According to The Business Research Company’s Automotive Drive Shaft , The automotive drive shaft market size has grown strongly in recent years. It will grow from <b>$17.24 billion in 2023 to $18.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. </b> 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.
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The automotive drive shaft market size is expected to see strong growth in the next few years. It will grow to <b>$23.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. </b> 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.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.
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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, AftermarketThe new product innovation is the key trend gaining popularity in the automotive drive shaft market. Major companies operating in the automotive drive shaft market are focused on developing new product innovations and solutions to strengthen their position. For instance, in March 2021, Nexteer Automotive, a US-based multinational company operating in automotive drive shaft and motion control technology launched its new Half-shaft technologies to strengthen its driveline portfolio to meet the unique demands of electric vehicles in the drive shaft. The new half-shaft technology of Nexteer Automotive can solve challenges in optimization of noise, vibration, and harshness (NVH) performance in electric vehicles by enhancing durability and efficiency.The automotive drive shaft market report table of contents includes:
1. Executive Summary
2. Automotive Drive Shaft Market Characteristics
3. Automotive Drive Shaft Market Trends And Strategies
4. Automotive Drive Shaft Market – Macro Economic Scenario
5. Global Automotive Drive Shaft Market Size and Growth
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26. South America Automotive Drive Shaft Market
27. Brazil Automotive Drive Shaft Market
28. Middle East Automotive Drive Shaft Market
29. Africa Automotive Drive Shaft Market
30. Automotive Drive Shaft Market Competitive Landscape And Company Profiles
Top Major Players:
- GKN Automotive Limited
- JTEKT Corporation
- American Axle & Manufacturing Inc
- Dana Incorporated
- Hyundai Wia Corporation
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