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Automotive Axle and Propeller Shaft Market Share

Report ID: GMI9884
Published Date: Jun 2024
Report Format: PDF

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Automotive Axle and Propeller Shaft Market Share

Cummins Inc. and GKN Automotive held a major market share of over 5% in the automotive axle and propeller shaft industry. Cummins Inc. is actively expanding its portfolio to cater to the growing market for electric and hybrid vehicles. This involves developing specialized components that meet the unique requirements of these vehicles, such as high torque and different drivetrain configurations. Strategic partnerships and acquisitions in the electric vehicle sector to strengthen their market position.

GKN Automotive focuses on maintaining its position as a technological leader by investing heavily in R&D. This includes developing cutting-edge technologies for axles and propeller shafts that enhance vehicle performance and efficiency. The company focuses on innovating in the field of electric and hybrid vehicles by creating advanced eDrive systems and components tailored to these vehicles.

Automotive Axle and Propeller Shaft Market Companies

Key companies operating in the automotive axle and propeller shaft industry are:

American Axle & Manufacturing Holdings, Inc. (AAM)
Automotive Axles Limited
Cummins Inc.
Dana Incorporated
GKN Automotive
Hyundai WIA Corporation
JTEKT Corporation
Mark Williams Enterprises Inc.
Schaeffler Group
ZF Friedrichshafen AG

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive axle and propeller shaft reached USD 31.1 billion in 2023 and is set to witness over 4% CAGR between 2024 and 2032, attributed to the continuous growth in global vehicle production.

The passenger cars segment in the automotive axle and propeller shaft industry held 61% share in 2023, backed by the rise in production and sales of passenger cars globally.

Asia Pacific market held over 40% share in 2023, driven by rapid economic development and urbanization.

American Axle & Manufacturing Holdings, Inc. (AAM), Automotive Axles Limited, Cummins Inc., Dana Incorporated, GKN Automotive, Hyundai WIA Corporation, JTEKT Corporation, Mark Williams Enterprises Inc., Schaeffler Group, and ZF Friedrichshafen AG.