Global Automotive Drive Shaft Market Overview
The key driver impacting the automotive drive shaft market is the rapidly growing automotive sector across the globe. The growing sales and production of vehicles are estimated to boost market demand in the coming years. For instance, As per Crescendo Worldwide Organization, the global automobile production in 2019 was estimated as 92 MN Vehicles, and it is anticipated to grow by a CAGR of 20.78% by 2028, and it is estimated to reach around $ 9 trillion by 2030. Moreover, the demand for lightweight and energy-efficient vehicles is also estimated to be a significant determinant that adds growth to the market.
According to Value Market Research, the global automotive drive shaft market was valued at around USD 6500 million in 2020 and is estimated to grow at a CAGR of about 7.5% during the forecast period of 2020 to 2026.
The significant rise in the sales of utility and passenger vehicles worldwide is estimated to improve market demand in the forecast period. according to the international organization of motor vehicle manufacturers (OICA), in 2019, sales of passenger cars increased by about 5% and reached 69.5 million units. Similarly, the commercial vehicles segment showed a steady rise as the sales touching 24 million units in 2019—the global leader of commercial vehicle production is Greater China with 5.3 MN vehicles. however, the high cost of carbon fiber automotive drive shafts may hamper the global automotive drive shaft industry in the long run. the novel COVID-19 pandemic has also negatively impacted the market growth in the forecast period. the current industry trends, such as the improvements in design and advancements in material science, rising emphasis on energy efficiency and environment protection, are expected to provide beneficial market opportunities for the market players.
The automotive drive shaft market is vast, with many local and global players. The key leaders follow several strategies to improve their market position, such as acquisitions, mergers, expansions, product innovations, and extending product portfolio, to enhance their market share globally. The major players included in the report are Advanced Composite Products & Technology Inc., Bailey Morris Limited, Dana Limited, HYUNDAI WIA CORP, GKN Plc., Nexteer Automotive Group Ltd., American Axle & Manufacturing, Inc.,D & F PROPSHAFTS, IFA Group, Nexteer Automotive Group Ltd., JTEKT Corporation, Wilson Drive Shaft, and Neapco.
In this research report, the automotive drive shaft market is segmented by design type, position type, vehicle type, and region.
Analysis by Design Type:
By design type, the report is categorized into the hollow shaft and solid shaft. The hollow shaft dominates the design type segment with a 65% market share in 2020. It is due to the growing research for vehicle weight reduction in the automotive industry. Also, the several advantages offered by these shafts, such as superior torsional resistance, suitable design strong enough to sustain varying torques received from the engine, make it suitable to be used in passenger cars. Moreover, the growing adoption due to the flexibility and improvised performance over the conventional and heavy solid type contributes to the growth hollow shaft segment in the forecast period.
Analysis by Position Type:
By position type, the report is categorized into the rear axle and the front axle. The front axle dominates the position type segment with a 60% market share in 2020. It is due to the high demand for the front axle as this axle is responsible for helping with processing shocks and steering from the uneven surface of the road. Moreover, most passenger vehicles are front-wheel drive vehicles, owing to their high efficiency and superior maneuverability contribute to the vast market demand in the forecast period.
Analysis by Vehicle Type:
By vehicle type, the report is categorized into passenger cars and commercial vehicles. The passenger car dominates the vehicle type segment with a 70% market share in 2020. It is due to the extensive utilization of passenger cars for the high transportation, and increasing production of passenger vehicles. Moreover, passenger vehicles have a higher penetration of drive shafts due to more number of four-wheel-drive vehicles thus contribute to the passenger vehicle segment growth in the forecast period.
Analysis by Region:
In the regional outlook of the global automotive drive shaft market, the Asia Pacific region dominates with a 35% market share during the forecast period. It is due to the availability of major component manufacturers and the presence of major automotive manufacturers in India, Japan, and China. Moreover, the rising production of vehicles and the growing demand for premium and luxury vehicles among developing countries of the region contribute to the development of the automotive drive shaft market across the Asia Pacific.
Market Segmentation covered in the Report:
By Design Type
By Position Type
By Vehicle Type
- Passenger Car
- Commercial Vehicle
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.