The global automotive axle & propeller shaft market size reached USD 86.4 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 160.2 Billion by 2033, exhibiting a growth rate (CAGR) of 7.1% during 2025-2033.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024
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USD 86.4 Billion |
Market Forecast in 2033
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USD 160.2 Billion |
Market Growth Rate (2025-2033) | 7.1% |
Automotive axles and propeller shafts are essential components that generate momentum in vehicles. They are manufactured of medium-carbon steel, glass fibers, thermoplastic polyamide, epoxy composite, chrome-molybdenum steel and carbon fibers. Live, tandem and dead are some common axles that hold the entire weight of the vehicle and provide torque from differential to wheels. On the other hand, propeller shafts, such as multi-piece, slip-in tube and single-piece shaft, transmit torque and rotation from an engine to the wheels of the automobile. Automotive axles and propeller shafts exhibit various properties, including high specific strength, transmission of power at different elevation levels, and corrosion and abrasion resistance. These components improve handling, safety, efficiency, and provide higher clearance and a smoother ride.
Significant expansion in the automotive sector, along with the risings sales of automobiles due to rapid urbanization and industrialization, particularly in emerging economies, is primarily driving the market growth. Automotive axles and propeller shafts are widely incorporated in vehicles to rotate the wheels, transmit torque and provide momentum, which, in turn, is propelling the market growth. Additionally, the widespread adoption of carbon fiber shafts in premium vehicles due to their structural advantages, including durability, toughness, and higher strength, is favoring the market growth. Moreover, various technological advancements, such as the integration of machine learning (ML) and artificial intelligence (AI) in manufacturing automotive axles and propeller shafts to enhance efficiency, accuracy and consistency, are providing an impetus to the market growth. In line with this, the widespread adoption of lightweight axles and propeller shafts for providing greater potential and increasing vehicle efficiency is positively impacting the market growth. Other factors, including the rising adoption of fuel-efficient vehicles and increasing demand for all-wheel drive (AWD) vehicles, are anticipated to drive the market further toward growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive axle & propeller shaft market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on type, vehicle type, and sales channel.
Breakup by Type:
Breakup by Vehicle Type:
Breakup by Sales Channel:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being American Axle & Manufacturing Inc., Automotive Axles Limited, Dana Incorporated, Hyundai WIA Corporation, IFA Group, JTEKT Corporation, Mark Williams Enterprises Inc., Melrose Industries PLC, Meritor Inc. (Cummins Inc.) and ZF Friedrichshafen AG.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Segment Coverage | Type, Vehicle Type, Sales Channel, Region |
Regions Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered | American Axle & Manufacturing Inc., Automotive Axles Limited, Dana Incorporated, Hyundai WIA Corporation, IFA Group, JTEKT Corporation, Mark Williams Enterprises Inc., Melrose Industries PLC, Meritor Inc. (Cummins Inc.) and ZF Friedrichshafen AG. |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global automotive axle & propeller shaft market was valued at USD 86.4 Billion in 2024.
We expect the global automotive axle & propeller shaft market to exhibit a CAGR of 7.1% during 2025-2033.
The rising incorporation of automotive axle and propeller shafts in vehicles to rotate the wheels, transmit torque, provide momentum, etc., is primarily driving the global automotive axle & propeller shaft market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for automotive axle & propeller shafts.
Based on the type, the global automotive axle & propeller shaft market has been segregated into live axle, dead axle, tandem axle, single piece propeller shaft, multi piece propeller shaft, and slip in tube propeller shaft. Among these, live axle currently exhibits a clear dominance in the market.
Based on the vehicle type, the global automotive axle & propeller shaft market can be bifurcated into passenger car, light commercial vehicle, and heavy commercial vehicle. Currently, passenger car accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global automotive axle & propeller shaft market include American Axle & Manufacturing Inc., Automotive Axles Limited, Dana Incorporated, Hyundai WIA Corporation, IFA Group, JTEKT Corporation, Mark Williams Enterprises Inc., Melrose Industries PLC, Meritor Inc. (Cummins Inc.), and ZF Friedrichshafen AG.