Commercial Vehicle Propeller Shaft Market Size - By Material, By Vehicle, By Type, By Drive, Analysis, Share, Growth Forecast, 2025 - 2034

Commercial Vehicle Propeller Shaft Market Size

The global commercial vehicle propeller shaft market size was valued at USD 4.2 billion in 2024 and is projected to grow at a CAGR of 4% between 2025 and 2034. One key driver in the commercial vehicle propeller shaft industry is the increasing demand for fuel efficiency and reduced emissions. Governments worldwide are implementing stricter emission standards, prompting manufacturers to explore lightweight materials like aluminum and carbon fiber for propeller shafts.
 

These materials not only reduce the overall vehicle weight but also improve fuel efficiency by lowering energy requirements for movement. Additionally, advancements in electric and hybrid commercial vehicles demand specially designed shafts that handle unique torque profiles, aligning with eco-friendly trends in the automotive sector. This shift is intensifying R&D in material science and design to create durable yet lightweight propeller shafts that meet both regulatory and market demands.
 

For instance, According to GMI, commercial vehicle market size was valued at USD 8.8 trillion in 2022 and is estimated to register a CAGR of over 6% between 2023 and 2032. This high growth rate reflects the surging demand for propeller shaft for production of commercial vehicles.
 

Another driver of the commercial vehicle propeller shaft market is the rise in e-commerce and logistics industries, which is boosting demand for heavy-duty trucks and light commercial vehicles globally. As online retail expands, the need for efficient delivery networks increases, requiring more commercial vehicles to manage distribution. This surge in fleet size directly raises the demand for propeller shafts, which are essential for vehicle functionality and durability. Additionally, with the increasing need for high-performance and reliable commercial vehicles, manufacturers are investing in enhanced propeller shaft technologies to meet these requirements.
 

Commercial Vehicle Propeller Shaft Market Trends

Companies in the commercial vehicle propeller shaft industry are transitioning to the EV market to align with growing global demand for electric vehicles, driven by stricter emissions regulations and sustainability goals. EVs require specialized components, opening opportunities for innovation in electric drive systems, which are essential for future vehicle architectures. Additionally, expanding EV infrastructure and government incentives are boosting the profitability of EV-focused products. This shift enables companies to capture emerging market segments, stay competitive, and contribute to the push for carbon-neutral transportation solutions.
 

For instance, in June 2023, GKN Automotive introduced an innovative, off-the-shelf electric drive shaft, the "eCrate" concept, targeting niche electric vehicle manufacturers and the EV conversion market. This modular, plug-and-play design offers flexibility with options like a 2-in-1 system (motor and transmission) or a 3-in-1 system (motor, transmission, and inverter) available in 113kW and 185kW outputs.
 

The concept allows smaller manufacturers to access GKN's market-proven eDrive technology, enhancing affordability and performance for low-volume production. This approach is expected to support the transition to electrification, especially among startups, by offering scalable, efficient solutions that can be easily integrated into various EV models.
 

One major challenge in the commercial vehicle propeller shaft industry is the high cost of advanced materials and manufacturing technology. As companies increasingly prioritize lightweight designs to improve fuel efficiency, materials like aluminum and carbon fiber are used more frequently; however, these materials are significantly more expensive than traditional steel. Manufacturing processes also need to be upgraded to handle these materials, leading to higher production costs. This can drive up prices for end consumers, potentially limiting demand in cost-sensitive markets. Additionally, small and medium-sized manufacturers may struggle to afford these advancements, impacting competition and market diversity.
 

Commercial Vehicle Propeller Shaft Market Analysis

Based on the vehicle, the market is segmented into light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). In 2024, the LCVs segment accounted for over 70% of the market share and is expected to exceed USD 4 billion by 2034. Light commercial vehicles (LCVs) are dominating the commercial vehicle propeller shaft industry primarily due to their high demand in e-commerce and last-mile delivery services, where they play a crucial role in urban logistics.
 

LCVs offer a balance between payload capacity and fuel efficiency, making them cost-effective for businesses handling frequent, short-distance deliveries. Their versatility allows for easy modifications, which appeals to various industries requiring customized logistics solutions. Furthermore, stringent emission regulations are driving demand for lightweight, fuel-efficient LCVs, increasing the need for optimized propeller shafts. This trend positions LCVs as key drivers of growth in the propeller shaft market, particularly in rapidly urbanizing regions.
 

Based on the type, the commercial vehicle propeller shaft market is divided into single piece, and multi piece. The single piece segment held around 67% of the market share in 2024. Single-piece propeller shafts are dominating the market due to their simplicity, cost-effectiveness, and reliability, particularly in light commercial vehicles (LCVs). They are easier to manufacture, requiring fewer components and thus reducing the overall production cost.
 

