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Surging Electric Vehicle Sales Fueling The Automotive Drive Shaft Market: An Emerging Driver Transforming The Automotive Drive Shaft Market Landscape
Automotive Drive Shaft
What Is the Projected Growth of the Automotive Drive Shaft Market?
There has been a marked growth in the size of the automotive drive shaft market in recent times. The market is forecasted to increase from a size of $18.08 billion in 2024 to $19.12 billion in 2025, expanding at a compound annual growth rate (CAGR) of 5.8%. Factors contributing to the growth in this time period include a rise in the demand for vehicles, regulatory standards imposed by the government for safety, evolving consumer behaviors and preferences, variations in fuel costs, as well as an increased usage of ride-sharing services.
The size of the automotive drive shaft market is anticipated to experience substantial growth in the coming years, reaching $24.87 billion in 2029 with a compound annual growth rate (CAGR) of 6.8%. This expected growth in the forecast period is due to factors like weight reduction in vehicles, augmented use of driving shafts in passenger vehicles, increased sales of utility vehicles, intense focus on sustainability and cutting down carbon emissions, and the emergence of electric and hybrid cars. Upcoming trends during the forecast period encompass carbon fiber drive shafts, incorporation of cutting-edge sensors, flexible and modular designs, electrification of driving systems, and maintenance-free, durable solutions.
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What Are the Different Automotive Drive Shaft Market Segments?
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
Subsegments:
1) By Rigid Side Shaft: Solid Rigid Shaft, Fixed Length Rigid Shaft
2) By Hollow Side Shaft: Lightweight Hollow Shaft, Multi-Piece Hollow Shaft
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What Are the Primary Drivers Shaping the Automotive Drive Shaft Market?
The surge in electric vehicle sales is set to catalyze the expansion of the automotive drive shaft market. Electric vehicles are cars that operate solely or in part on electricity supplied by a rechargeable battery. The driveshaft, a key mechanical element in the automotive domain, facilitates the transfer of engine gearbox torque to the wheels, enabling seamless vehicle movement. For instance, The Economic Times, an Indian publication, reported in February 2022 that approximately 6.5 million electric vehicles, both fully and partially electric, were sold in 2021. As such, the increasing sales of electric vehicles are anticipated to fuel the growth of the automotive drive shaft market.
Which Companies Are Leading in the Automotive Drive Shaft Market?
Major companies operating in the automotive drive shaft market include 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.
What Are the Major Trends Shaping the Automotive Drive Shaft Market?
The key emerging trend in the automotive drive shaft market is new product innovation. A majority of firms in this market are honing in on the creation of novel product solutions to bolster their market position. For example, Harmonic Drive, a U.S based manufacturer specializing in precision servo actuators, gearheads and gear sets, debuted their High-Performance Hollow Shaft Gear Unit in January 2023. This cutting-edge unit is engineered for heavy-duty industrial operations, providing substantial torque outputs and a range of installation options that are suitable for harsh conditions. The HPF series hollow shaft gear units present excellent torque density and precise positioning, which proves useful across a range of industrial operations including robotics, packaging, and material handling. These devices boast of high torque performance and have continuous torque ratings that can rise up to 1000 Nm, alongside peak torque ratings that can reach up to 1500 Nm.
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What Are the Top Revenue-Generating Geographies in the Automotive Drive Shaft Market?
Asia-Pacific was the largest region in the automotive drive shaft market in 2024, and it is also expected to be the fastest-growing region in the automotive drive shaft market during the forecast period. The regions covered in the automotive drive shaft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Drive Shaft Market?
2. What is the CAGR expected in the Automotive Drive Shaft Market?
3. What Are the Key Innovations Transforming the Automotive Drive Shaft Industry?
4. Which Region Is Leading the Automotive Drive Shaft Market?
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