Automotive Drive Shaft Market Size is projected to reach USD 48.22 billion by 2030, growing at a CAGR of 4.96%: Straits Research

New York, United States, Aug. 02, 2023 (GLOBE NEWSWIRE) -- A drive shaft, also known as a propeller or Cardan shaft, is a mechanical part used to deliver torque and power to a vehicle's powertrain, more especially to the vehicle's back wheels. The main job of a drive shaft is to transmit torque from one or more car parts to other car parts. Automobile driveshafts are more dependable and require little upkeep. Low maintenance costs, slick operation, no oil leaks, dependability, and clean operation are further benefits of automotive drive shafts.

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Increasing Demand for IC Engine Truck Drives the Global Market

Due to the government's commitments and the public's growing interest in electric vehicles, foreign automakers are opening plants in China. As the demand for electric vehicles rises, the driveshaft manufacturers are updating their product lineup to supply the best products to the OEMs to gain market share. This has caused vehicle manufacturers to concentrate all of their efforts on developing the most efficient electric vehicles. Even though green vehicle programs have increased truck sales globally, numerous emerging countries, including India, have not yet started producing electric trucks. The developing nations of the Asia-Pacific and African continents are increasingly dependent on IC engines. Even in markets for well-established electric trucks, such as those in North America and Europe, the demand for vehicles with IC engines has remained consistent.

Rising Demand for Eco-Friendly Drive Shaft Creates Tremendous Opportunities

The growing interest of the manufacturer in creating lightweight drive shafts is a result of the rise in consumer demand for green products brought on by environmental concerns. These shafts comply with the stringent requirements established by specialists in worldwide discharge control while meeting the demand for ecologically friendly cars. The rising demand for ecologically friendly drive shafts will lead to market growth over the forecast period.

Report Scope

Report Metric	Details
Market Size by 2030	USD 48.22 billion
Market Size in 2021	USD 31.19 billion
CAGR	4.96%
Historical Data	2019-2020
Base Year	2021
Forecast Period	2022-2030
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Design Type, Application Type, Vehicle Type
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	GKN PLC (Melrose Industries PLC), JTEKT Corporation, Dana Holding Corporation, Hyundai Wia Corporation, Nexteer Automotive Group Ltd, Showa Corporation, Yamada Manufacturing Co. Ltd, American Axle & Manufacturing Inc., Wanxiang Qianchao Co. Ltd, and NTN Corporation
Key Market Opportunities	Rising Demand for Eco-Friendly Drive Shafts
Key Market Drivers	Increasing Demand for IC Engine Truck

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Regional Analysis

Asia-Pacific is the most significant shareholder in the global automotive drive shaft market and is expected to grow at a CAGR of 4.94% during the forecast period. Due to growing modernization and safety laws by international standards, the average age of vehicles in the nation is increasing, which will raise the demand for drive shafts in the aftermarket sector. Automobile manufacturers, especially those that make luxury brands like Mercedes-Benz, Audi, and BMW, have boosted their investments in the country. India is a sizable exporter of vehicles and expects a sharp export increase during the forecast period. The population's rising income level, several governments, significant carmaker efforts, and the cost advantage of domestic manufacture are all expected to contribute to the growth of the Indian automotive market. Many OEMs worldwide have production facilities, and most outsource their parts' production to Chinese manufacturers because of China's low labor and raw material prices. As a result, China is currently among the world's top producers of vehicle driveshaft systems and automobiles.

North America is expected to grow at a CAGR of 4.93%, during the forecast period. Due to the substantial demand for AWD vehicles and SUVs in the US, as well as the presence of major foreign competitors, the US is the largest market for driveshafts. American Axle & Manufacturing (AAM) acquired the next-generation axle and driveshaft program for Ram's heavy-duty pickup vehicles through 2030. The company will provide axles and driveshafts for the 2500 and 3500 Heavy Duty pickup trucks. In addition, one of Canada's most critical industrial sectors is the automotive industry, which accounts for 23% of manufacturing trade and 10% of manufacturing GDP.

