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Automotive Drive Shaft Market: Comprehensive Analysis Reveals Industry Demand Surge and Technological Innovations Driving Growth Through 2033
Automotive Drive Shaft Market
As per the report, the automotive drive shaft market size has grown strongly in recent years. It will grow from $17.24 billion in 2023 to $18.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The automotive drive shaft market size is expected to see strong growth in the next few years. It will grow to $23.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
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Surging Electric Vehicle Sales Fueling The Automotive Drive Shaft Market
The growing sales of electric vehicles are expected to propel the growth of the automotive drive shaft market going forward. 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. For instance, in February 2022, according to The Economics Times, an Indian-based newspaper, around 6.5 million electric vehicles were sold in the year 2021 including fully electric and partially electric vehicles. Therefore, the growing sales of electric vehicles will drive the growth of the automotive drive shaft market.
Nexteer Automotive'S Breakthrough Half-Shaft Technology For Electric Vehicle Drive Shafts
The new product innovation is the key trend gaining popularity in the automotive drive shaft market. 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.
The automotive drive shaft market covered in this report is segmented -
1) By Product Type: Rigid Side shaft, Hollow Side shafts
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Drive Type: Front Wheel Drive, Rear Wheel Drive, Other Drive Types
4) By Material: Aluminum, Steel, Carbon Fiber
5) By Sales Channel: OEM, Aftermarket
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Major companies operating in the automotive drive shaft market report are GKN Automotive Limited, JTEKT Corporation, American Axle & Manufacturing Inc., Dana Incorporated, Hyundai Wia Corporation, Nexteer Automotive Group Ltd., Showa Corporation, Yamada Manufacturing Co Ltd., Wanxiang Qianchao Co Ltd., NTN Corporation, IFA Rotorion Holding GmbH, Meritor Inc., ZF Friedrichshafen AG, Gestamp Automoción S. A., Neapco Holdings LLC, GSP Automotive Group, Powertrain Industries Inc., The Timken Company, Dorman Products Inc., Precision Shaft Technologies, Bailey Morris Limited, Gelenkwellenwerk Stadtilm GmbH, Walterscheid Powertrain Group, PTI Technologies Inc., RSB Group, Sona Group, Spicer India Private Limited, Talbros Engineering Limited, Visteon Corporation, Xuchang Yuandong Drive Shaft Co Ltd.
Contents of the report:
1. Executive Summary
2. Automotive Drive Shaft Market Report Structure
3. Automotive Drive Shaft Market Trends And Strategies
4. Automotive Drive Shaft Market - Macro Economic Scenario
5. Automotive Drive Shaft Market Size And Growth
…..
27. Automotive Drive Shaft Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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