IMARC Group, a leading market research company, has recently releases report titled “Automotive Drive Shaft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Automotive Drive Shaft market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is The Automotive Drive Shaft Market?
The global automotive drive shaft market size reached US$ 15.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 21.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
What Are 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.
What Are The Growth Prospects And Trends In The Automotive Drive Shaft Industry?
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 (RD) activities are expected to stimulate the automotive drive shaft market in the coming years.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Drive Shaft Type:
- Single Piece
- Multi-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:
- Steel
- Aluminum
- Carbon Fiber
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- 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.
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