The automobile industry in the UK is currently making a substantial shift toward electric vehicles, primarily due to the government's ban on gasoline and electric vehicles, designed to improve air quality by 2040. For Instance, NSK Driveline, a significant player in the market with its headquarters in the country, is investing a sizable sum of money in the R&D of the most recent goods to enhance its market share. The company manufactures a range of cars and vans. Additionally, it has made airplanes and aviation engines. Luxury automakers like BMW and Audi reported increased sales in France despite a fall in passenger car sales. Due to increased vehicle demand and sales of electric vehicles, the French automotive driveshaft market is expected to grow at a decent rate over the projected period.

Key Highlights

• The global automotive drive shaft market size is projected to reach USD 48.22 billion by 2030, growing at a CAGR of 4.96% during the forecast period (2022-2030).
• Based on design type, the global automotive drive shaft market is bifurcated into hollow and solid shafts. The solid shaft segment is the highest contributor to the market and is expected to grow at a CAGR of 4.49% during the forecast period.
• Based on application type, the global automotive drive shaft market is bifurcated into the rear axle and front axle. The rear axle segment owns the highest market share and is expected to grow at a CAGR of 5.12% during the forecast period.
• Based on vehicle type, the global automotive drive shaft market is bifurcated into passenger cars and commercial vehicles. The passenger car segment is the highest contributor to the market and is expected to grow at a CAGR of 4.92% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global automotive drive shaft market and is expected to grow at a CAGR of 4.94% during the forecast period.

The global automotive drive shaft market’s major key players are

• GKN PLC (Melrose Industries PLC)
• JTEKT Corporation
• Dana Holding Corporation
• Hyundai Wia Corporation
• Nexteer Automotive Group Ltd
• Showa Corporation
• Yamada Manufacturing Co. Ltd
• American Axle & Manufacturing Inc.
• Wanxiang Qianchao Co. Ltd
• NTN Corporation.

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Global Automotive Drive Shaft Market: Segmentation

