Electric Bike Market Share | North American Electric Vehicle Market Growth 2023

 

Strict government policies related to vehicle emission standards along with rising environmental concern to aid growth of North America electric two-wheeler market by 2023

According to TechSci Research report, “North America Electric Two Wheeler Market, By Vehicle Type, By Battery Capacity, By Battery Type, By Country, Competition Forecast & Opportunities, 2013 - 2023”, North America electric two-wheelers market is projected to witness a CAGR of more than 8% through 2023. Anticipated growth in the market is led by technological advancements in electric two-wheelers as well as their battery systems. Moreover, governments of different countries in North America are providing subsidies on electric vehicles, which is further increasing their demand across the region. Few of the leading electric two-wheeler companies operating in North America are Yadae Group Holdings Ltd, AIMA Technology Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Zhenjiang Luyuan Electric Vehicle, and Dongguan Tailing Electric Vehicle Co. Ltd., among others.

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On the basis of battery type, North America electric two-wheeler market is segmented into lead acid and li-ion battery. Lead acid battery segment dominated the market in 2017 and is anticipated to continue its dominance during forecast period as well on account of their economical prices. Among vehicle types, electric scooters/mopeds segment leads the North America electric two-wheeler market with a volume share of over 60% in 2017. Rising focus on development of advanced electric vehicle battery systems is further anticipated to aid North America electric two-wheeler market over the next five years.

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“Growth in demand for electric two-wheelers has been witnessed over the past few years in North America, owing to several government initiatives to promote the use of electric two-wheelers.  Moreover, with continuously rising pollution levels, the need for cleaner automobiles with low emissions is also increasing, thereby fuelling demand for electric vehicles. Additionally, expanding dealer & distribution network of leading electric two-wheeler companies across North America along with increasing penetration of Chinese players would further propel growth in the region’s electric two-wheeler market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“North America Electric Two Wheeler Market, By Vehicle Type, By Battery Capacity, By Battery Type, By Country, Competition Forecast & Opportunities, 2013 - 2023” has analyzed the potential of electric two-wheeler market in North America region, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by North America electric two-wheeler market.

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Electric Vehicle Market Share 2028 | Electric Vehicle Target Market

 Strict government initiatives, new technologies and rising focus on environment sustainability are the driving force for North America electric vehicle market.

According to the TechSci Research report, "North America Electric Vehicle Market - By Country, Competition Forecast and Opportunities, 2018-2028F", North America Electric Vehicle market is growing at rapid pace owing to low emission from the vehicle, low maintenance cost and contributing towards the environmental situation there is increase in demand of electric vehicle. The rise in electric vehicle is also due to the sustained policy support from the government part. Also, the electric vehicles come with new technologies which are effective and efficient in the vehicle market.

An electric motor powers an electric vehicle (EV) as opposed to an internal combustion engine, which produces power by burning a mixture of fuel and gases. Therefore, to solve issues such as increased pollution, global warming, the depletion of natural resources, etc., such a vehicle is considered as a potential substitute for new-generation automobiles.

The governments has installed EV charging stations, created pollution standards, established deadlines for switching from ICE vehicles to full or hybrid EVs, and other measures to assist the growth of EV demand.  There are around more than 50000+ Charging Station and 1 lakh+ charging ports present in the north America which is enhance the EV market demand north America. Also, Consumer mindset has also been shifted towards sustainable mobility with consumer buying more Electric Vehicles.

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The North America Electric Vehicle market can be segmented based on vehicle type, propulsion, range, battery capacity and by region. Based on vehicle type, the passenger car segment currently dominates North America electric vehicle market with highest share among all vehicle type. This is due to the rising demand of the passenger car with better driving experience, disposal income of consumers and low emissions standards. In terms of propulsion type, FCEV has the fastest growing segment in the forecasted years. In the forecasted period, the battery electric vehicle segment will account for the highest volume of the market. Based on range type, 201-400 miles accounted the highest growth rate. Based on battery capacity type, market is segmented among Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, above 300 kWh. The widespread usage of electric trucks and buses, particularly for applications in public transportation and freight services, is primarily responsible for this market segment's rapid expansion. A wide range of EVs, including passenger cars and light commercial vehicles like vans, pickup trucks, and utility vehicles, have power outputs between 100kW and 250kW. The surge in the EVs charging station infrastructure and government measures towards the environmental sustainability are driving up the use of  EVs.