This simplicity also leads to fewer points of failure, enhancing vehicle durability. Additionally, single-piece shafts are ideal for vehicles with shorter wheelbases, where alignment issues are less likely, improving performance. The growing demand for fuel-efficient vehicles is also driving this trend, as single-piece shafts contribute to overall weight reduction. Their dominance is further supported by the widespread use in low and medium-duty commercial vehicles, which require efficient and cost-effective solutions?.
 

China commercial vehicle propeller shaft market held over 60% of share in 2024 and is anticipated to exceed USD 1 billion by 2034, due to its large and rapidly expanding automotive industry, which benefits from strong government support and investments in infrastructure. The country is the world’s largest manufacturer of commercial vehicles, driven by its growing e-commerce sector and increasing demand for logistics and delivery vehicles.
 

Additionally, China’s push towards electric vehicles (EVs) is contributing to market growth, as manufacturers shift to producing components like propeller shafts designed for EV applications. Competitive labor costs, abundant raw materials, and technological advancements in manufacturing further strengthen China's position. The country also benefits from extensive local supply chains, enabling quicker production and reduced costs.
 

The North American commercial vehicle propeller shaft market is driven by the region’s significant demand for light and heavy-duty commercial vehicles, particularly in the U.S. and Canada, which are key logistics and transport hubs. A shift toward electric and hybrid commercial vehicles is promoting innovation in drive systems, including propeller shafts designed for energy efficiency. Regulatory pressure for lower emissions is fostering technological advancements, while infrastructure improvements support fleet expansion. Manufacturers are increasingly focusing on lightweight materials to enhance fuel efficiency. The market is also benefiting from growth in e-commerce, which fuels demand for delivery vehicles.
 

In Europe, the commercial vehicle propeller shaft industry is influenced by stringent emission regulations and a strong focus on sustainability, driving the adoption of electric and hybrid vehicles. The European Union's environmental policies, such as the Green Deal, push for cleaner transportation solutions, which is increasing demand for lightweight, efficient propeller shafts.
 

The market is also characterized by high competition and innovation, with manufacturers focusing on developing advanced drive technologies. Key players in the automotive and commercial vehicle manufacturing sectors are investing in R&D to meet growing market demands for fuel-efficient vehicles. Additionally, Europe’s established automotive industry provides a robust base for the market's growth.
 

Commercial Vehicle Propeller Shaft Market Share

Cummins Inc., BorgWarner Inc., and GKN Automotive collectively held a substantial market share of over 40% in the commercial vehicle propeller shaft industry in 2024. These companies are focusing on developing lightweight, cost-effective, and high-performance shafts that meet the increasing demand for fuel efficiency and lower emissions. With the rise of electric and hybrid vehicles, key manufacturers are also entering the EV market, adapting their technologies to suit new drive systems.
 

The market is fragmented, with competition intensifying around the development of modular, plug-and-play solutions and advancements in materials. Additionally, the market is characterized by growing consolidation as larger companies partner with or acquire smaller players to expand their portfolios and capture emerging growth opportunities in the EV and hybrid segments.
 

Commercial Vehicle Propeller Shaft Market Companies

Major players operating in the commercial vehicle propeller shaft industry are:

• Aisin Seiki
• BorgWarner
• Cardan Shaft
• Cummins
• Eaton
• GKN Automotive
• Schaeffler
• ZF Friedrichshafen
   

Commercial Vehicle Propeller Shaft Industry News

• In June 2023, GKN Automotive introduced an innovative, off-the-shelf electric drive shaft, the "eCrate" concept, targeting niche electric vehicle manufacturers and the EV conversion market. This modular, plug-and-play design offers flexibility with options like a 2-in-1 system (motor and transmission) or a 3-in-1 system (motor, transmission, and inverter) available in 113kW and 185kW outputs. The concept allows smaller manufacturers to access GKN's market-proven eDrive technology, enhancing affordability and performance for low-volume production. This approach is expected to support the transition to electrification, especially among startups, by offering scalable, efficient solutions that can be easily integrated into various EV models.
   
• In August 2022, Cummins completed its acquisition of Meritor in August 2022, positioning itself as a leader in integrated powertrain solutions for both internal combustion and electric power applications. The acquisition enhances Cummins’ capabilities in axle and brake technology, crucial for the development of decarbonized solutions. By integrating Meritor’s electrification investments, Cummins aims to accelerate the growth of hybrid and electric drivetrains. The deal, valued at $3.7 billion, is expected to generate synergies worth USD 130 million annually by the third year. This acquisition supports Cummins' strategy of achieving net-zero emissions and accelerating the transition to clean mobility solutions.
   

The commercial vehicle propeller shaft market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) and volume (Units) from 2021 to 2034, for the following segments:

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Market, By Material

• Steel
• Aluminum
• Copper alloy
• Others

Market, By Vehicle

• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

Market, By Type

• Single piece
• Multi piece

Market, By Drive

• Rear-Wheel Drive (RWD)
• Front-Wheel Drive (FWD)
• All-Wheel Drive (AWD)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa