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Automotive Drive Shaft Market Report by Drive Shaft Type (Single Piece, Multi-Piece, Slip-In-Tube Drive Shaft), Design Type (Hollow Shaft, Solid Shaft), Position Type (Rear Axle, Front Axle), Material (Steel, Aluminum, Carbon Fiber), Vehicle Type (Passenger Vehicle, Commercial Vehicle), Sales Channel (Original Equipment Manufacturer (OEM), Aftermarket), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A6104
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Market Overview:
The global automotive drive shaft market size reached US$ 16.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.3% during 2024-2032.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023 |
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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| Market Size in 2023 | US$ 16.4 Billion |
| Market Forecast in 2032 | US$ 24.1 Billion |
| Market Growth Rate (2024-2032) | 4.3% |
An automotive drive shaft refers to a motorized component that transfers the power produced by the engine from the gearbox to the rear axle and front axle to move the vehicle. This torque is transferred between components that are separated by distance. It consists of the inboard constant velocity joint, connecting shaft, and outboard fixed joint generally made using steel, aluminum, and carbon fiber. An automotive drive shaft is strong and lightweight and can absorb engine torque, perform well under stress, and withstand extreme temperatures, due to which it is commonly used in commercial and passenger vehicles. Other product benefits include low running costs, smoothness, absence of oil spills, reliability, and clean operation.
Automotive Drive Shaft Market Trends:
The increasing demand for electric vehicles (EVs) across the globe is creating a positive outlook for the market. Automotive drive shaft enhances durability and efficiency while optimizing noise, vibration, and harshness (NVH) performance. In line with this, inflating fuel prices and the implementation of various government initiatives to control emission levels are favoring the market growth. Apart from this, manufacturers are inclining toward fiber-reinforced polymer composites over steel to manufacture lightweight automotive drive shafts. Such advancements assist in maintaining the performance and rigidness of the drive shaft, increasing fuel efficiency, and providing higher torque capacity, which is providing an impetus to the market growth. Additionally, key players are adopting clean manufacturing processes, such as electron beam welding, that offer a high level of reliability with no oxidation. This, in turn, is positively influencing the market growth. Other factors, including the increasing demand for hollow shafts, rising disposable incomes, and extensive research and development (R&D) activities in the automotive industry, are supporting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive drive shaft market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on drive shaft type, design type, position type, material, vehicle type and sales channel.
Breakup by Drive Shaft Type:
- Single Piece
- Multi-Piece
- Slip-In-Tube Drive Shaft
Breakup by Design Type:
- Hollow Shaft
- Solid Shaft
Breakup by Position Type:
- Rear Axle
- Front Axle
Breakup by Material:
- Steel
- Aluminum
- Carbon Fiber
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Advanced Composite Products & Technology Inc., American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation (Hyundai Motor Group), IFA Group, JTEKT Corporation, Melrose Industries PLC, Meritor Inc. (Cummins Inc.), Neapco Inc., Nexteer Automotive, NKN Ltd. and NTN Corporation.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Drive Shaft Type, Design Type, Position Type, Material, Vehicle Type, Sales Channel, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Advanced Composite Products & Technology Inc., American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation (Hyundai Motor Group), IFA Group, JTEKT Corporation, Melrose Industries PLC, Meritor Inc. (Cummins Inc.), Neapco Inc., Nexteer Automotive, NKN Ltd. and NTN Corporation |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global automotive drive shaft market was valued at US$ 16.4 Billion in 2023.
We expect the global automotive drive shaft market to exhibit a CAGR of 4.3% during 2024-2032.
The rising demand for Electric Vehicles (EVs), along with the growing adoption of automotive drive shaft to enhance the efficiency and optimize Noise, Vibration, and Harshness (NVH) performance of automobiles, is primarily driving the global automotive drive shaft market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for automotive drive shaft.
Based on the drive shaft type, the global automotive drive shaft market can be segmented into single piece, multi-piece, and slip-in-tube drive shaft. Currently, single piece holds the largest market share.
Based on the material, the global automotive drive shaft market has been divided into steel, aluminum, and carbon fiber. Among these, steel currently exhibits a clear dominance in the market.
Based on the vehicle type, the global automotive drive shaft market can be categorized into passenger vehicle and commercial vehicle. Currently, passenger vehicle accounts for the majority of the global market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global automotive drive shaft market include Advanced Composite Products & Technology Inc., American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation (Hyundai Motor Group), IFA Group, JTEKT Corporation, Melrose Industries PLC, Meritor Inc. (Cummins Inc.), Neapco Inc., Nexteer Automotive, NKN Ltd., and NTN Corporation.
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