Some of the major players operating in the North America electric vehicle market include:

• Tesla Inc.
• BMW Group
• BYD Company Ltd.
• Volkswagen AG
• Hyundai Motor Company
• AB Volvo
• Daimler AG
• Ford Motor Company,
• General Motors Company
• Honda Motor Co., Ltd.

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“Many companies are investing in development in building the charging infrastructure to overcome the charging barriers of EVs. Also, With the advancement in the technology, manufacturer’s are rolling out the new Electric vehicles, with advanced features to provide better safety, security, functionality and driving experience. Also, the concern regarding the environmental pollution  Government is promoting the policy for Electric vehicle adoption which is further increasing the penetration of electric vehicle."said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“North America Electric Vehicle Market By Vehicle Type (Two Wheelers, Passenger Cars (PC) Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Propulsion Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By Range (0-50 Miles, 51-150 Miles and 151-200 Miles, 201-400 Miles, and Above 400 Miles), By Battery Capacity (Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, Above 300 kWh), By Country, Competition Forecast and Opportunities, 2028F”, has evaluated the future growth potential of North America electric Vehicle Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the North America Electric Vehicle Market.

 

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Portable EV Chargers Market to be Dominated by Europe Region through 2027

Rising sales of electric vehicles and emergence of innovative portable EV chargers are expected to drive the demand for the global portable EV chargers market in the forecast period, 2023-2027.

According to TechSci Research report, “Portable EV Chargers Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global portable EV chargers market is expected to register growth at a formidable rate during the forecast period. The market growth can be attributed to the rising penetration of electric vehicles across the globe and emergence of innovative portable electric vehicle chargers by key players. Besides, growing awareness among consumers regarding vehicular emissions and supportive government initiatives are contributing to the increased adoption of electric vehicles, which in turn, is anticipated to fuel the demand for portable electric vehicle chargers. Additionally, lack of electric vehicle charging stations and growing need to charge electric vehicles fast are supporting the growth of the global portable EV chargers market. Portable electric vehicle chargers are easy to install and require less maintenance when compared to other types of chargers as they just required to be plugged into an electric vehicle to charge its battery. Roadside assistance companies are rapidly adopting portable electric vehicle chargers to provide charging services for electric vehicles owners stranded on the side of road due to less battery. Besides, portable electric vehicle chargers are being increasingly employed for providing power for emergency vehicles, such as ambulances or fire trucks when the grid is down. Hence, increasing use of portable chargers for domestic and commercial applications is expected to boost the growth of the global portable EV chargers market in the coming years.

The Portable Electric Vehicle Charger market is growing due to the increasing demand for electric vehicles (EVs) and the need for convenient charging options. Factors contributing to this growth include:

1. Government incentives and regulations supporting EVs
2. Rising environmental concerns leading to increased adoption of EVs
3. Advances in technology, making portable chargers more efficient and user-friendly
4. Increasing public charging infrastructure for EVs
5. Growing demand for EVs in personal and commercial use.

However, the high cost of portable EV chargers and the limited range of EVs are factors that may hinder the growth of the market.

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The global portable EV chargers market is segmented into product type, vehicle type, and region.  

Based on product type, the global portable electric vehicle chargers market is bifurcated into AC charger and DC charger. The DC portable electric vehicle chargers segment is expected to register the highest growth in the forecast period. DC chargers are being widely used to provide emergency and/or convenience charging to charge batteries in a short span of time. Many electric vehicles are capable to be charged approx. 80% in about or under an hour using the most currently available DC fast chargers. Drivers are increasingly opting for DC portable electric vehicle chargers for high mileage/long distance driving and large fleets to recharge batteries during the day or on a small break as opposed to keep the vehicle plugged in overnight. Hence, the growing need to charge vehicles fast and avoid range anxiety are expected to fuel the segment growth. 

