Global Tempered Steel Hollow Shaft Market Insights Forecasts to 2033 

• The Global Tempered Steel Hollow Shaft Market Size was Valued at USD 4.25 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 6.27% from 2023 to 2033
• The Worldwide Tempered Steel Hollow Shaft Market Size is Expected to Reach USD 7.81 Billion by 2033 
• Europe is Expected to Grow the fastest during the forecast period.   

The Global Tempered Steel Hollow Shaft Market Size is anticipated to exceed USD 7.81 billion by 2033, growing at a CAGR of 6.27% from 2023 to 2033.

Market Overview

The market for tempered steel hollow shafts refers to the selling and manufacturing of hollow shafts from tempered steel, which are used in various applications including automotive (passenger automobiles, SUVs, trucks, and commercial vehicles), machinery, and equipment owing to their strength and durability. The tempered steel hollow shaft market growth and expansion are mainly propelled by the rising requirement in various industrial sectors such as aerospace, construction, and automotive, where there is an increasing demand for strong, long-lasting materials. The strength-to-weight ratio of tempered steel hollow shafts is highly valued, and it’s the perfect option for applications needing accurate and reliable efficiency in challenging situations. Furthermore, the market for tempered steel hollow shafts is growing due to the increasing demand for efficient and lightweight machinery in the industrial sector. Higher accuracy, dependability, and efficiency machinery are in demand as companies all over the world modernize and embrace cutting-edge innovations.   

Report Coverage

This research report categorizes the global tempered steel hollow shaft market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global tempered steel hollow shaft market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global tempered steel hollow shaft market.    

Driving Factors

The global tempered steel hollow shaft market is growing due to the expanding automotive industry, which is progressively utilizing sophisticated materials to improve the effectiveness and performance of automobiles. With the increasing focus on electric vehicles and strict emission rules, manufacturers of automobiles are forced to design lightweight and more efficient automobiles. Their demand in the automotive industry is further fueled by these shafts' versatility in a variety of vehicle components, including drive shafts and transmission systems. Additionally, global sales of electric cars (EVs) increased by 25% to 17.1 million in 2024. When it comes to electrically powered cars, the hollow shaft is a crucial part of the hollow shaft motor. The market for tempered steel hollow shafts is directly impacted by the growing demand for EVs, which propels growth as more hollow shafts are required for the growing number of electrically powered vehicles being produced.

Restraints & Challenges

The need for tempered steel hollow shafts is declining as lightweight composites and sophisticated polymers are being utilized more frequently as steel substitutes in specific applications. High-quality steel can be costly and volatile, particularly alloy steels used for tempering.

Market Segmentation

The global tempered steel hollow shaft market share is classified into product type and application.

• The round hollow shafts segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.                              

Based on the product type, the global tempered steel hollow shaft market is categorized as round hollow shafts, square hollow shafts, and rectangular hollow shafts. Among these, the round hollow shafts segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.The most popular hollow shafts are round ones since they used in a wide range of industries. Rotational balance and even stress distribution are made possible by the intrinsic design, making it perfect for industrial and automotive machinery applications. These shafts are preferred in settings with a high concentration of rotating forces and dynamic loads.

• The automotive segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.       

Based on the application, the global tempered steel hollow shaft market is categorized as automotive, aerospace, industrial machinery, construction, and others. Among these, the automotive segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The automotive industry is a major force behind this, as producers are increasingly using these shafts in cars to boost efficiency and performance. There has never been a greater demand in the automobile industry for strong, lightweight parts, especially as the market shifts to electric vehicles.

Regional Segment Analysis of the Global Tempered Steel Hollow Shaft Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global tempered steel hollow shaft market over the forecast period.

North America is projected to hold the largest share of the global tempered steel hollow shaft market over the forecast period. The market is well-established in North America, due to the region's robust industrial base and ongoing investments in innovation and technology. Particularly thriving are the automobile and aerospace industries, where producers are using tempered steel hollow shafts more frequently to improve performance and economy.

Europe is expected to grow at the fastest CAGR growth of the global tempered steel hollow shaft market during the forecast period. This is due to its strong manufacturing and engineering sectors. The need for high-performance materials is also fueled by the region's dedication to green technology and sustainable development. Due to strict environmental restrictions and the drive towards electric vehicles, nations such as France and Germany are leading the tempered steel hollow shaft market over the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global tempered steel hollow shaft market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• GKN Driveline
• Dana Incorporated
• American Axle & Manufacturing Holdings, Inc.
• Meritor, Inc.
• ZF Friedrichshafen AG
• Schaeffler Group
• Hyundai WIA Corporation
• Nexteer Automotive
• Showa Corporation
• NTN Corporation
• JTEKT Corporation
• BorgWarner Inc.
• Linamar Corporation
• Hitachi Automotive Systems, Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Market Segment

• This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global tempered steel hollow shaft market based on the below-mentioned segments: 

Global Tempered Steel Hollow Shaft Market, By Product Type

• Round Hollow Shafts
• Square Hollow Shafts
• Rectangular Hollow Shafts

Global Tempered Steel Hollow Shaft Market, By Application

• Automotive
• Aerospace
• Industrial Machinery
• Construction
• Others

Global Tempered Steel Hollow Shaft Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa