Automotive Drive Shaft Market Size, Share, Growth Analysis, By Position(Front Axle, Rear Axle), By Design Type(Hollow Shaft, Solid Shaft), By Vehicle Type(Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Automotive Drive Shaft Market?

Global Automotive Drive Shaft Market size was valued at USD 32 billion in 2022 and is poised to grow from USD 34.05 billion in 2023 to USD 55.93 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

Report ID: SQMIG25A2268 | Region: Global | Published Date: March, 2024
Pages: 168 | Tables: 88 | Figures: 71

Automotive Drive Shaft Market News

In December 2022, JTEKT Corporation, a renowned supplier of automotive components, announced the adoption of its low-vibration drive shaft for Toyota’s front wheel drive system. This was done for Lexus RX models.

In January 2023, Kalyani Mobility Drivelines (KMD), a provider of driveline components based in the United States announced the launch of new constant-velocity drive shafts designed specially for electric vehicles.

In June 2023, Shaftec, a renowned company providing different types of automotive shafts, launched its new line of axle shafts. The shafts were designed to be compatible with vehicles from brands such as Mercedes-Benz and Nissan with models from 2007 till date.

Automotive Drive Shaft Market Report Snapshots

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Automotive Drive Shaft Market size was valued at USD 32 billion in 2022 and is poised to grow from USD 34.05 billion in 2023 to USD 55.93 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

Automotive drive shaft manufacturers target the electric vehicle trend and create shafts suitable for EVs to stay relevant and profitable in the future. Companies also invest in the research and development of new materials required to manufacture drive shafts to improve their properties and functionality. Automotive drive shaft suppliers collaborate and partner with automotive companies to create shafts of custom specifications for hyper cars and performance vehicles. Mergers and acquisitions are also notable strategies for companies looking to enhance their market presence rapidly. 'NTN Corporation', 'GKN Automotive Limited', 'The Timken Company', 'Yamada Manufacturing', 'Nexteer Automotive', 'Trelleborg AB', 'JTEKT Corporation', 'Hyundai WIA Corporation', 'American Axle Manufacturing Inc', 'Dana Incorporated', 'Ifa-Rotorion Holding GmbH', 'Xuchang Yuangdong Driveshaft Co., Ltd', 'Neapco Holdings', 'Wanxiang Qianchao', 'Advanced Composite Products & Technology Inc.'

Use of lighter automotive drive shafts is projected to increase rapidly in the automotive industry as companies try to comply with changing emission mandates and reduce vehicle emissions. As automotive companies opt for lightweight vehicle components the demand for hollow automotive drive shafts is also slated to rise and support market growth.

Hybrid and Electric Vehicles: Automotive drive shaft companies can focus on developing shafts specifically designed for use in EVs and hybrid vehicles as they gain prominence and acceptance around the world. A different powertrain layout in these vehicles allows a new opportunity for automotive drive shaft companies to develop new products and stand out from the competition.

The Asia Pacific region is slated to hold a dominant stance in the automotive drive shaft marketplace across the forecast period. Rapidly increasing automotive production in this region is the key factor allowing Asia Pacific to hold sway over automotive drive shaft sales. The presence of key automotive manufacturers such as Honda, Toyota, Suzuki, Kia, Hyundai, and Tata in this region also contributed to the high market share. Growing disposable income has led to increased demand for passenger cars in countries such as China and India, which in turn, is slated to benefit automotive drive shaft sales outlook as well.

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Automotive Drive Shaft Market Size, Share, Growth Analysis, By Position(Front Axle, Rear Axle), By Design Type(Hollow Shaft, Solid Shaft), By Vehicle Type(Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Region - Industry Forecast 2024-2031

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