Based on vehicle type, the market is divided into two-wheeler, passenger car, and commercial vehicle. The passenger car segment is expected to hold the largest share in the global portable EV chargers market, owing to the increasing penetration of electric vehicles for personal use, owing to the enhanced environmental awareness and fluctuating gas prices. However, the commercial vehicle segment is anticipated to register the fastest growth during the forecast period, owing to the increased adoption of portable EV chargers by roadside assistance companies, shared fleet operators, etc.

Major market players operating in global portable EV chargers market are:

• ZipCharge
• SparkCharge
• EV Adept
• Chengdu Khons Technology Co., Ltd.
• Besen International Group Co., Ltd.

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“Market players are increasingly making investments to build innovative portable electric vehicle chargers that recharge batteries faster and efficiently. In recent years, many new user-friendly portable electric vehicle chargers with new features have emerged, owing to the growing adoption of electric vehicles across the world. Recently, Juice Americas, a subsidiary of Juice Technology has announced to offer their popular J+ BOOSTER 2 Portable EV charger to customers in USA, Canada, and Mexico. The portable EV charger with eight adapter plugs can be used to charge any electric vehicle, including Tesla. Launch of new portable EV chargers by market players and expansion of their product portfolios is expected to aid the growth of the global EV chargers market in the coming years.”, said Mr. Karan Chechi, Research Director, TechSci Research, a research based global management consulting firm.

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“Portable EV Chargers Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Product Type (AC Charger, DC Charger), By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle) and By Region”, has evaluated the future growth potential of global portable EV chargers market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global portable EV chargers market.

 

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Shared Mobility & Advanced Technology is robustly escalating the Global Autonomous Vehicle Market

Rising demand for advanced technology, increasing investment in shared mobility, and reduced fatal injuries with autonomous vehicles are increasing the demand for the Autonomous Vehicle market.

According to the TechSci Research report, "Autonomous Vehicle Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2030F," the Global Autonomous Vehicle Market is anticipated to grow with a rapid CAGR in the upcoming years.

An autonomous vehicle is a self-driving vehicle that runs with the help of sensors and advanced features like ADAS. An autonomous vehicle operates software and travels between locations without a human operator thanks to a combination of sensors, actuators, machine learning systems, and complex and powerful algorithms. "The sensors gather real-time data of the surrounding environment including geographical coordinates, speed and direction of the car, its acceleration, and the obstacles which the vehicle can encounter.

A major factor driving the growth of the Global Autonomous Vehicle market is the paradigm shift in the transportation sector due to consumer behaviour. The autonomous vehicle keeps a 360-degree view of the surroundings. Many companies are making strides in technological innovations to provide a safe and sustainable driving experience. Also, with shared mobility is heavily investing in the autonomous vehicle to unique in their segment. Companies like Wamyo LLC, Zoox,Inc. ,   Argo Ai and General motor company  have started their operations with autonomous vehicles in different cities.

However, the high initial cost and risk of malfunctions are some of the obstacles in autonomous vehicles. Still, the manufacturers are upgrading their technology and rigorously testing their vehicles to avoid these malfunctioning. Thus, autonomous vehicles' increasing presence in the present has paved the way for a significant increase in the automobile industry's future.

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The Global Autonomous Vehicle market can be segmented based on vehicle type, level of Automation, component, mobility type and region. On the basis of vehicle type the market is segmented into Passenger Car and Commercial Vehicle. The market has been classified into five categories based on the level of automation: Level 1, Level 2, Level 3, Level 4, and Level 5 Automation. In the current context, level 1 and level 2 automation retain the majority of the market, with the recent advent of level 3 automation providing more prospects for technological advancement to introduce Level 4 and Level 5 automation. Based on Component the market has been divided into Camera, Radar Sensors, Lidar, Ultrasonic Sensors, and Infrared Sensors. The market is segmented based on Mobility type into Shared and Personal.

Some of the major players operating in the Global Autonomous Vehicle Market include:

• BMW AG
• Robert Bosch Gmbh
• Tesla,Inc.
• General Motors Company
• Daimler AG.
• Ford Motor Company
• Hyundai Motor Group
• Waymo LLC
• Zoox,Inc.
• Pony.AI, Inc.

