Technavioanalysts forecast the global commercial vehicle propeller shaft marketto reach 17.34 million units during the forecast period, according to their latest report.
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Technavio has published a new report on the global commercial vehicle propeller shaft market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global Commercial Vehicle Propeller Shaft Market for 2017-2021. The report further segments the market based on application (LCV and M&HCV), and geography (the Americas, APAC, and EMEA).
The market will have a linear relationship with the total sales of commercial vehicles (including LCVs and M&HCVs). The global commercial vehicle propeller shaft market is a derived market; hence, its growth or decline depends on the number of vehicles sold. The type of the propeller shaft to be equipped is determined after considering the overall length of the commercial vehicle.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global commercial vehicle propeller shaft market:
- Increasing sales of commercial vehicles in emerging countries
- Increased demand for fuel-efficient vehicles
- Formulation of regulations for increasing the mileage of commercial vehicles
Increasing sales of commercial vehicles in emerging countries
India and China, being the main manufacturing hubs in the world, must deal with enormous amounts of goods that have to be transported to various locations like ports and warehouses. Moreover, the manufacturing process involves the transportation of copious amounts of heavy raw materials from a place of procurement to the place of manufacture. This is where commercial vehicles come into use. With the rise in global urbanization, there is a significant rise in the construction activities, leading to increased consumption rates within urban and semi-urban areas.
Siddharth Jaiswal a lead automotive componentsresearch analyst at Technavio, says, "The demand of the urbanized population is rising. Therefore, to meet that demand the production of goods must be increased. This will have a considerable increase in the manufacturing activities within a country, which, in turn, lead to the increased sales of commercial vehicles. The increasing sales of commercial vehicles will drive the market for commercial vehicle propeller shafts
Increased demand for fuel-efficient vehicles
Fluctuating prices of fuel and slow growth in the number of freight orders has led the buyers of commercial vehicles to look for vehicles that offer higher fuel efficiency. The introduction of lightweight propeller shafts in commercial vehicles provides them with 10% more fuel efficiency than the vehicles with heavy propeller shafts.
"Fuel prices have been increasing all over the world at a very rapid pace. The average diesel price is expected to reach USD 0.98 by 2017. There is a considerable decrease in the profits of freight operators due to the increasing fuel prices and a decline in freight transport volumes. The Organization of the Petroleum Exporting Countries is planning to limit the production of petroleum, which will make non-OPEC members increase the prices of fuel. These factors will increase the demand for fuel-efficient vehicles," adds Siddharth.
Formulation of regulations for increasing the mileage of commercial vehicles
Rising vehicular pollutions are inducing governing bodies of various countries to update their vehicular emissions norms at intervals less than a year. With the introduction of fuel efficiency standards, OEMs will be encouraged to increase the mileage of vehicles. This will increase the sale of propeller shafts. Also, the Implementation of regulations to maintain standards for fuel economy will decrease the dependency on petroleum-based fuels.
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