional vehicles. Electric vehicles also have a lower operating cost than traditional vehicles.As a result, electric vehicles are becoming increasingly popular with consumers. Advanced driver assistance systems (ADAS) are becoming increasingly common in new vehicles. ADAS features such as lane keeping assist, adaptive cruise control, and automatic emergency braking can help to improve safety and reduce the risk of accidents. ADAS features typically require more complex drivetrains than traditional vehicles. This is because ADAS features need to be able to communicate with each other and with the vehicle's other systems.As a result, ADAS features typically require more axles and propeller shafts than traditional vehicles.

Growing demand for electric vehicles

The growing demand for electric vehicles is another primary driver of the growth of the Global Automotive Axle and Propeller Shaft Market Industry. Electric vehicles do not produce emissions and are thus more environmentally friendly than conventional vehicles. In addition, electric vehicles are cheaper to operate. As a result, electric vehicles are becoming increasingly popular among consumers. However, electric vehicles require more complex drivetrains than conventional vehicles.This is because electric vehicles must be able to transmit power from the battery to the wheels. As a result, electric vehicles generally have more axles and propeller shafts than conventional vehicles. Electric vehicles’ growing demand is expected to continue over the forecast period. This is driven by several factors, such as increasing consumer awareness of the environment, falling electric vehicle costs, and more charging stations available for public use.The expansion of the electric vehicle market is expected to benefit the Global Automotive Axle and Propeller Shaft Market Industry. This is because electric vehicles need more axles and propeller shafts than conventional vehicles. As a result, the demand for axles and propeller shafts is expected to increase over the forecast period.

Increasing adoption of advanced driver assistance systems (ADAS)

Moreover, the increasing adoption of advanced driver assistance systems is another major driver of the growth of the Global Automotive Axle and Propeller Shaft Market Industry. ADAS features such as lane keeping assist, adaptive cruise control, and automatic emergency braking can help to improve safety and reduce the risk of accidents. ADAS features typically require more complex drivetrains than traditional vehicles. This is because ADAS features need to be able to communicate with each other and with the vehicle’s other systems.As a result, ADAS features typically require more axles and propeller shafts than traditional vehicles. The increasing adoption of ADAS features is expected to continue in the coming years. This is due to a number of factors, including the increasing safety awareness of consumers, the decreasing cost of ADAS features, and the increasing availability of ADAS features on new vehicles. The growth of the ADAS market is expected to have a positive impact on the Global Automotive Axle and Propeller Shaft Market Industry.This is because ADAS features require more axles and propeller shafts than traditional vehicles. As a result, the demand for axles and propeller shafts is expected to increase in the coming years.

Automotive Axle and Propeller Shaft Market Segment Insights:

Automotive Axle and Propeller Shaft Market Vehicle Type Insights

Specified in these 1 vehicle types, the passenger cars segment is anticipated to have the largest market share by vehicles in 2023. It is likely this section is estimated to hold about 45% of the total global market revenue in 2023. The growth is mainly due to the rising production and sales of passenger car vehicle type across the globe. Also, with the increasing disposable income, population, and urbanization, the demand for passenger cars is likely to increase, thereby boosting the demand for the said segment. Light commercial vehicles are estimated to have steady growth throughout the forecast period as the demands for commercial vehicles that involve the transportation of goods and services increase.Heavy commercial vehicles are likely to experience the highest growth rate owing to the increasing demand for heavy-duty vehicles for construction, mining, and other types of industrial work.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Automotive Axle and Propeller Shaft Market Axle Type Insights

The Axle Type segment of the Global Automotive Axle and Propeller Shaft Market exhibits a dynamic competitive landscape, with key players focusing on innovation and technological advancements to cater to the evolving demands of the automotive industry. Driven Axles, which transmit power from the engine to the wheels, accounted for a significant portion of the market revenue in 2023 and are projected to maintain their dominance throughout the forecast period. The growth of this segment is attributed to the increasing adoption of electric and hybrid vehicles, which require efficient and reliable power transmission systems.On the other hand, Non-Driven Axles, which support the vehicle's weight and provide stability, are expected to witness a steady growth rate over the coming years. The increasing demand for lightweight and fuel-efficient vehicles is driving the adoption of Non-Driven Axles, as they offer reduced weight and improved handling characteristics. Overall, the Axle Type segment in the Global Automotive Axle and Propeller Shaft Market presents immense opportunities for growth and innovation, with manufacturers continually developing advanced solutions to meet the demands of the automotive industry.