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“Many automobile manufacturing businesses are investing in advanced technologies in order to remain competitive in the industry. With the introduction of Artificial Intelligence and other advanced technology, as well as consumer attitudes toward self-driving vehicles, the automobile industry and shared mobility companies' investment in autonomous vehicles is changing, resulting in the rapid growth of autonomous vehicles in the automobile industry. -."said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Autonomous Vehicle Market, -Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2030Segmented By Vehicle Type (Passenger Car, Commercial Vehicle), By Level of Automation (Level 1, Level 2, Level 3, Level 4 , Level 5), By Component (Camera, Radar Sensors, Lidar, Ultrasonic Sensors and Infrared Sensors), By Mobility Type (Shared, Personal), By region, Competition Forecast & Opportunities, 2018- 2030F, has evaluated the future growth potential of Global Autonomous Vehicle  Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Autonomous Vehicle Market.

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Automotive Intercooler Market To Grow With an Impressive CAGR During The Forecast Period

 Global Automotive Intercooler Market is driven advancing technology in the forecast period, 2023-2027.

According to TechSci Research report, “Automotive Intercooler Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”. The global automotive intercooler market may show a robust growth in the forecast years, 2023-2027 with an anticipated CAGR value. The market growth can be attributed to the factors like surging demand for the advanced car parts. Increasing concerns toward environment and surging demand for the ecofriendly and fuel efficient vehicles are further driving the growth of the global automotive intercooler market in the upcoming five years. Surging demand for the automotive turbocharger is also supporting the growth of the global automotive intercooler market in the next five years. High cases of vehicle combustion due to over heating of engines, high consumption of fuel in case the engine achieves high temperature in short duration of time further facilitates the growth of the global automotive intercooler market in the next five years. High cost of fuel, environmental harms due to excessive burning of fuel, exhausting natural fuel resources are also aiding to the growth of the market. Moreover, rapidly increasing production, sales of automobiles and overall expansion of automotive industry aids to the growth of the global automotive intercooler market in the future five years.

Governments are trying to invest in the industry for the evolution of ecofriendly automotive. Promotions of electric vehicles, battery powered vehicles are the steps toward same. Higher research and development of innovative products would also substantiate the growth of the global automotive intercooler market in the forecast years through 2027.

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The global automotive intercooler market segmentation is based on vehicle type, type, engine type, design type, demand category, regional distribution, and competitive landscape. Based on vehicle type, the market is further segmented into two-wheeler, passenger car, light commercial vehicle, medium & heavy commercial vehicle, and OTR. Passenger cars are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of increasing production and sales of the same in the Asia Pacific regions. Growing instances of engine heating due to high temperature countries and higher cost of fuels all around the world is further driving the growth of the global automotive intercooler market in the next five years. Light commercial vehicle is also anticipated to hold significant shares of the market on account of increasing demand for freight movement and growing transportation industry.

Engine type market segment is distinguished between supercharged engine and turbocharged engine. Turbocharged engines are anticipated to dominate the market segment with largest revenue shares of the market in the next five years due to surging demands for coolant for reducing the temperature of compressed air. Increasing usage and development of the downsized engines further substantiate the growth of the segment in the upcoming five years along with the market growth.

Based on design type, the market is further bifurcated into front mounted, top mounted, and side mounted. Front mounted designs may lead the market depending on the automotive requirements and its designing. Higher demand for front engines are driving the growth of the segment along with the market growth in the future five years.  

Some of the market players, dominating the global automotive intercooler market are : 

• Valeo Group
• MAHLE GmbH
• Treadstone Performance Engineering Inc.
• Bell Intercoolers
• Garrett Motion Inc.
• PWR Holdings Limited
• Garrett Motion Inc. (Honeywell)
• Kale Oto Radyator
• Pro Alloy Motorsport Ltd
• Modine Manufacturing Company

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“Asia Pacific region is anticipated to lead the global automotive intercooler market in the upcoming five years as it has been leading in the historical years due to highest sales and demand of the automobiles in the region. Moreover, larger economies like India, China are also among the largest producers of automobiles. Increasing technological advancement in the automobiles, dedicated research and product development sector in the industry in these countries along with the presence of global giants like Toyota Motors, Hyundai Motors, etc. in the region is driving the growth of the global automotive intercooler market in the future five years. Large population of the countries in the region, higher capacities of producing technologically advanced automobiles, and higher export capacities of the countries like Japan, China, further facilitate the market growth. New market players may form alliances with the global automotive manufacturers to supply the products for assembling and invest in further research to establish their brands in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Automotive Intercooler Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Vehicle Type (Two-Wheeler, Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR), By Type (Air to Air Intercooler, Water to Air Intercooler), By Engine Type (Supercharged Engine, Turbocharged Engine), By Design Type (Front Mounted, Top Mounted, Side Mounted), By Demand Category (OEM vs Replacement), By Region”, has evaluated the future growth potential of global automotive intercooler and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global automotive intercooler market.

