Global Automotive Drive Shaft Market

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

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

Automotive Drive Shaft Market Insights

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).

Automotive drive shaft is an essential component of a vehicle as it transfers power from the gearbox to the wheels of the vehicle. These shafts are connected to a coupling that allows the wheels to be driven by converting the motion coming from the gearbox. Rapid surge in the sales of vehicles around the world and growing automotive production are key factors that are slated to drive automotive drive shaft market growth over the coming years. Growing demand for lightweight vehicles to reduce emissions is projected to push automotive drive shaft manufacturers to develop lightweight shafts over the coming years. European countries such as Germany and Italy are projected to be highly remunerative markets for automotive drive shaft suppliers owing to the presence of key automotive giants such as BMW, Audi, Ferrari, Mercedes, etc. Advancements in material technology are also slated to influence the demand for automotive drive shafts through 2031.

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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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Global Automotive Drive Shaft Market

Report ID: SQMIG25A2268

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