Automotive Drive Shaft Market Size is projected to reach USD 48.22 billion by 2030, growing at a CAGR of 4.96%: Straits Research

The global automotive drive shaft market size was valued at USD 31.19 billion in 2021. It is projected to reach USD 48.22 billion by 2030, growing at a CAGR of 4.96% during the forecast period (2022-2030). Asia-Pacific is the most significant shareholder in the global automotive drive shaft market and is expected to grow at a CAGR of 4.94% during the forecast period.

New York, United States, Aug. 02, 2023 (GLOBE NEWSWIRE) -- A drive shaft, also known as a propeller or Cardan shaft, is a mechanical part used to deliver torque and power to a vehicle's powertrain, more especially to the vehicle's back wheels. The main job of a drive shaft is to transmit torque from one or more car parts to other car parts. Automobile driveshafts are more dependable and require little upkeep. Low maintenance costs, slick operation, no oil leaks, dependability, and clean operation are further benefits of automotive drive shafts.

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Increasing Demand for IC Engine Truck Drives the Global Market

Due to the government's commitments and the public's growing interest in electric vehicles, foreign automakers are opening plants in China. As the demand for electric vehicles rises, the driveshaft manufacturers are updating their product lineup to supply the best products to the OEMs to gain market share. This has caused vehicle manufacturers to concentrate all of their efforts on developing the most efficient electric vehicles. Even though green vehicle programs have increased truck sales globally, numerous emerging countries, including India, have not yet started producing electric trucks. The developing nations of the Asia-Pacific and African continents are increasingly dependent on IC engines. Even in markets for well-established electric trucks, such as those in North America and Europe, the demand for vehicles with IC engines has remained consistent.

Rising Demand for Eco-Friendly Drive Shaft Creates Tremendous Opportunities

The growing interest of the manufacturer in creating lightweight drive shafts is a result of the rise in consumer demand for green products brought on by environmental concerns. These shafts comply with the stringent requirements established by specialists in worldwide discharge control while meeting the demand for ecologically friendly cars. The rising demand for ecologically friendly drive shafts will lead to market growth over the forecast period.

Report Scope

Report Metric

Details

Market Size by 2030

USD 48.22 billion

Market Size in 2021

USD 31.19 billion

CAGR

4.96%

Historical Data

2019-2020

Base Year

2021

Forecast Period

2022-2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Design Type, Application Type, Vehicle Type

Geographies Covered

North America, Europe, Asia-Pacific, LAME and Rest of the World

Key Companies Profiled/Vendors

GKN PLC (Melrose Industries PLC), JTEKT Corporation, Dana Holding Corporation, Hyundai Wia Corporation, Nexteer Automotive Group Ltd, Showa Corporation, Yamada Manufacturing Co. Ltd, American Axle & Manufacturing Inc., Wanxiang Qianchao Co. Ltd, and NTN Corporation

Key Market Opportunities

Rising Demand for Eco-Friendly Drive Shafts

Key Market Drivers

Increasing Demand for IC Engine Truck

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Regional Analysis

Asia-Pacific is the most significant shareholder in the global automotive drive shaft market and is expected to grow at a CAGR of 4.94% during the forecast period. Due to growing modernization and safety laws by international standards, the average age of vehicles in the nation is increasing, which will raise the demand for drive shafts in the aftermarket sector. Automobile manufacturers, especially those that make luxury brands like Mercedes-Benz, Audi, and BMW, have boosted their investments in the country. India is a sizable exporter of vehicles and expects a sharp export increase during the forecast period. The population's rising income level, several governments, significant carmaker efforts, and the cost advantage of domestic manufacture are all expected to contribute to the growth of the Indian automotive market. Many OEMs worldwide have production facilities, and most outsource their parts' production to Chinese manufacturers because of China's low labor and raw material prices. As a result, China is currently among the world's top producers of vehicle driveshaft systems and automobiles.

North America is expected to grow at a CAGR of 4.93%, during the forecast period. Due to the substantial demand for AWD vehicles and SUVs in the US, as well as the presence of major foreign competitors, the US is the largest market for driveshafts. American Axle & Manufacturing (AAM) acquired the next-generation axle and driveshaft program for Ram's heavy-duty pickup vehicles through 2030. The company will provide axles and driveshafts for the 2500 and 3500 Heavy Duty pickup trucks. In addition, one of Canada's most critical industrial sectors is the automotive industry, which accounts for 23% of manufacturing trade and 10% of manufacturing GDP.

The automobile industry in the UK is currently making a substantial shift toward electric vehicles, primarily due to the government's ban on gasoline and electric vehicles, designed to improve air quality by 2040. For Instance, NSK Driveline, a significant player in the market with its headquarters in the country, is investing a sizable sum of money in the R&D of the most recent goods to enhance its market share. The company manufactures a range of cars and vans. Additionally, it has made airplanes and aviation engines. Luxury automakers like BMW and Audi reported increased sales in France despite a fall in passenger car sales. Due to increased vehicle demand and sales of electric vehicles, the French automotive driveshaft market is expected to grow at a decent rate over the projected period.

Key Highlights

The global automotive drive shaft market size is projected to reach USD 48.22 billion by 2030, growing at a CAGR of 4.96% during the forecast period (2022-2030).

Based on design type, the global automotive drive shaft market is bifurcated into hollow and solid shafts. The solid shaft segment is the highest contributor to the market and is expected to grow at a CAGR of 4.49% during the forecast period.