Automotive Axle and Propeller Shaft Market Propulsion Type Insights

The market growth is attributed to the rising demand for electric vehicles and hybrid vehicles, which require specialized Axle and Propeller Shaft systems to handle the unique torque and power delivery requirements of electric and hybrid powertrains. Among propulsion types, electric vehicles are expected to witness significant growth in the coming years, driven by government incentives, environmental concerns, and technological advancements. The increasing adoption of electric vehicles is expected to boost the demand for electric vehicle-specific axle and propeller shafts, which are designed to handle the high torque and instant acceleration of electric motors.Hybrid vehicles, which combine electric motors with internal combustion engines, are also expected to contribute to the growth of the Automotive Axle and Propeller Shaft Market. Hybrid vehicles require specialized Axle and Propeller Shaft systems that can seamlessly transition between electric and gasoline power, ensuring optimal performance and fuel efficiency.

Automotive Axle and Propeller Shaft Market Material Insights

The Global Automotive Axle and Propeller Shaft Market is segmented by Material into Steel, Aluminum, and Carbon Fiber. Steel is the most commonly used material for automotive axles and propeller shafts due to its strength, durability, and relatively low cost. However, aluminum and carbon fiber are becoming increasingly popular due to their lighter weight and higher strength-to-weight ratio. As a result, the Global Automotive Axle and Propeller Shaft Market for aluminum and carbon fiber is expected to grow at a faster rate than the market for steel over the next five years.In 2023, the Global Automotive Axle and Propeller Shaft Market for Steel was valued at USD 35.9 billion, while the Aluminum and Carbon Fiber segments were valued at USD 18.5 billion and USD 8.1 billion, respectively. By 2028, the Steel segment is projected to reach USD 46.1 billion, while the Aluminum and Carbon Fiber segments are expected to grow to USD 28.9 billion and USD 15.1 billion, respectively. This growth is being driven by the increasing demand for lightweight and fuel-efficient vehicles, as well as the growing popularity of electric vehicles.

Automotive Axle and Propeller Shaft Market Application Insights

The Global Automotive Axle and Propeller Shaft Market is segmented by Application into Front Axle, Rear Axle, and Propeller Shaft. The Front Axle segment is expected to account for the largest market share in 2023, owing to the increasing demand for front-wheel-drive vehicles. The Rear Axle segment is expected to witness a significant growth rate during the forecast period due to the rising popularity of all-wheel-drive vehicles. The Propeller Shaft segment is expected to hold a notable market share, driven by the increasing production of commercial vehicles.In 2023, the Global Automotive Axle and Propeller Shaft Market revenue for the Front Axle segment was projected to be around USD 25.4 billion, while the Rear Axle segment is estimated to generate a revenue of USD 18.7 billion, and the Propeller Shaft segment is expected to generate a revenue of USD 18.3 billion. By 2032, the Front Axle segment is expected to reach a market valuation of USD 36.1 billion, the Rear Axle segment is projected to be valued at USD 26.5 billion, and the Propeller Shaft segment is anticipated to reach a market size of USD 27.5 billion.The growth of the Automotive Axle and Propeller Shaft Market is driven by factors such as increasing vehicle production, rising demand for fuel-efficient vehicles, and growing popularity of electric vehicles. The increasing adoption of advanced technologies, such as lightweight materials and automated manufacturing processes, is further expected to boost market growth.