By Design Type

• Hollow Shaft
• Solid Shaft

By Application Type

• Rear Axle
• Front Axle

By Vehicle Type

• Passenger Car
• Commercial Vehicles

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. EXECUTIVE SUMMARY
2. RESEARCH SCOPE & SEGMENTATION
   1. Research Objectives
   2. Market Definition
   3. Limitations & Assumptions
   4. Market Scope & Segmentation
   5. Currency & Pricing Considered
3. MARKET OPPORTUNITY ASSESSMENT
   1. Emerging Regions / Countries
   2. Emerging Companies
   3. Emerging Applications / End Use
   4. Investment Landscape
   5. New Business Models / Revenue Streams
   6. TAM
4. MARKET TRENDS
   1. Drivers
   2. Market Warning Factors
   3. Latest Macro Economic Indicators
   4. Geopolitical Impact
   5. Human Factors
   6. Technology Factors
5. MARKET ASSESSMENT
   1. Porters Five Forces Analysis
   2. Value Chain Analysis
   3. Raw Material Analysis
   4. Sales And Distribution Channel Analysis
   5. Trade Analysis
   6. Average Pricing Analysis
   7. Case Study Analysis
   8. Patent Analysis
   9. M & A Agreements & Collabration Analysis
   10. Export Import Analysis
   11. Cost Structure Analysis
6. ESG TRENDS
7. GLOBAL AUTOMOTIVE DRIVE SHAFT MARKET SIZE ANALYSIS
   1. Global Automotive Drive Shaft Market Introduction
   2. By Design Type
      1. Introduction
         1. Design Type By Value
      2. Hollow Shaft
         1. By Value
      3. Solid Shaft
         1. By Value
   3. By Application Type
      1. Introduction
         1. Application Type By Value
      2. Rear Axle
         1. By Value
      3. Front Axle
         1. By Value
   4. By Vehicle Type
      1. Introduction
         1. Vehicle Type By Value
      2. Passenger Car
         1. By Value
      3. Commercial Vehicles
         1. By Value
8. NORTH AMERICA MARKET ANALYSIS
   1. Introduction
   2. By Design Type
      1. Introduction
         1. Design Type By Value
      2. Hollow Shaft
         1. By Value
      3. Solid Shaft
         1. By Value
   3. By Application Type
      1. Introduction
         1. Application Type By Value
      2. Rear Axle
         1. By Value
      3. Front Axle
         1. By Value
   4. By Vehicle Type
      1. Introduction
         1. Vehicle Type By Value
      2. Passenger Car
         1. By Value
      3. Commercial Vehicles
         1. By Value
   5. U.S.
      1. By Design Type
         1. Introduction
            1. Design Type By Value
         2. Hollow Shaft
            1. By Value
         3. Solid Shaft
            1. By Value
      2. By Application Type
         1. Introduction
            1. Application Type By Value
         2. Rear Axle
            1. By Value
         3. Front Axle
            1. By Value
      3. By Vehicle Type
         1. Introduction
            1. Vehicle Type By Value
         2. Passenger Car
            1. By Value
         3. Commercial Vehicles
            1. By Value
   6. Canada
9. EUROPE MARKET ANALYSIS
   1. Introduction
   2. By Design Type
      1. Introduction
         1. Design Type By Value
      2. Hollow Shaft
         1. By Value
      3. Solid Shaft
         1. By Value
   3. By Application Type
      1. Introduction
         1. Application Type By Value
      2. Rear Axle
         1. By Value
      3. Front Axle
         1. By Value
   4. By Vehicle Type
      1. Introduction
         1. Vehicle Type By Value
      2. Passenger Car
         1. By Value
      3. Commercial Vehicles
         1. By Value
   5. U.K.
      1. By Design Type
         1. Introduction
            1. Design Type By Value
         2. Hollow Shaft
            1. By Value
         3. Solid Shaft
            1. By Value
      2. By Application Type
         1. Introduction
            1. Application Type By Value
         2. Rear Axle
            1. By Value
         3. Front Axle
            1. By Value
      3. By Vehicle Type
         1. Introduction
            1. Vehicle Type By Value
         2. Passenger Car
            1. By Value
         3. Commercial Vehicles
            1. By Value
   6. Germany
   7. France
   8. Spain
   9. Italy
   10. Russia
   11. Nordic
   12. Benelux
   13. Rest Of Europe
10. APAC MARKET ANALYSIS
    1. Introduction
    2. By Design Type
       1. Introduction
          1. Design Type By Value
       2. Hollow Shaft
          1. By Value
       3. Solid Shaft
          1. By Value
    3. By Application Type
       1. Introduction
          1. Application Type By Value
       2. Rear Axle
          1. By Value
       3. Front Axle
          1. By Value
    4. By Vehicle Type
       1. Introduction
          1. Vehicle Type By Value
       2. Passenger Car
          1. By Value
       3. Commercial Vehicles
          1. By Value
    5. China
       1. By Design Type
          1. Introduction
             1. Design Type By Value
          2. Hollow Shaft
             1. By Value
          3. Solid Shaft
             1. By Value
       2. By Application Type
          1. Introduction
             1. Application Type By Value
          2. Rear Axle
