Press release
Automotive Drive Shaft Market to Reach revenue of nearly US$ 54 Bn Between 2022 and 2032
Automotive Drive Shaft Market 2022
The global automotive drive shaft market is estimated to progress at a value CAGR of 4.9% and reach a market revenue of nearly US$ 54 Bn by the end of 2032. Increased import of aftermarket automotive parts from Asian countries in North America is a prominent trend in the market.
Automotive Drive Shaft Market is a shaft that transmits power and motion from the engine to the wheels of a motor vehicle. It is located in the front of the car, between the engine and transmission. The drive shaft connects to a U-joint at one end and to the differential at the other.
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The drive shaft of an automobile is a motorized component that is used to transfer torque from one end of the vehicle to the other, such as from the engine to the wheels. A drive shaft for an automobile is comprised of steel, aluminum, and carbon fiber. Because it is strong and light, aluminum is preferred since it enables the drive shafts to be balanced. As a result, the spinning speed is increased, and the car's overall weight is decreased.
Drive shafts made of aluminum lighten the total weight of the car and reduce fuel consumption. As a result, it is anticipated that during the projection period (2022-2032), these general characteristics will drive overall automotive drive shaft market expansion.
Key Companies-
• GKN Automotive Limited
• NTN Corporation
• Nexteer Automotive
• Hyundai WIA Corporation
• American Axle Manufacturing Inc
• Dana Incorporated
• Xuchang Yuangdong Driveshaft Co., Ltd
• Neapco Holdings
• Wanxiang Qianchao
• Trelleborg AB
Complete Report Details@https://www.persistencemarketresearch.com/market-research/automotive-drive-shaft-market.asp
Key Takeaways from Market Study
• By product type, solid drive shafts are projected to account for a market share of more than 54% by 2032.
• The rear drive shaft segment is expected to hold the largest market share of more than 60%, under the position segment.
• By vehicle type, passenger cars are estimated to create an absolute $ opportunity of US$ 10.4 Bn by 2032.
• By region, East Asia is projected to account for the largest share in the global market (38% market share by 2032).
• China and the U.S. are projected to register an absolute $ opportunity of more than US$ 9 Bn, collectively, from 2022 to 2032.
"Expansion of the automotive drive shaft market is predicted to be positively impacted by consistently rising investments in the automotive sector in North America and Europe, despite the slowdown in car output," says a Persistence Market Research analyst.
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Key Questions Answered in This Report -
- What is the Automotive Drive Shaft Market?
- What is the size of the Automotive Drive Shaft Market?
- What is the growth rate of the Automotive Drive Shaft Market?
- What are the most lucrative markets for automotive drive shaft manufacturers?
- Who are the top 5 automotive drive shaft manufacturers?
- How is China's automotive drive shaft market shaping up?
- Which vehicle type sees highest utilization of automotive drive shafts?
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