Propeller Shafts Market Scope
Propeller shafts are known as drive shafts or rotating shafts or Cardan shafts are used for rotational purpose transmitting torque and rotation and subjected to torsional or shear stress. The main functions of the propeller shaft are transfers the power through the transmission and transfer case to the front/rear axle differential carrier. The propeller shafts are strong enough, low notch sensitivity factor, having heat treated and high wear-resistant property so that it can sustain high bending and torsional load.
The market study is being classified by Type (Single Piece, Two-Piece and Three Piece), by Application (Passenger Vehicles, Light and Heavy Commercial Vehicles, Agricultural Application, Off-Highway Vehicles, Industrial Application, Marine and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Vendors having a strong hold in the market are GKN Automotive Limited, Hitachi, Ltd., and NTN Corporation Dana Incorporated. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Propeller Shafts market throughout the predicted period.
GKN Automotive Limited (United Kingdom), Hitachi, Ltd. (Japan), NTN Corporation (Japan), Dana Incorporated (United States), Nexteer Automotive (United States), Hyundai-Wia (South Korea), IFA Group (Germany), American Axle & Manufacturing, Inc. (United States), JTEKT Corporation (Japan) and Neapco (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Meritor, Inc. (United States), Showa Corporation (Japan), Seohan Group (Korea) and Dongfeng Automotive Propeller Shaft Co,.Ltd Corporation (China).
AdvanceMarketAnalytics has segmented the market of Global Propeller Shafts market by Type, Application and Region.
On the basis of geography, the market of Propeller Shafts has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 5th December 2019, American Axle & Manufacturing has expanded its driveline system production for Ram Heavy Duty trucks, which were recently named MotorTrend Truck of the Year, and now supplies both front and rear axles as well as driveshafts. and On 15th March 2018, The IFA Group has announced an expansion that the company opens its new plant in Charleston, South Carolina, United States. With a total investment of more than 60 million dollars, the production capacities have been significantly expanded.
On 23rd January 2019, Hyundai Wia has announced that the company has developed an innovative automobile drive shaft that simplifies the process of transmitting power from the transmission to the wheel bearings of a car.
- Increasing Demand for Light Weight Material like Composite in the Automobile
- The rising automobile industry across the globe is fuelling the growth of the global propeller shafts market. Increasing demand for automotive vehicles from developing economies like China and India. In India, automobile production increased with 30.92 million vehicles manufactured in the country in FY2019.
- Technological Advancement and Development in Propeller Shafts like High Strength and Lightweight Shafts for the Automotive Market
- Fluctuating Raw Material Prices
Key Target AudiencePropeller Shafts Manufacturers, Automobile Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
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