Portland, OR, June 23, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive axle & propeller shaft market generated $29.3 billion in 2020, and is expected to reach $45.3 billion by 2030, witnessing a CAGR of 4.6% from 2021 to 2030. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in production & sales of vehicles, rise in adoption of electric vehicles, surge in aftermarket demand for axle & propeller shaft from emerging economies, and rise in demand for comfortable & fuel efficient vehicles drive the growth of the global automotive axle & propeller shaft market. However, varying prices of raw materials and concerns related to vehicle recall & regulatory restrain the market growth. On the other hand, rise in demand for all-wheel drive vehicles and surge in use of lightweight materials for manufacturing of axle & propeller shafts create new opportunities in the coming years.
Download Report (230 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/1744
Covid-19 Scenario:
- The Covid-19 pandemic forced many countries to implement lockdown restrictions. This resulted to disruptions in supply chain and created shortage of automotive parts & suspension of production activities of vehicles across the globe. The demand for axle &…
