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Automotive Drive Shaft Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Automotive Drive Shaft Market Size
What Is the Forecasted Market Growth Rate of the Automotive Drive Shaft Industry?
In recent times, the market size for automotive drive shaft has been experiencing a gradual increase. The market value, rising from $18.08 billion in 2024 to $18.87 billion in 2025, will register a compound annual growth rate (CAGR) of 4.4%. This progression during the historical period can be linked to heightened auto demand, government rules and safety norms, modifications in customer likings and choices, oscillations in fuel charges, along with the increasing fame of carpooling services.
How Will the Automotive Drive Shaft Market Size Evolve From 2025 to 2029?
In the coming years, robust expansion is anticipated in the automotive drive shaft market, which is projected to reach $24.02 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.2%. Factors contributing to this progress during the forecast period include weight reduction in vehicles, heightened demand for driving shafts in passenger cars, increasing utility vehicle sales, a greater emphasis on sustainability and curbing carbon emissions, and the emergence of electric and hybrid vehicles. Key trends expected during this period encompass carbon fiber drive shafts, the incorporation of high-tech sensors, adaptable and modular designs, electrification of drive mechanisms, and solutions that require no maintenance and offer long-term durability.
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What Are the Main Growth Drivers in the Automotive Drive Shaft Market Today?
The anticipated boost in the automotive drive shaft market is likely to be spurred on by the increasing sales of electric vehicles. An electric vehicle, which can be partially or completely run on electricity obtained from a rechargeable battery, necessitates a drive shaft, an automotive part responsible for transmitting engine gearbox torque to the vehicle's wheels synchronously to ensure smooth vehicle movement. For example, The Economics Times, an Indian newspaper, reported in February 2022 that about 6.5 million electric vehicles, including both fully and partially electric, were sold in 2021. As such, the rising sales of electric vehicles are set to propel the growth of the automotive drive shaft market.
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Which Automotive Drive Shaft Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Automotive Drive Shaft Industry Growth?
In the automotive drive shaft market, the prevailing trend is towards new product innovation. Major corporations in this industry aim to fortify their market presence by conceiving innovative product designs and solutions. For example, Harmonic Drive, a precision servo actuators, gearheads and gear component sets manufacturer originating from the US, inaugurated the High-Performance Hollow Shaft Gear Unit in January 2023. Intended for intense industrial usage, these state-of-the-art gear units are characterized by high torque outputs and adaptable installation processes, rendering them suitable for challenging conditions. The HPF series hollow shaft gear units offer remarkable torque density and precise positioning, making them excellent for various industrial operations like robotics, packaging, and material management. These units stand out for their high torque efficiency, delivering constant torque ratings of up to 1000 Nm and maximum torque ratings of up to 1500 Nm.
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Which Companies Hold the Largest Market Share in the Automotive Drive Shaft Sector?
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.
Where Is the Automotive Drive Shaft Market Experiencing the Highest Growth?
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
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