The automotive drive shaft global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Drive Shaft Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 growth in the historic period can be attributed to increasing demand for cars, government regulations and safety standards, changes in consumer preferences and tastes, fluctuations in fuel prices, 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 growth in the forecast period can be attributed to reduction of weight in the automotives, increasing usage of driving shafts in passenger cars, growing sales of utility automobiles, growing focus on sustainability and reducing carbon emissions, rise of electric and hybrid vehicles. Major trends in the forecast period include carbon fiber drive shafts, integration of advanced sensors, modular and flexible designs, electrification of drive systems, maintenance-free and durable solutions.
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Scope Of Automotive Drive Shaft Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Drive Shaft Market Overview
Market Drivers –
The growing sales of electric vehicles are expected to propel the growth of the automotive drive shaft market going forward. An electric vehicle refers to an automobile that is powered entirely or partially by electricity from a battery that requires recharging. The driveshaft is a mechanical component of automotive that provides transmission of torque of the engine gearbox to vehicle wheels in a synchronized manner for smooth motion of the vehicle. For instance, in February 2022, according to The Economics Times, an Indian-based newspaper, around 6.5 million electric vehicles were sold in the year 2021 including fully electric and partially electric vehicles. Therefore, the growing sales of electric vehicles will drive the growth of the automotive drive shaft market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The automotive drive shaft market covered in this report is segmented –
1) By Product Type: Rigid Side shaft, Hollow Side shafts
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Drive Type: Front Wheel Drive, Rear Wheel Drive, Other Drive Types
4) By Material: Aluminum, Steel, Carbon Fiber
5) By Sales Channel: OEM, Aftermarket
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Regional Insights –
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
Key Companies –
Major companies operating 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.
1. Executive Summary
2. Automotive Drive Shaft Market Report Structure
3. Automotive Drive Shaft Market Trends And Strategies
4. Automotive Drive Shaft Market – Macro Economic Scenario
5. Automotive Drive Shaft Market Size And Growth
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27. Automotive Drive Shaft Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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