The global automotive drive shaft market size reached US$ 15.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 21.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
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:
- IMARC Group 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 2023-2028. Our 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
- Slip-In-Tube Drive Shaft
Breakup by Design Type:
Breakup by Position Type:
Breakup by Material:
- Carbon Fiber
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Sales Channel:
- Original Equipment Manufacturer (OEM)
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- 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:
- How has the global automotive drive shaft market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global automotive drive shaft market?
- What are the key regional markets?
- What is the breakup of the market based on the drive shaft type?
- What is the breakup of the market based on the design type?
- What is the breakup of the market based on the position type?
- What is the breakup of the market based on the material?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the sales channel?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global automotive drive shaft market and who are the key players?
- What is the degree of competition in the industry?