IMARC Group has recently released a new research study “Automotive Drive Shaft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of Automotive Drive Shaft?
The global automotive drive shaft market size reached US$ 15.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 21.0 Billion on by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
What Is The Automotive Drive Shaft?
Automotive drive shaft stands for a motorized component that transmits the power produced by the engine from the gearbox to the rear and front axle to move the vehicle. It can be categorized into single-piece, multi-piece, and slip-in-tube types. These automotive drive shaft variants are strong and lightweight and can efficiently absorb engine torque, withstand extreme temperatures, and perform well under stress. They optimize noise, vibration, and harshness (NVH) performance and offer various benefits, such as low running costs, reliability, smoothness, absence of oil spills, and clean operation. Consequently, automotive drive shaft components are extensively integrated into passenger and commercial vehicles across the globe.
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What Are The Key Factors Driving In a Automotive Drive Shaft Market?
The expanding demand for electric vehicles (EVs) across countries is among the key factors driving the automotive drive shaft market. Additionally, the rising fuel prices and the implementation of numerous stringent regulations by government bodies aimed at controlling emission levels are acting as significant growth-inducing factors. Besides this, the launch of lightweight automotive drive shafts utilizing fiber-reinforced polymer by leading market players, which assist in maintaining the performance and rigidness of the component, improve fuel efficiency, and provide higher torque capacity, is also positively influencing the global market. Moreover, the escalating adoption of clean manufacturing processes, which include electron beam welding, that ensure a high level of reliability with no oxidation is further catalyzing the market growth. Apart from this, the growing need for hollow shafts and the inflating investments in research and development (R&D) activities are expected to stimulate the automotive drive shaft market in the coming years.
Who Are The Key Players/Companies In The Automotive Drive Shaft Market?
Advanced Composite Products & Technology Inc., American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation (Hyundai Motor Group), IFA Group, JTEKT Corporation, Melrose Industries PLC, Meritor Inc. (Cummins Inc.), Neapco Inc., Nexteer Automotive, NKN Ltd. and NTN Corporation.
The report has been segmented the market into following categories:
Breakup by Drive Shaft Type:
- Single Piece
- Slip-In-Tube Drive Shaft
Breakup by Design Type:
- Hollow Shaft
- Solid Shaft
Breakup by Position Type:
- Rear Axle
- Front Axle
Breakup by Material:
- Carbon Fiber
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Sales Channel:
- Original Equipment Manufacturer (OEM)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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