Valley Cottage, NY -- (SBWIRE) -- 08/02/2019 -- An automotive counter shaft is a bearing in the gear box of every vehicle that allows relative motion between contacts. An automotive counter shaft transmits power and motion with change in direction or speed from one gear to another gear. Automotive counter shaft could be made of iron, steel, stainless steel, or other composite metals. Gear box is the foundation of every vehicle's transmission system which maintains the speed of the motor, and functions with the help of bearings, such as automotive counter shaft. This makes gear box an elementary component in a vehicle.
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Automotive Counter Shaft: Market Drivers and Challenges
The global vehicle production was over 98 million units by the end of FY2017, making global vehicle PARC over 1.3 billion. Further, by the end of 2026, this production volume is projected to reach over 136 million units, reflecting a CAGR of 3.7%. Thus, the increasing vehicle PARC and production is expected to drive the demand for automotive components, thereby augmenting the need of automotive counter shaft over the forecast period.
In recent years, the automotive industry has gained significant opportunities from the globalization. The prominent automotive companies have established their footprint across the major markets, who are being challenged by geopolitical factors and related economic measures which can affect the overall decision making in a foray expansion in target regional markets. Thus, in the coming years, it is expected that the automotive industry will be critically driven by innovation as the market entrants are moving to claim their share in the emerging automotive marketplaces. Hence, innovation in material technology that offers better rigidity and require less maintenance can secure the company's position across the value chain.
Additionally, electrification, connectivity, and autonomous technology are the top three emerging trend in the automotive industry, and these trends depend primarily on the transmission system of a vehicle. For instance, the transition from emission to emission-free individual mobility is hardly possible without the electrification of powertrain, and these "emission-free-environment" initiatives will replace the old vehicle PARC, which in turn, is expected to drive the demand for new automotive components, such as automotive counter shaft. Further, the breakneck progress in the automotive industry, such as integration of artificial intelligence, self-learning machines and interconnected networks, has made possible things that seemed illusory, for instance, development autonomous vehicles with no human presence on-board. This has completely changed the definition of mobility in the automotive counter shaft marketplace. Therefore, over the stipulated period, sales of autonomous vehicles is estimated to expand. This is anticipated to create significant opportunities for the automotive counter shaft market over the forecast period.
Automotive Counter Shaft: Market Segmentation
On the basis of material type, the global automotive counter shaft market can be segmented into the following:
Iron Automotive Counter Shafts
Steel Automotive Counter Shafts
Stainless Steel Automotive Counter Shafts
On the basis of vehicle type, the global automotive counter shaft market can be segmented into the following:
Passenger Cars
Compact Cars
Mid-Sized Cars
Luxury Cars
SUVs
Commercial Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles
Automotive Counter Shaft: Regional Market Outlook
China, being the hub of automotive component manufacturing, is expected to remain dominant in the automotive counter shaft market over the forecast period. Europe's auto-market performance has been robust, especially in Germany, France, Italy, and Russia. This performance is directly linked to the region's improving economic condition. Other supporting factor for the automotive counter shaft market includes extremely accommodative financing conditions. The potential of the automotive counter shaft market in the Middle East and Africa region is expected to be sluggish owing to low automotive manufacturing and a fragmented distributor chain. India is expected to hold and maintain its dominant share in automotive counter shaft market.
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Automotive Counter Shaft: Key Market Players
Some of the market participants in the global automotive counter shaft market identified across the value chain include:
Bharat Forge
JRB ENGINEERING WORKS
Modern Automatives
Hangzhou Donghua Chain Group Co., Ltd.
K. METALS PRIVATE LIMITED