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APAC Electric Three-wheeler Market Size, Growth, Trends & Analysis 2027

 

The demand of electric three wheelers is expected to rise as the demand from the load carrier segment is rising additionally the increase in adoption of electric vehicles is also because of the government subsidies.

According to TechSci Research report, “Asia-Pacific Electric Three-wheeler Market- By Country Competition Forecast and Opportunities, 2018-2028”. Asia-Pacific electric three-wheeler market is expected to expand as governments of various Asian countries plan to phase out the production and sale of gasoline and diesel vehicles in the coming years. This action is expected to boost the market for electric vehicles in the area, assisting the market to grow over the forecast period. For example, the Government of India and the National Institution for Transforming India (NITI Aayog) aimed that by 2030, EVs would account for 80% of two- and three-wheeler sales.

In terms of performance, maintenance, and initial cost of purchase, electric three-wheelers outperform their IC engine counterparts. The electric three-wheeler core unique selling points are fewer range-related issues, affordability, and a better value proposition in the shared mobility space. Vehicle electrification has become a trend in the automotive industry, and it represents a path toward greater energy efficiency as well as lower emissions of pollutants and other greenhouse gases. The growing environmental concern is the primary driver of the growth. As more operators enter the region's market, charging solutions such as battery swap, semi-public and public charging, and home-based charging evolve. The governments of various nations in the region support electric three-wheeler OEMs and startups, shared mobility services and charging solution providers, that comprise the electric three-wheeler ecosystem. Customers have access to an increasing number of innovative business models and cost-effective financial options, and the availability of a wider range of vehicle models, which is expected to increase the adoption of electric three-wheelers in the region.

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The demand-supply balance for electric three-wheeler services is expected to increase, which will be essential for the industry's growth. Last-mile delivery and new business models are also expected. It is anticipated that electric mobility solutions will significantly affect the market and expand growth opportunities for various ecosystem segments.

Asia-Pacific Electric Three-Wheeler Market can be segmented on the basis of vehicle type, battery capacity, battery type, and by country. Based on vehicle type, the market is further segmented into passenger carrier and load carrier. Based on battery capacity, the market is segmented into <<101Ah and >101Ah. Based on battery type, the market is segmented into lead acid & Li-ion and based on country, the market is segmented into China, India, Japan, Malaysia, Indonesia, Thailand, Vietnam, and Singapore.

Some of the major companies operating in the Asia-pacific Electric Three-Wheeler Market include:

• Xianghe Qiansheng Electric Tricycle Factory
• Euler Motors Private Limited
• Omega Seiki Mobility Private Limited
• Mahindra & Mahindra Limited (India)
• Saera Electric Auto Pvt. Ltd
• Changzhou Yufeng Vehicle Co. Ltd.
• Gayam Motor Works
• Piaggio Group
• Lohia Auto Industries
• Atul Auto Ltd.

These are the key players developing advanced technologies and launching electric three wheelers across the region to stay competitive in the market. Other competitive strategies include mergers with the research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments and are also partnering with different research bodies to stay competitive in the market.

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“The demand for electric vehicles is expected to rise because of the less ownership cost of the electric vehicles and the market is expected to generate new opportunity as new players are entering into the race and this will bring more competitive products in the market and the government emission norms is also influencing the demand. At the same time, increase in the adoption of electric three wheelers for public commute is expected to drive Asia-Pacific electric three wheeler market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Asia-Pacific Electric Three-Wheeler Market Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028” has evaluated the future growth potential of Asia-Pacific Electric Three-Wheeler Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and helps decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Asia-pacific Electric Three-Wheeler Market.

