Automotive Drive Shafts Market: Global Industry Analysis 2024

The global automotive drive shafts market has been gaining steady momentum in the recent years with the accelerated production of vehicles across the world. These mechanical devices carry power from the engine to wheels. As automotive drive shafts have to put up with extreme pressure and stress, they have designed to be strong and light weight to ensure absorption of torque of the engine. The drive shafts have to be light weight in order to reduce the weight of the vehicle. Owing to the excessive demand for vehicles across the globe, the demand for automotive drive shafts has also risen. According to the research report, the global automotive drive shafts market is expected to be worth US$8.9 bn by the end of 2024 as compared to US$5.3 bn in 2015. During the forecast years of 2016 and 2024, the global market is estimated to leap ahead at a CAGR of 6.1%.

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Heavy Commercial Vehicles to be Prime Consumers of Automotive Drive Shafts

On the basis of vehicles, the market is divided into passenger cars, heavy commercial vehicles, and light commercial vehicles. Of these, the heavy commercial vehicles are expected to show steady growth rate in the coming years due to their demand in the transportation industry. The research report states, that the heavy commercial vehicles segment will rise at a CAGR of 6.2% between 2016 and 2024. The increasing demand for automotive shafts in production and serving of heavy-duty trucks is estimated to provide an impetus to the segment in the coming years.

Geographically, the market is segmented into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. Asia Pacific is estimated to remain the leading regional market in the coming years as the demand for automobiles and their production picks up pace. The report estimates, that Asia Pacific automotive drive shafts market will rise at a CAGR of 6.5% between 2016 and 2024.

Repair and Replacement of Old Parts Augments Demand for Automotive Drive Shafts through After-sales Services

The global automotive drive shafts market has been growing due to the unstoppable production of vehicles in emerging economies of Taiwan, India, China, and Singapore amongst others. As economies limp back to normalcy after the depression of 2008, the production and sales of automobiles and their parts have steadily risen to generate soaring revenues. In the coming years, the increasing investments in automobile manufacturing, especially in countries such as China, is likely to boost the automotive drive shafts market.

The demand for automotive drive shafts has also been increasing as they are the most critical parts of a vehicle. As they are known to working under continuous pressure and stress, they undergo severe damage, which demands their replacement or repair. Thus both of these factors are expected to propel the sale of automotive drive shafts in developing and developed countries.

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