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Global axle & propeller market is dominated by a few top players, including ZF Friedrichshafen AG (Germany), American Axle & Manufacturing, Inc. (U.S.), Meritor, Inc. (U.S.), Showa Corporation (Germany), and GKN plc (U.K.), along with regional suppliers.
(PRWEB) March 09, 2015
The report "Automotive Axle & Propeller Shaft Market - Forecast and Analysis to 2019" defines and segments the global automotive axle and propeller shaft market with an analysis and forecast on global volume and revenue.
The global automotive axle & propeller market size in terms of value is estimated to be worth $35.8 billion in 2014, which is projected to grow to $53.3 billion by 2019 at a CAGR of 8.25%.
Explore the Automotive Axle & Propeller Shaft Market through In-Depth TOC, Figures and Data Tables Spread across 230 Report Pages:
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The Asia-Oceania is the fastest growing region of the global economy, and its economic strength has increased in the past decade. Two economic giants of the region, China and Japan, are the world's second and third largest economies, in terms of GDP. The fast-growing consumer markets of China, India, and ASEAN (Indonesia, Vietnam, and Thailand) have a combined population exceeding 3 billion people, and are expected to become an increasingly important driver of the global automotive market during the next two decades, as the market is yet to saturate. Rapidly rising household incomes and fast-growing middle class population are estimated to drive the automotive industry. Improving infrastructure and encouraging government policies are boosting manufacturing operations in the region. Comparatively cheaper operating costs are prompting OEMs and the automotive component suppliers to consider this region as a production hub for their products. However, the overall economic and social climate in Europe, exhibits a gloomy picture. In absolute terms, the sales volume in Europe has been at the lowest since 1995.
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The global automotive axle and propeller market has also been witnessing growth, as these components are integral to automobiles. However, slow acceptance of lightweight solutions and fluctuating prices of raw materials could pose a challenge to this market. In the automotive segment, the market for lightweight solutions such as carbon fiber or aluminum, which lower the overall weight of components, has been limited. The cost factor has been a major restraint which has hindered the adoption of these materials. Aluminum and carbon fiber cost approximately 130% and 570% of steel respectively, which limits its integration to premium and luxury cars. Mass adoption of such materials in automotive application is expected to lower costs. However, in the current market scenario, adoption is limited to higher priced passenger cars, where performance is delivered through reduction in weight.
Innovation in these components would continue, given the rising need of improvement in fuel-efficiency by lowering weight and technological advancements related to higher torque delivery guided by step-wise innovation introduced by large Tier I suppliers. This innovation would be driven by the need for new products by OEMs constantly striving to improve fuel-efficiency and minimize energy losses.
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