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Global Aircraft Engine Shaft Market Size, Growth, Trends & Analysis 2027

 

Fleet modernization and expansion plans of countries and increased demand for new generation engines are expected to drive the global aircraft engine shaft market growth in the forecast period, 2023-2027.

According to TechSci Research report, “Aircraft Engine Shaft Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global aircraft engine shaft market is anticipated to grow at a significant rate in the forecast period, 2023-2027. The market is driven by the rise in the demand for cost-effective and fuel-efficient aircraft across the globe. Most of the original equipment manufacturers and aircraft manufacturers are constantly looking for solutions that can help develop fuel-efficient aircraft to lower fuel consumption. The aircraft engine shaft connects the fan section, compressor, and engines together and transfers the energy from the back of the engine to drive the front. That means it should be able to transfer forces from the turbine all the way down to the compressor and fan. Therefore, due to its crucial function in the aircraft, it is expected to witness massive demand from all over the globe.

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The global aircraft engine shaft market is segmented engine type, material, aircraft type, application, regional distribution, and competitive landscape.

Based on the engine type, the market is divided into turboprop, turbofan, turboshaft, and piston. A turboshaft engine is expected to capture the highest market share in the forecast period, 2023-2027. The demand for turbofan engines is growing with the development of modern airliners because of their high thrust and efficiency. Low-bypass-ratio engines are considered more fuel-efficient than the basic turbojet. A turbofan generates more thrust for a nearly equal amount of fuel used by the core and therefore is considered highly efficient. Turbofan engines are expected to witness massive demand in the region due to the growing demand for business jets in the Asia-pacific region.

Based on material, the market is bifurcated into steel and iron. The steel segment is expected to witness substantial growth in the forecast period as it is stronger and tougher than many types of iron. Elements are added to the steel to make it desirable according to the requirements. Steel’s strength, durability, and resistance to heat make them ideal for the aircraft engine shaft. Steel is preferred as it has good strength and can be heated and treated for specific characteristics.

Based on aircraft type, the market is divided into narrow body aircrafts, wide body aircrafts, regional aircrafts, business aircrafts, rotorcrafts, and fighter aircrafts. Narrow body aircrafts are expected to hold the largest market share in the forecast period. Narrow body aircraft boasts low operation cost and higher fuel efficiency in short route flights. Narrow body aircrafts have long-range and efficiency and the lowest fuel burn. High-end investments by the market players in the research and development activities to make them advanced and introduce newer generation aircraft that can fly longer distances are expected to fuel the demand in the coming years.

Based on application, the market is divided into commercial and military. The military segment is expected to account for a significant market share in the forecast period owing to the rise in defense expenditure by the developing countries to counter growing terrorism activities. Military aircraft developers use advanced engine technologies to support the aircraft by providing the required power. Also, the rise in procurement of military aircraft by countries like India, the United States is expected to contribute to the market growth.

Major operating companies operating in global aircraft engine shaft market are:

• PBS Aerospace
• Rolls-Royce
• Safran
• GE Aviation
• Honeywell
•  

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“North America is expected to dominate the global aircraft engine shaft market in the forecast period, 2023-2027. The presence of major market players such as Honeywell and GE Aviation in the region supports the high market demand. North America has a well-developed technological infrastructure, and the aircraft engine shaft uses advanced technologies in the manufacturing process, boosting its demand across the globe. Also, the government allocates massive funds for developing the defense sector and procurement of advanced helicopters, fighter jets, emergency medical services helicopters, single-engine aircraft, and military aircraft. According to SIPRI, in 2021, the United States was the top defense spender worldwide. The rise in the focus on the research and development activities and development of advanced aircraft engine shaft and engine technologies is expected to propel the global aircraft shaft market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Aircraft Engine Shaft Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Engine Type (Turboprop, Turbofan, Turboshaft, Piston), By Material (Steel, Iron), By Aircraft Type (Narrow Body Aircrafts, Wide Body Aircrafts, Regional Aircrafts, Business Aircrafts, Rotorcrafts, Fighter aircrafts), By Application (Commercial, Military), and By Region”, has evaluated the future growth potential of global aircraft engine shaft and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global aircraft engine shaft market.

Press Release : https://www.techsciresearch.com/news/7652-aircraft-engine-shaft-market.html

 

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