Automotive Drive Shaft Global Market Report 2024

The automotive drive shaft is a critical mechanical component that facilitates the transmission of torque from the engine gearbox to the vehicle wheels, ensuring synchronized and smooth motion. This rod-like component plays a crucial role in connecting the transmission unit and engine, particularly in front and four-wheel-drive vehicles.

In the automotive drive shafts market, the primary product types are rigid side shafts and hollow side shafts. Hollow side shafts, for instance, are designed to accommodate the solid shaft of the pump in applications involving electric motors or right-angle gear drives. The automotive drive shafts cater to various vehicle types, including passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Moreover, they serve different drive configurations such as front-wheel drive, rear-wheel drive, and other drive types. Materials used in manufacturing automotive drive shafts encompass aluminum, steel, and carbon fiber. These products are distributed through various sales channels, including OEM and aftermarket outlets.

The automotive drive shaft market research report is one of a series of new reports that provides automotive drive shaft market statistics, including automotive drive shaft industry global market size, regional shares, competitors with an automotive drive shaft market share, detailed automotive drive shaft market segments, market trends and opportunities, and any further data you may need to thrive in the automotive drive shaft industry. This automotive drive shaft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive drive shaft market size has grown strongly in recent years. It will grow from $17.24 billion in 2023 to $18.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The historical growth of the automotive drive shafts market can be attributed to several factors, including the rising demand for automobiles, adherence to government regulations and safety standards, shifts in consumer preferences and tastes, fluctuations in fuel prices, and the growing popularity of ride-sharing services.

The automotive drive shaft market size is expected to see strong growth in the next few years. It will grow to $23.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The forecasted growth in the automotive drive shafts market can be attributed to factors such as the ongoing trend of reducing weight in automobiles, the increased usage of drive shafts in passenger cars, the growing sales of utility vehicles, a heightened focus on sustainability and the reduction of carbon emissions, and the rise of electric and hybrid vehicles. Major trends in the forecast period include the adoption of carbon fiber drive shafts, integration of advanced sensors, development of modular and flexible designs, the electrification of drive systems, and the demand for maintenance-free and durable solutions.

The upward trend in electric vehicle sales stands as a significant driver propelling the growth of the automotive drive shaft market. Electric vehicles, powered either entirely or partially by electricity, rely on drive shafts as a critical mechanical component for transmitting torque from the engine gearbox to the vehicle's wheels, ensuring synchronized and smooth motion. For instance, The Economics Times reported approximately 6.5 million electric vehicle sales in 2021, encompassing fully electric and partially electric vehicles. This surge in electric vehicle sales is poised to significantly bolster the automotive drive shaft market, given the integral role drive shafts play in electric vehicle drivetrains.

The automotive sector's expansion is poised to drive the automotive drive shaft market forward. The automotive sector, encompassing the design, development, manufacturing, and sale of motor vehicles, relies on drive shafts as essential components within a vehicle's drivetrain, facilitating the transmission of torque from the engine to the wheels. As reported by Zippia Inc., the United States produced a substantial 9.2 million vehicles in 2021. This growth in the automotive sector is a significant contributing factor propelling the automotive drive shaft market, given the continuous demand for drive shafts in vehicle manufacturing.

A prominent trend shaping the automotive drive shaft market is the emphasis on new product innovation. Major companies operating within this sector prioritize the development of innovative solutions and products to fortify their market positions. For instance, in March 2021, Nexteer Automotive, a leading multinational company specializing in automotive drive shaft and motion control technology, introduced its new Half-shaft technologies. These advancements are designed to bolster the driveline portfolio, catering specifically to the distinctive requirements of electric vehicles within the drive shaft domain. Nexteer Automotive's Half-shaft technology addresses challenges related to noise, vibration, and harshness (NVH) performance in electric vehicles, enhancing both durability and efficiency. This innovation underscores the industry's commitment to advancing drive shaft technologies to meet the evolving demands of electric vehicle drivetrains.

Prominent companies within the market are directing their efforts towards innovative solutions, notably high-performance constant velocity (CV) driveshafts tailored for electric vehicles (EVs) and specialized vehicles. These CV driveshafts are meticulously engineered using high-strength steel, providing the requisite durability and resilience to withstand the demanding torque and speed requirements of EVs and other niche vehicles. Constant Velocity (CV) driveshafts represent a type of automotive driveshaft pivotal in enabling continuous rotational velocity at variable angles without a substantial increase in friction or play. A noteworthy instance of this innovation occurred in December 2022, as Kalyani Mobility Drivelines (KMD), a reputable US-based driveline component manufacturer, unveiled a range of high-performance CV driveshafts explicitly designed for EVs and specialized vehicles. These driveshafts exhibit versatility and can also be effectively employed in marine, motorsports, and industrial applications. Engineered to accommodate torque ranging from 7,000 Newton-meters (Nm) up to 16,000 Nm, with speeds reaching up to 8,000 rpm, these driveshafts underscore KMD's commitment to meeting the specific demands of high-performance vehicles across diverse sectors.

In December 2022, Xuchang Yuandong Drive Shaft Co Ltd, a China-based company specializing in the research, development, production, and sale of non-constant velocity transmission shafts, announced its plans for a substantial investment. The company intends to invest approximately CNY 50 million in Henan Sanjia Automotive Parts Co., Ltd., securing a 60.98% equity stake and entering capital increase agreements with the company and other stakeholders. This strategic collaboration aims to foster joint development in automotive parts, particularly focusing on universal joints and center bearings. Henan Sanjia Automotive Parts Co., Ltd, a notable China-based entity, specializes in manufacturing automotive drive shaft assemblies. This collaboration signifies Xuchang Yuandong Drive Shaft Co Ltd's strategic vision to enhance their expertise and product portfolio in automotive components, aligning with Henan Sanjia's proficiency in drive shaft assembly manufacturing.

Major companies operating in the in the automotive drive shaft market report are GKN Automotive Limited, JTEKT Corporation, American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation, Nexteer Automotive Group Ltd., Showa Corporation, Yamada Manufacturing Co Ltd., Wanxiang Qianchao Co Ltd., NTN Corporation, IFA Rotorion Holding GmbH, Meritor Inc., ZF Friedrichshafen AG, Gestamp Automoción S. A., Neapco Holdings LLC, GSP Automotive Group, Powertrain Industries Inc., The Timken Company, Dorman Products Inc., Precision Shaft Technologies, Bailey Morris Limited, Gelenkwellenwerk Stadtilm GmbH, Walterscheid Powertrain Group, PTI Technologies Inc., RSB Group, Sona Group, Spicer India Private Limited, Talbros Engineering Limited, Visteon Corporation, Xuchang Yuandong Drive Shaft Co Ltd.

Asia-Pacific was the largest region in the automotive drive shaft market in 2023, and it is also expected to be the fastest-growing region in the automotive drive shaft market during the forecast period. The regions covered in the automotive drive shaft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the automotive drive shaft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The automotive drive shaft market consists of sales of one-piece drive shaft, two-piece drive shaft and slip-in-tube drive shaft. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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