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Automotive Drive Shaft Market Trends, Share, Industry Size, Growth, Region, Opportunities and Forecast to 2032 | GKN Automotive Limited, JTEKT Corporation, American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation
Automotive Drive Shaft Market Outlook
The Business Research Company's Automotive Drive Shaft Global Market Report 2023 identifies The growing sales of electric vehicles as the major driver for the automotive drive shaft market's growth in the forecast period. An electric vehicle refers to an automobile that is powered entirely or partially by electricity from a battery that requires recharging. The driveshaft is a mechanical component of automotive that provides transmission of torque of the engine gearbox to vehicle wheels in a synchronized manner for smooth motion of the vehicle.
The global automotive drive shaft market size grew from $16.24 billion in 2022 to $17.5 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive drive shaft market size is expected to grow to $23.34 billion in 2027 at a CAGR of 7.5%.
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Major competitors in the automotive drive shaft market are GKN Automotive Limited, JTEKT Corporation, American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation, Yamada Manufacturing Co Ltd., Nexteer Automotive India, IFA Group, NTN Corporation, Neapco Inc., Bailey Morris Limited, Xuchang Yuandong Drive Shaft Co Ltd., The Timken Company, Showa Corporation, Meritor Inc., and Wilson Drive Shaft Ltd.
A key trend in the automotive drive shaft market includes The new product innovation. Major companies operating in the automotive drive shaft market are focused on developing new product innovations and solutions to strengthen their position. For instance, in March 2021, Nexteer Automotive, a US-based multinational company operating in automotive drive shaft and motion control technology launched its new Half-shaft technologies to strengthen its driveline portfolio to meet the unique demands of electric vehicles in the drive shaft. The new half-shaft technology of Nexteer Automotive can solve challenges in optimization of noise, vibration, and harshness (NVH) performance in electric vehicles by enhancing durability and efficiency.
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The automotive drive shaft market is segmented -
• By Product Type: Rigid Side shaft, Hollow Side shafts
• By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
• By Drive Type: Front Wheel Drive, Rear Wheel Drive, Other Drive Types
• By Material: Aluminum, Steel, Carbon Fiber
• By Sales Channel: OEM, AftermarketBy Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the automotive drive shaft market.
The Business Research Company's "Global Automotive Drive Shaft Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Automotive Drive Shaft Market Include:
1. Executive Summary
2. Automotive Drive Shaft Market Characteristics
3. Automotive Drive Shaft Market Trends And Strategies
4. Automotive Drive Shaft Market - Macro Economic Scenario
5. Automotive Drive Shaft Market Size And Growth
……
26. Africa Automotive Drive Shaft Market
27. Automotive Drive Shaft Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Drive Shaft Market
29. Automotive Drive Shaft Market Future Outlook and Potential Analysis
30. Appendix
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