The market size is projected to grow from USD 6,165.77 million in 2022. This suggests an increase in market value as compared to the previous year. The projected market size is USD 9,518.73 million by 2030. This indicates the anticipated value of the drive shaft market nine years into the future. The compound annual growth rate (CAGR) is calculated as 6.40% during the forecast period from 2022 to 2030.
Drive shaft is a component in automotives for transferring the torque from the gearbox to the wheels of the car. The global drive shaft market report by Market Research Future (MRFR) identifies new trends and opportunities for automotive manufacturers owing to safety and damages issues caused by driving on rough and uneven terrains. The report consists of projections for the industry for the forecast period (2020-2027) coupled with effects of the COVID-19 pandemic.
The global drive shaft market is bound to accrue huge sales over the forecast period owing to increasing production of four-wheeler drive and expansion of the automotive sector. Development of fuel-efficient vehicles and stringent norms for lighter drive shafts to cater to stringent emission norms can drive the global market demand significantly. Launch of BS-6 certified vehicles as well as scrapping of older vehicles can bode well for the market. The use of aluminum for reducing inertia and vibration damping can boost the drive shaft market.
The COVID-19 pandemic has severely affected the global market demand. The dip in international travel and disruption in trade agreements had cut down global demand in 2020. But the gradual reopening of economies is likely to push business prospects and bode well for the market.
But production of electric vehicles can be a direct threat to market growth. High costs of installation and maintenance charges can also deter the market.
The Timken Company, Ifa Rotorion - Holding GmbH, Neapco Holdings, LLC, Dana Holding Corporation, ACPT, Inc., GKN PLC, Advanced Composite Products Technology, Inc., American Axle Manufacturing Holdings, Inc., NTN Corporation, Yamada Manufacturing Co., Ltd., and Trelleborg AB are prominent players of the global drive shaft market. Collaborations, new product developments, and partnerships are key strategies of market players. Advances in production and investments in expediting the value chain can improve the noise damping property of drive shafts.
- On the basis of vehicle type, the market has been segmented into light commercial vehicle (LCV), heavy commercial vehicle (HCV), and passenger cars. Heavy commercial vehicle and light commercial vehicles can capture a large market share owing to its demand in Germany, the U.S., China, and Japan. Increasing number of commercial vehicles as well as continuous development of highways and freeways can drive the growth in these segments.
- By design, the global drive shaft market has been divided into hollow drive shafts and solid drive shafts. The hollow drive shafts segment is presumed to gain a significant demand over the coming years owing to efforts by OEMs for reducing overall vehicle weight.
- By position, the market has been bifurcated into front drive shaft and rear drive shaft. The rear drive shaft segment is predicted to gain a huge demand over the forecast period.
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions assessed for measuring the growth of the global drive shaft market.
Nidec Corporation and Foxconn Technology Group have decided to collaborate on supplying drive shaft to electric vehicle manufacturers. This is in response to development of self-driving vehicles by prominent manufacturers.
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