Automotive Drive Shaft Market Forecasts to 2028 – Global Analysis By Shaft Type (Flexible Drive, Torque Tube Drive), Vehicle Type (Electric Vehicle, Light Commercial Vehicles), Material (Aluminum, Carbon Fiber) and By Geography
According to Stratistics MRC, the Global Automotive Drive Shaft Market is accounted for $26.91 billion in 2021 and is expected to reach $44.06 billion by 2028 growing at a CAGR of 7.3% during the forecast period. Drive Shaft is, also called a driving shaft, propeller shaft, or Cardan shaft. It is a mechanical component used to connect with other components of a drive train, which is not possible to connect directly. The growing concern for fuel efficiency motivates the manufacturers to develop lightweight driveshafts without impacting their performance and rigidness.
Growing sales of electric vehicles
Sales of electric vehicles have been projecting a positive growth over the past years, and it is estimated to continue to gain more customers in the coming time. Moreover, many electric vehicle manufacturing companies plan to launch more electric vehicle models in the coming years. In addition, major automotive companies are also shifting their focus toward the electric vehicle segment, owing to their concern for the environment and increasing prices of fuels. Therefore, this is projected to boost the growth of the global automotive drive shaft market.
Increase in adoption of electric vehicles
Increase in adoption of electric vehicles can act as a restraint to the growth of the global automotive drive shaft market. Automakers, such as General Motor Company, BMW AG, and Audi AG are among the leading players developing electric vehicles (EVs). Electric vehicles are independent of traditional internal combustion engines to power vehicles.
Weight reduction in the automotive industry has been a major concerning factor for innovators and manufacturers. A majority of passenger cars use hollow shaft as a drive shaft, owing to the advantages offered by these shafts when compared to solid drive shafts. Hollow drive shaft of same mass as of solid drive shaft performs in same manner without resulting in a failure. Therefore, this is leading to the growth of the global automotive drive shaft market.
The emergence of composite drive shafts
The drive shafts are manufactured with specific allowance for some small degree of movement at the points where the drive shafts are connected to sustain under a twisting or spinning motion. Additionally, a drive shaft enables the function with an axle and CV joint and allows the transfer of torque from transmission to the wheels. This allows the vehicle to be driven at the required speed.
The multi-piece segment is expected to have the highest CAGR during the forecast period
The multi-piece segment is growing at the highest CAGR in the market due to the growing reputation of pick-up trucks, which evidence high penetration of multi-piece drive shafts, thus driving this segment. Furthermore, the penetration of the multi-piece drive shaft is getting higher due to an increase in the command for SUVs and four-wheel drive vehicles.
The single piece segment is expected to be the largest during the forecast period
The single piece segment is expected to be the largest share in the market. Single piece drive shaft is a conventional drive shaft and is highly popular among entry and mid-range vehicles, which can be attributed to the high market share held by the segment in the automotive drive shaft market.
Region with highest share:
Asia Pacific is projected to hold the largest share in the market due to the high production of vehicles and a rise in the command for premium and luxury vehicles among developing countries of the region. This market is directly influenced by vehicle production and sales. The availability of major component manufacturers and the presence of major automotive manufacturers in the region are key factors attributed to the notable share held by the Asia Pacific of the global automotive drive shaft market.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR during the forecast period. OEMs have established their production bases in countries like China, India given the pull of the local market and the low cost of manufacture. Moreover, growing demand for comfort and stringent fuel efficiency standards are also anticipated to drive the market for automotive drive shafts in the region.
Key players in the market:
Some of the key players profiled in the Automotive Drive Shaft Market include D & F PROPSHAFTS, Bailey Morris Limited, Wilson Drive Shaft, Yamada, Meritor, Rochling Group, American Axle & Manufacturing, Inc., Nexteer Automotive Group Ltd., Neapco, Dana Limited, Advanced Composite Products & Technology Inc., HYUNDAI WIA CORP., IFA Group, JTEKT Corporation, and GKN Plc.
In November 2020: American Axle Manufacturing (AAM) announced it is EcoTrac disconnecting all-wheel-drive for Chrysler’s new 2021 Chrysler Pacifica mini-van, along with AWD. The DTCM contains AWD system software that provides enhanced handling and improved traction to the rear wheels via the RDM.
In January 2020: GKN Automotive announced collaboration with Delta Electronics Inc. for the development of advanced eDrive technology. New integrated eDrive systems currently in development will enter production within three years to continue addressing a sizeable and rapidly expanding market.
Shaft Types Covered:
• Flexible Drive Shaft
• Torque Tube Drive Shaft
• Hotchkiss Drive Shaft
Vehicle Types Covered:
• Electric Vehicle
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Passenger Vehicles
Position Types Covered:
• Rear Axle
• Front Axle
Design Types Covered:
• Solid Drive Shafts
• Hollow Drive Shafts
Drive Systems Covered:
• Two Wheel Drive
• Four Wheel Drive
• Carbon Fiber
Sales Channels Covered:
• Original Equipment Manufacturer (OEM)
Drive Shaft Types Covered:
• Slip-In-Tube Drive Shaft
• Single Piece
Distribution Channels Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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