As per the business intelligence report titled ‘Global Automotive Axle & Propeller Shaft Market Size study with COVID-19 Impact, by Type (Axel Type and Propeller Shaft Type), by Vehicle Type (Two wheeler, Passenger cars and Commercial vehicle) and Regional Forecasts 2020-2027’ available with Market Study Report, global automotive axle & propeller shaft market amassed USD 236.2 billion in 2019 and is predicted to expand with a robust compound annual growth rate of 4.3% during 2020-2027.
 

Factors such as technological advancements in the business sphere coupled with shifting end user preferences are augmenting the growth of global automotive axle & propeller shaft market size.
 

For the record, automotive axle and propeller shafts assist in generating momentum in automobiles by transferring torque from differential to wheels. The propeller shafts are generally integrated with the differential using one or more jaw couplings.
 

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The sudden outbreak of the COVID-19 pandemic has compelled industry players to impose stringent social distancing measures for the safety of their employees. Temporary shutdown of production facilities has lowered the product demand & supply, thereby arresting global automotive axle & propeller shaft industry expansion.
 

The research report states that introduction of innovative products along with mergers, acquisitions, and other strategic alliances by leading market players are positively swaying the global automotive axle & propeller shaft market dynamics. On the contrary, growing regulatory concerns as well as frequent vehicle recalls are impeding the overall industry expansion.
 

Based on type, global automotive axle & propeller shaft industry is divided into propeller shaft type and axel type. With regards to vehicle terrain, the industry is split into commercial vehicles, passenger cars, and two-wheeler.
 

From a regional point of view, the business space is fragmented into Latin America, North America, Asia-Pacific, Europe, and rest of the world. As per the report, Asia-Pacific accounts for a majority of the market share and is calculated to record the highest yearly growth rate over 2020-2027. Escalating demand for vehicles coupled with rapid adoption of advanced technologies are propelling the growth of the regional market.
 

Leading companies which define the global automotive axle & propeller shaft industry trends are GKN Ltd., ZF Friedrichshafen AG, IFA Holding GmbH, Hyundai Transys Inc., Meritor Inc., Dana Incorporated, Neapco Inc., JTEKT Corporation, Showa Corporation, and American Axle & Manufacturing Inc. among others.