             1. By Value
          3. Front Axle
             1. By Value
       3. By Vehicle Type
          1. Introduction
             1. Vehicle Type By Value
          2. Passenger Car
             1. By Value
          3. Commercial Vehicles
             1. By Value
    6. Korea
    7. Japan
    8. India
    9. Australia
    10. Taiwan
    11. South East Asia
    12. Rest Of Asia-Pacific
11. MIDDLE EAST AND AFRICA MARKET ANALYSIS
    1. Introduction
    2. By Design Type
       1. Introduction
          1. Design Type By Value
       2. Hollow Shaft
          1. By Value
       3. Solid Shaft
          1. By Value
    3. By Application Type
       1. Introduction
          1. Application Type By Value
       2. Rear Axle
          1. By Value
       3. Front Axle
          1. By Value
    4. By Vehicle Type
       1. Introduction
          1. Vehicle Type By Value
       2. Passenger Car
          1. By Value
       3. Commercial Vehicles
          1. By Value
    5. UAE
       1. By Design Type
          1. Introduction
             1. Design Type By Value
          2. Hollow Shaft
             1. By Value
          3. Solid Shaft
             1. By Value
       2. By Application Type
          1. Introduction
             1. Application Type By Value
          2. Rear Axle
             1. By Value
          3. Front Axle
             1. By Value
       3. By Vehicle Type
          1. Introduction
             1. Vehicle Type By Value
          2. Passenger Car
             1. By Value
          3. Commercial Vehicles
             1. By Value
    6. Turkey
    7. Saudi Arabia
    8. South Africa
    9. Egypt
    10. Nigeria
    11. Rest Of MEA
12. LATAM MARKET ANALYSIS
    1. Introduction
    2. By Design Type
       1. Introduction
          1. Design Type By Value
       2. Hollow Shaft
          1. By Value
       3. Solid Shaft
          1. By Value
    3. By Application Type
       1. Introduction
          1. Application Type By Value
       2. Rear Axle
          1. By Value
       3. Front Axle
          1. By Value
    4. By Vehicle Type
       1. Introduction
          1. Vehicle Type By Value
       2. Passenger Car
          1. By Value
       3. Commercial Vehicles
          1. By Value
    5. Brazil
       1. By Design Type
          1. Introduction
             1. Design Type By Value
          2. Hollow Shaft
             1. By Value
          3. Solid Shaft
             1. By Value
       2. By Application Type
          1. Introduction
             1. Application Type By Value
          2. Rear Axle
             1. By Value
          3. Front Axle
             1. By Value
       3. By Vehicle Type
          1. Introduction
             1. Vehicle Type By Value
          2. Passenger Car
             1. By Value
          3. Commercial Vehicles
             1. By Value
    6. Mexico
    7. Argentina
    8. Chile
    9. Colombia
    10. Rest Of LATAM
13. COMPETITIVE ASSESSMENT
    1. Adoption Matrix
    2. Automotive Drive Shaft Market Share By Manufacturers
    3. Automotive Drive Shaft Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis
14. MARKET PLAYERS ASSESSMENT
    1. GKN PLC (Melrose Industries PLC)
       1. Overview
       2. Business Information
       3. Revenue
       4. ASP
       5. Gross Margin
       6. Swot Analysis
       7. Recent Developmments
    2. JTEKT Corporation
    3. Dana Holding Corporation
    4. Hyundai Wia Corporation
    5. Nexteer Automotive Group Ltd
    6. Showa Corporation
    7. Yamada Manufacturing Co. Ltd
    8. American Axle & Manufacturing Inc.
    9. Wanxiang Qianchao Co. Ltd
    10. NTN Corporation
15. RESEARCH METHODOLOGY
    1. Research Data
       1. Secondary Data
          1. Major Secondary Sources
          2. Key Data From Secondary Sources
       2. Primary Data
          1. Key Data From Primary Sources
          2. Breakdown Of Primaries
       3. Secondary And Primary Research
          1. Key Industry Insights
    2. Market Size Estimation
       1. Bottom-Up Approach
       2. Top-Down Approach
       3. Market Projection
    3. Research Assumptions
       1. Assumptions
    4. Limitations
    5. Risk Assessment
16. APPENDIX
    1. Discussion Guide
    2. Customization Options
    3. Related Reports
17. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/automotive-drive-shaft-market/toc 

Market News

• In February 2022, Dana Incorporated announced its innovative technologies featured on the 2022 Ford Maverick™ and Ford® Bronco®, the North American Truck and SUV of the year.
• In October 2022, JTEKT developed an automated steering control system, Pairdriver, that realizes safe driving by sharing the vehicle's steering between the driver and automation. Pairdriver makes seamless and continuous steering collaboration possible between automation and driver through control technology while ensuring safe automated lane tracing.

News Media

https://straitsresearch.com/press-release/global-automotive-drive-shaft-market-size 

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