Automotive Axle and Propeller Shaft Market Regional Insights

Regionally, North America held the largest share of the market in 2023, accounting for 35% of the global revenue. The region's dominance is primarily attributed to the presence of major automotive manufacturers and a well-established automotive supply chain. Europe is the second-largest market for automotive axles and propeller shafts, with a market share of 28% in 2023. The region's growth is driven by increasing demand for premium vehicles and government regulations promoting fuel efficiency. APAC is expected to witness significant growth during the forecast period due to rising vehicle production and increasing infrastructure development.The region is home to major automotive markets such as China and India, which are expected to drive demand for automotive axles and propeller shafts. South America and MEA are also expected to contribute to the growth of the global market, although their market shares are relatively smaller compared to the other regions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Automotive Axle and Propeller Shaft Market Key Players and Competitive Insights:

Major players in the Automotive Axle and Propeller Shaft Market are continuously bringing in significant technological advancements to make the products more compact, lighter, and fuel-efficient. For instance, in May 2021, Hyundai Transys, a prominent player in the Automotive Axle and Propeller Shaft Market industry, introduced an all-new Integrated Drive Axle (iDA) system for electric vehicles. The iDA system integrates the electric motor, inverter, and transmission into a single compact unit, resulting in improved efficiency and packaging benefits. Leading Automotive Axle and Propeller Shaft Market players are also focusing on expanding their geographical reach through strategic partnerships and acquisitions. In January 2022, GKN Driveline, a leading provider of automotive driveline systems, announced its acquisition of Motiv Power Systems, a leading manufacturer of electric drive systems for commercial vehicles. This acquisition has strengthened GKN Driveline's position in the growing electric vehicle market.Among the leading Automotive Axle and Propeller Shaft Market players, Dana Incorporated has a strong global presence with manufacturing facilities in 26 countries. The company offers a wide range of Axle and Propeller Shaft products for various vehicle applications, including passenger cars, light and heavy commercial vehicles, and off-highway equipment. Dana has also made significant investments in research and development, focusing on lightweight materials, advanced manufacturing techniques, and electrification. This has enabled the company to stay at the forefront of Automotive Axle and Propeller Shaft Market development and meet the evolving needs of its customers.Another prominent player in the Automotive Axle and Propeller Shaft Market is Meritor, Inc., which has established itself as a leading provider of drivetrain solutions for the commercial vehicle industry. The company has a global presence with manufacturing facilities in 19 countries and provides a comprehensive range of axle, driveshaft, and suspension systems for heavy-duty trucks, buses, and trailers. Meritor has a strong focus on innovation and has invested heavily in research and development to enhance the performance, efficiency, and durability of its products. The company's commitment to quality and customer satisfaction has earned it a reputation as a trusted supplier in the global commercial vehicle industry.

Key Companies in the Automotive Axle and Propeller Shaft Market Include:

• Meritor


• Tuscan Driveline (Part of Tuscan Engineering)


• Neapco


• Ikeda Bussan


• Tata AutoComp


• Transamerican Auto Parts


• American Axle Manufacturing


• Yokohama Drive System (A Division of Yokohama Rubber Company)


• Hayes Lemmerz International


• Amtek Auto Ltd


• Hangzhou Aobo Technology


• GKN Driveline (A Division of GKN)


• Camshafts International


• JTEKT (Koyo Steering Systems)


• Dana Incorporated

Automotive Axle and Propeller Shaft Market Industry Developments

The Automotive Axle and Propeller Shaft Market is projected to reach a valuation of USD 90.1 billion by 2032, exhibiting a CAGR of 4.17% from 2024-2032. Factors driving growth include increasing vehicle production, rising demand for lightweight and fuel-efficient vehicles, and technological advancements in Axle and Propeller Shaft systems. Key industry participants are focusing on developing innovative products and adopting sustainable practices to meet evolving market demands. Recent developments include the introduction of advanced materials and lightweight designs, along with the integration of sensors and electronics to enhance vehicle performance and safety.

Automotive Axle and Propeller Shaft Market Segmentation Insights

Automotive Axle and Propeller Shaft Market Vehicle Type Outlook

• Passenger Cars


• Light Commercial Vehicles


• Heavy Commercial Vehicles

Automotive Axle and Propeller Shaft Market Axle Type Outlook

• Driven Axles


• Non-Driven Axles

Automotive Axle and Propeller Shaft Market Propulsion Type Outlook

• Electric Vehicles


• Hybrid Vehicles


• Internal Combustion Engine Vehicles

Automotive Axle and Propeller Shaft Market Material Outlook

• Steel


• Aluminum


• Carbon Fiber

Automotive Axle and Propeller Shaft Market Application Outlook

• Front Axle


• Rear Axle


• Propeller Shaft

Automotive Axle and Propeller Shaft Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa