The Global Automotive Drive Shaft Market is estimated to account for US$ 31.19 Mn in terms of value by the end of 2021. Automotive drive shafts are subject to a variety of mechanical loads during normal operations, including braking, acceleration, and changing load. This includes the change in load that happens when consumer drives uphill or downhill or when they let off the gas after accelerating. These forces can result in significant damage to the drive shaft. Different types of vehicles use different types of drive shafts. Front-wheel drive vehicles use a drive shaft while rear-wheel drive vehicles use a transaxle. For a front-engine car, the drive shaft is located next to the engine. A front-engine drive car does not require a long drive shaft.
Global Automotive Drive Shaft Market: Drivers
Increasing focus of vehicle manufacturers on development of new products to offer best services to OEMs is expected to propel growth of the global automotive drive shaft market over the forecast period. Several manufacturers are focusing on offering new products as the adoption of electric vehicles is increasing across the world. For instance, in March 2021, Nexteer Automotive, a leading intuitive motion control company, expanded its Driveline portfolio with the launch of new Halfshaft technologies that are designed to meet the specific demands of electronic vehicles. Thus, this factor is expected to support the market growth in the near future.
Global Automotive Drive Shaft Market: Opportunities
Implementation of stringent regulations regarding carbon emission by governments around the world, is expected to create lucrative environment for growth opportunities for players in the global automotive driveshaft market over the forecast period. Automakers are focusing increasingly on developing smart and energy-efficient vehicles to meet the stringent regulations imposed by governments regarding carbon emissions by vehicles. The concerns regarding fuel efficiency is increasing in emerging countries, which is also supporting growth of the automotive drive shaft market.
Global Automotive Drive Shaft Market: Restraints
The global automotive drive shaft market is expected to face challenges during the forecast period. The factors such as economic instability are anticipated to obstruct growth of the global automotive drive shaft market over the forecast period. Moreover, advent of composite drive shafts and high replacement cost of drive shaft are also projected to restrain growth of the global automotive drive shaft market. Drive shafts can be heavy in weight, and cost required for their replacements can be high in different regions, this further affects adoption and demand for drive shafts, and further limits the market growth.
Global Automotive Drive Shaft Market - Impact of Coronavirus (Covid-19) Pandemic :
The outbreak of Covid-19 virus in China spread across more than 100 countries all over the world. Several industries were significantly impacted by the pandemic including automotive industry. The sales in automotive industry were declined majorly, which further affected production and demand. The global automotive drive shaft market was directly impacted due to this. Moreover, under lockdown regulations, production facilities around the world were closed down temporarily in order to prevent virus spread. Supply chains of raw materials as well as distribution operations were also hindered due to the pandemic, which negatively impacted the market growth.
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Global Automotive Drive Shaft Market Trends Key Takeaways:
The global automotive drive shaft market was valued at US$ 31.11 Mn in 2021 and is forecast to reach a value of US$ 43.99 Mn by 2030 at a CAGR of 6.10% between 2022 and 2030.
Solid Shaft segment held dominant position in the global automotive drive shaft market in 2021, accounting for 60% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Automotive Drive Shaft Market Trends:
Growing activities in logistics and construction industry are leading to rise in demand for commercial vehicles, which in turn is expected to propel growth of the global automotive drive shaft market over the forecast period. The construction industry around the world is growing, as construction activities continue to rise. Several countries are involved in building infrastructures and other construction projects. Moreover, the demand for commercial vehicles from logistics industry is also growing due to rise in activities in the industry. These factors are in turn driving demand for drive shafts in aftermarkets, which in further supports the market growth.
Moreover, the hollow shafts segment is gaining traction in the global automotive driveshaft market. Governments across the world are focusing on reduction of carbon emissions and fueling efficiency regulations. This is leading to demand for hollow shaft all over the world. Moreover, increasing technological development, rise in adoption of high-performance and flexible drive shaft, and growing demand for lightweight vehicle components is also driving the demand for hollow shafts. This trend is likely to continue in the market over the forecast period.
Global Automotive Drive Shaft Market: Competitive Landscape
Wanxiang Qianchao Co. Ltd., GKN PLC (Melrose Industries PLC), American Axle Manufacturing Holdings Inc., NTN Corporation, JTEKT Corporation, Yamada Manufacturing Co. Ltd., Dana Holding Corporation, Showa Corporation, Hyundai Wia Corporation, and Nexteer Automotive Group Ltd.
Global Automotive Drive Shaft Market: Recent Developments
In February 2021, American Axle Manufacturing announced that the company has secured the axle and drive shaft program for heavy-duty pick-up trucks of Ram, through 2030.
In November 2020, American Axle Manufacturing (AAM), revealed that it is disconnecting EcoTrac all-wheel-drive for 2021 Chrysler Pacifica mini-van by Chrysler.
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