Drive Shaft Market Share and Size Analysis 2023 – Global Industry Segments by Regions, Types and Applications, Future Demand Status, Growth Dynamics with Forecast 2030
Drive Shaft Market Summary
The global drive shaft market is garnering impressive traction. The market growth attributes to increasing vehicle sales and the automotive industry worldwide. Besides, the rising production of vehicles creates a substantial demand for drive shafts. Rising adoption of shaft technologies required to drive axle or rear axle increases market sales. Moreover, rapid advances in shaft technologies and materials used for shaft escalate market growth.
According to Market Research Future (MRFR), the global Drive Shaft market is estimated to grow at 6.40% CAGR during the assessment period (2022-2030). Growing vehicle safety concerns and noise vibration are the major growth drivers. There has been a constant rise in smart and autonomous vehicle sales and demand for anti-vibration parts, boosting market revenues.
Also, the increase in sales of luxury vehicles and sports cars pushes the market growth. Additionally, the demand for a smooth and efficient ride opens up new opportunities for manufacturers and influences the growth of the market. Conversely, the increasing demand for electric vehicles worldwide is a major factor projected to impede market growth.
Similarly, factors such as fluctuating prices and the demand-supply gap in raw materials required for production are anticipated to obstruct the market growth during the predicted period. Also, the low-cost counterfeit driveshafts in the market pose challenges market growth. Nevertheless, spurring a rise in the auto component industry would support market growth throughout the review period.
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Global Drive Shaft Market – Competitive Analysis
Highly competitive, the drive shaft market appears diversified with the presence of several well-established players. To gain a larger competitive share of the market, innovation, mergers acquisitions, and brand reinforcement remain the key trends for these players.
Major Players:
Players leading the drive shaft market include Advanced Composite Products Technology (ACPT), Inc. (US), GKN PLC (UK), American Axle Manufacturing Holdings, Inc. (US), Dana Holding Corporation (US), Neapco Holdings, LLC (US), Yamada Manufacturing Co., Ltd. (Japan), NTN Corporation (Japan), The Timken Company (US), Trelleborg AB (Sweden), and Ifa Rotorion – Holding GmbH (Germany), among others.
Industry/ Innovation/ Related News:
July 28, 2020 —– NSK Ltd. (Japan), a leading global manufacturer of bearings, announced the development of a non-contact torque sensor that measures drive shaft torque in real-time. The world’s first of its kinds and capability, this sensor can increase fuel economy, improve ride comfort safety, and expand new possibilities across CASE (Connected, Autonomous, Shared Services, and Electric).
NSK also unveiled its plans to expand its horizons with new connected products, including the new torque sensor that can contribute to the further evolution of mobility globally. Conventional torque sensors have been complicated or expensive for wide-scale use. To respond to this NSK created a simple structure in a compact form, ideal for mass production and easy adoption by automakers.
Global Drive Shaft Market – Segmentation
The report is segmented into four dynamics.
By Vehicle Type: Passenger Cars (PV), Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV).
By Design: Hollow Drive Shafts and Solid Drive Shafts.
By Position: Front Drive Shaft and Rear Drive Shaft.
By Regions: Americas, Europe, APAC, and the Rest-of-the-World.
Global Drive Shaft Market – Regional Analysis
The Asia Pacific region leads the global drive shaft market. With its raw material advantages, the region attracts foreign investors, increasing the numbers of production plants. Besides, the largest market share attributes to the increase in vehicle sales and advances in material technologies. Moreover, the continually rising economy and population in the region accelerate the region’s automotive drive shaft market. China and India hold outstanding shares in the regional market.
Europe stands second in the global drive shaft market. The region is the global hub for automotive research and innovation, positively impacting market growth. Additionally, the market growth is driven by the large and well-established automotive sectors in the region, substantiate the growth of the market. Furthermore, enormous advances in automotive technologies and the rising economic growth in the region propel market growth.
Also, increased vehicle safety concerns influence the growth of the regional market. Furthermore, strict government standards for vehicle safety influence market growth in the region. The European drive shaft market is projected to create an immense revenue pocket during the assessment period.
North America is a considerably large market in the global drive shaft market. Factors such as the significant GDP and high per capita income foster the growth of the market, driving the automotive industry. Moreover, favorable government policies, the presence of leading OEMs, and developed automobile infrastructures in the region positively impact the market sales.
Besides, the constant rise in the automotive industry and increasing demand from the transportation sector push the growth of the market. Additionally, increasing vehicle production and demand for vehicle safety and comfort features foster regional market growth. The well-established automotive industry creates substantial opportunities for the drive shaft market in this region.
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