The global automotive drive shaft market size reached US$ 16.4 Billion in 2023. Looking forward, the market is projected to reach US$ 24.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.37% during 2023-2032.
An automotive drive shaft refers to a motorized component that transfers the power produced by the engine from the gearbox to the rear axle and front axle to move the vehicle. This torque is transferred between components that are separated by distance. It consists of the inboard constant velocity joint, connecting shaft, and outboard fixed joint generally made using steel, aluminum, and carbon fiber. An automotive drive shaft is strong and lightweight and can absorb engine torque, perform well under stress, and withstand extreme temperatures, due to which it is commonly used in commercial and passenger vehicles. Other product benefits include low running costs, smoothness, absence of oil spills, reliability, and clean operation.
Such advancements assist in maintaining the performance and rigidness of the drive shaft, increasing fuel efficiency, and providing higher torque capacity, which is providing an impetus to the market growth. Additionally, key players are adopting clean manufacturing processes, such as electron beam welding, that offer a high level of reliability with no oxidation. This, in turn, is positively influencing the market growth. Other factors, including the increasing demand for hollow shafts, rising disposable incomes, and extensive research and development (R&D) activities in the automotive industry, are supporting the market growth.
2. What is the expected growth rate of the global automotive drive shaft market during 2024-2032?
3. What are the key factors driving the global automotive drive shaft market?
4. What has been the impact of COVID-19 on the global automotive drive shaft market?
5. What is the breakup of the global automotive drive shaft market based on the drive shaft type?
6. What is the breakup of the global automotive drive shaft market based on the material?
7. What is the breakup of the global automotive drive shaft market based on vehicle type?
8. What are the key regions in the global automotive drive shaft market?
9. Who are the key players/companies in the global automotive drive shaft market?
An automotive drive shaft refers to a motorized component that transfers the power produced by the engine from the gearbox to the rear axle and front axle to move the vehicle. This torque is transferred between components that are separated by distance. It consists of the inboard constant velocity joint, connecting shaft, and outboard fixed joint generally made using steel, aluminum, and carbon fiber. An automotive drive shaft is strong and lightweight and can absorb engine torque, perform well under stress, and withstand extreme temperatures, due to which it is commonly used in commercial and passenger vehicles. Other product benefits include low running costs, smoothness, absence of oil spills, reliability, and clean operation.
Automotive Drive Shaft Market Trends
The increasing demand for electric vehicles (EVs) across the globe is creating a positive outlook for the market. Automotive drive shaft enhances durability and efficiency while optimizing noise, vibration, and harshness (NVH) performance. In line with this, inflating fuel prices and the implementation of various government initiatives to control emission levels are favoring the market growth. Apart from this, manufacturers are inclining toward fiber-reinforced polymer composites over steel to manufacture lightweight automotive drive shafts.Such advancements assist in maintaining the performance and rigidness of the drive shaft, increasing fuel efficiency, and providing higher torque capacity, which is providing an impetus to the market growth. Additionally, key players are adopting clean manufacturing processes, such as electron beam welding, that offer a high level of reliability with no oxidation. This, in turn, is positively influencing the market growth. Other factors, including the increasing demand for hollow shafts, rising disposable incomes, and extensive research and development (R&D) activities in the automotive industry, are supporting the market growth.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global automotive drive shaft market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on drive shaft type, design type, position type, material, vehicle type and sales channel.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
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
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.Key Questions Answered in This Report
1. What was the size of the global automotive drive shaft market in 2023?2. What is the expected growth rate of the global automotive drive shaft market during 2024-2032?
3. What are the key factors driving the global automotive drive shaft market?
4. What has been the impact of COVID-19 on the global automotive drive shaft market?
5. What is the breakup of the global automotive drive shaft market based on the drive shaft type?
6. What is the breakup of the global automotive drive shaft market based on the material?
7. What is the breakup of the global automotive drive shaft market based on vehicle type?
8. What are the key regions in the global automotive drive shaft market?
9. Who are the key players/companies in the global automotive drive shaft market?
Table of Contents
1 Preface3 Executive Summary14 Value Chain Analysis16 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Automotive Drive Shaft Market
6 Market Breakup by Drive Shaft Type
7 Market Breakup by Design Type
8 Market Breakup by Position Type
9 Market Breakup by Material
10 Market Breakup by Vehicle Type
11 Market Breakup by Sales Channel
12 Market Breakup by Region
13 SWOT Analysis
15 Porters Five Forces Analysis
17 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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.
- NTN Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 137 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 16.4 Billion |
| Forecasted Market Value ( USD | $ 24.1 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
