According to the latest report by IMARC Group, titled “Automotive Drive Shaft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global automotive drive shaft market size reached US$ 15.7 Billion in 2022. An automotive drive shaft, also known as a propeller shaft or prop shaft, is a mechanical component that transfers torque from the engine to the wheels of a vehicle. It plays an important role in the operation and functionality of various types of automobiles, including cars, trucks, and sports utility vehicles (SUVs). It connects the transmission output shaft to the differential, which then distributes torque to the wheels. It is vital for maintaining proper wheel alignment and suspension geometry and helps to balance the weight distribution and stabilize the vehicle during acceleration, deceleration, and cornering. It is used to transfer rotational power from the engine or transmission to the wheels, allowing the vehicle to move forward or backward.
Global Automotive Drive Shaft Market Trends:
At present, the increasing demand for automotive drive shafts to improve the overall performance and reliability of automobiles represents one of the crucial factors impelling the growth of the market. Besides this, the rising purchase of electric vehicles (EVs) and hybrid vehicles is contributing to the growth of the market. In addition, the growing focus on reducing the weight of automotive components to improve fuel efficiency and reduce emissions is offering a favorable market outlook. Apart from this, rising advancements in manufacturing technologies and techniques, such as additive manufacturing or 3D printing, are supporting the growth of the market. Additionally, the increasing purchase of cars to travel comfortably and avoid public transportation is bolstering the growth of the market. Looking forward, the market value is projected to reach US$ 21.0 Billion by 2028, expanding at a CAGR of 4.8% during 2023-2028.
- Based on the drive shaft type, the market has been segmented into single piece, multi-piece, and slip-in-tube drive shaft. At present, single piece represents the biggest market share.
- On the basis of the design type, the market has been bifurcated into hollow shaft and solid shaft.
- Based on the position type, the market has been segregated into rear axle and front axle.
- On the basis of material, the market has been classified into steel, aluminum, and carbon fiber. Steel currently exhibits a clear dominance in the market.
- Based on the vehicle type, passenger vehicle represents the largest segment, followed by the commercial vehicle.
- On the basis of the sales channel, the market is divided into original equipment manufacturer (OEM) and aftermarket.
- Region-wise, the market has been segmented North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some 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.
|Base Year of the Analysis
||Drive Shaft Type, Design Type, Position Type, Material, Vehicle Type, Sales Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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