Based on application type, the global automotive drive shaft market is bifurcated into the rear axle and front axle. The rear axle segment owns the highest market share and is expected to grow at a CAGR of 5.12% during the forecast period.

Based on vehicle type, the global automotive drive shaft market is bifurcated into passenger cars and commercial vehicles. The passenger car segment is the highest contributor to the market and is expected to grow at a CAGR of 4.92% during the forecast period.

Asia-Pacific is the most significant shareholder in the global automotive drive shaft market and is expected to grow at a CAGR of 4.94% during the forecast period.

The global automotive drive shaft market’s major key players are

GKN PLC (Melrose Industries PLC)

JTEKT Corporation

Dana Holding Corporation

Hyundai Wia Corporation

Nexteer Automotive Group Ltd

Showa Corporation

Yamada Manufacturing Co. Ltd

American Axle & Manufacturing Inc.

Wanxiang Qianchao Co. Ltd

NTN Corporation.

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Global Automotive Drive Shaft Market: Segmentation

By Design Type

Hollow Shaft

Solid Shaft

By Application Type

Rear Axle

Front Axle

By Vehicle Type

Passenger Car

Commercial Vehicles

By Regions

North America

Europe

Asia-Pacific

LAMEA

TABLE OF CONTENT

EXECUTIVE SUMMARY

RESEARCH SCOPE & SEGMENTATION

Research Objectives

Market Definition

Limitations & Assumptions

Market Scope & Segmentation

Currency & Pricing Considered

MARKET OPPORTUNITY ASSESSMENT

Emerging Regions / Countries

Emerging Companies

Emerging Applications / End Use

Investment Landscape

New Business Models / Revenue Streams

TAM

MARKET TRENDS

Drivers

Market Warning Factors

Latest Macro Economic Indicators

Geopolitical Impact

Human Factors

Technology Factors

MARKET ASSESSMENT

Porters Five Forces Analysis

Value Chain Analysis

Raw Material Analysis

Sales And Distribution Channel Analysis

Trade Analysis

Average Pricing Analysis

Case Study Analysis

Patent Analysis

M & A Agreements & Collabration Analysis

Export Import Analysis

Cost Structure Analysis

ESG TRENDS

GLOBAL AUTOMOTIVE DRIVE SHAFT MARKET SIZE ANALYSIS

Global Automotive Drive Shaft Market Introduction

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

NORTH AMERICA MARKET ANALYSIS

Introduction

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

U.S.

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

Canada

EUROPE MARKET ANALYSIS

Introduction

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

U.K.

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

Germany

France

Spain

Italy

Russia

Nordic

Benelux

Rest Of Europe

APAC MARKET ANALYSIS

Introduction

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

China

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

Korea

Japan

India

Australia

Taiwan

South East Asia

Rest Of Asia-Pacific

MIDDLE EAST AND AFRICA MARKET ANALYSIS

Introduction

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

UAE

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

Turkey

Saudi Arabia

South Africa

Egypt

Nigeria

Rest Of MEA

LATAM MARKET ANALYSIS

Introduction

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

Brazil

By Design Type

Introduction

Design Type By Value

Hollow Shaft

By Value

Solid Shaft

By Value

By Application Type

Introduction

Application Type By Value

Rear Axle

By Value

Front Axle

By Value

By Vehicle Type

Introduction

Vehicle Type By Value

Passenger Car

By Value

Commercial Vehicles

By Value

Mexico

Argentina

Chile

Colombia

Rest Of LATAM

COMPETITIVE ASSESSMENT

Adoption Matrix

Automotive Drive Shaft Market Share By Manufacturers

Automotive Drive Shaft Market Ranking By Revenue For Manufacturers

Average Price By Manufacturers

Vendor Footprint Analysis

MARKET PLAYERS ASSESSMENT

GKN PLC (Melrose Industries PLC)

Overview

Business Information

Revenue

ASP

Gross Margin

Swot Analysis

Recent Developmments

JTEKT Corporation

Dana Holding Corporation

Hyundai Wia Corporation

Nexteer Automotive Group Ltd

Showa Corporation

Yamada Manufacturing Co. Ltd

American Axle & Manufacturing Inc.

Wanxiang Qianchao Co. Ltd

NTN Corporation

RESEARCH METHODOLOGY

Research Data

Secondary Data

Major Secondary Sources

Key Data From Secondary Sources

Primary Data

Key Data From Primary Sources

Breakdown Of Primaries

Secondary And Primary Research

Key Industry Insights

Market Size Estimation

Bottom-Up Approach

Top-Down Approach

Market Projection

Research Assumptions

Assumptions

Limitations

Risk Assessment

APPENDIX

Discussion Guide

Customization Options

Related Reports

DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/automotive-drive-shaft-market/toc

Market News

In February 2022, Dana Incorporated announced its innovative technologies featured on the 2022 Ford Maverick™ and Ford® Bronco®, the North American Truck and SUV of the year.

In October 2022, JTEKT developed an automated steering control system, Pairdriver, that realizes safe driving by sharing the vehicle's steering between the driver and automation. Pairdriver makes seamless and continuous steering collaboration possible between automation and driver through control technology while ensuring safe automated lane tracing.

News Media

https://straitsresearch.com/press-release/global-automotive-drive-shaft-market-size

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