Automotive Drive Shaft - Global Market Outlook (2021 - 2028)

Automotive Drive Shaft - Global Market Outlook (2021 - 2028)

According to Stratistics MRC, the Global Automotive Drive Shaft Market is accounted for $26.91 billion in 2021 and is expected to reach $44.06 billion by 2028 growing at a CAGR of 7.3% during the forecast period. Drive Shaft is, also called a driving shaft, propeller shaft, or Cardan shaft. It is a mechanical component used to connect with other components of a drive train, which is not possible to connect directly. The growing concern for fuel efficiency motivates the manufacturers to develop lightweight driveshafts without impacting their performance and rigidness.


Market Dynamics:

Driver:

Growing sales of electric vehicles

Sales of electric vehicles have been projecting a positive growth over the past years, and it is estimated to continue to gain more customers in the coming time. Moreover, many electric vehicle manufacturing companies plan to launch more electric vehicle models in the coming years. In addition, major automotive companies are also shifting their focus toward the electric vehicle segment, owing to their concern for the environment and increasing prices of fuels. Therefore, this is projected to boost the growth of the global automotive drive shaft market.

Restraint:

Increase in adoption of electric vehicles

Increase in adoption of electric vehicles can act as a restraint to the growth of the global automotive drive shaft market. Automakers, such as General Motor Company, BMW AG, and Audi AG are among the leading players developing electric vehicles (EVs). Electric vehicles are independent of traditional internal combustion engines to power vehicles.

Opportunity:

Hollow shafts

Weight reduction in the automotive industry has been a major concerning factor for innovators and manufacturers. A majority of passenger cars use hollow shaft as a drive shaft, owing to the advantages offered by these shafts when compared to solid drive shafts. Hollow drive shaft of same mass as of solid drive shaft performs in same manner without resulting in a failure. Therefore, this is leading to the growth of the global automotive drive shaft market.

Threat:

The emergence of composite drive shafts

The drive shafts are manufactured with specific allowance for some small degree of movement at the points where the drive shafts are connected to sustain under a twisting or spinning motion. Additionally, a drive shaft enables the function with an axle and CV joint and allows the transfer of torque from transmission to the wheels. This allows the vehicle to be driven at the required speed.

The multi-piece segment is expected to have the highest CAGR during the forecast period

The multi-piece segment is growing at the highest CAGR in the market due to the growing reputation of pick-up trucks, which evidence high penetration of multi-piece drive shafts, thus driving this segment. Furthermore, the penetration of the multi-piece drive shaft is getting higher due to an increase in the command for SUVs and four-wheel drive vehicles.

The single piece segment is expected to be the largest during the forecast period

The single piece segment is expected to be the largest share in the market. Single piece drive shaft is a conventional drive shaft and is highly popular among entry and mid-range vehicles, which can be attributed to the high market share held by the segment in the automotive drive shaft market.

Region with highest share:

Asia Pacific is projected to hold the largest share in the market due to the high production of vehicles and a rise in the command for premium and luxury vehicles among developing countries of the region. This market is directly influenced by vehicle production and sales. The availability of major component manufacturers and the presence of major automotive manufacturers in the region are key factors attributed to the notable share held by the Asia Pacific of the global automotive drive shaft market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR during the forecast period. OEMs have established their production bases in countries like China, India given the pull of the local market and the low cost of manufacture. Moreover, growing demand for comfort and stringent fuel efficiency standards are also anticipated to drive the market for automotive drive shafts in the region.

Key players in the market:

Some of the key players profiled in the Automotive Drive Shaft Market include D & F PROPSHAFTS, Bailey Morris Limited, Wilson Drive Shaft, Yamada, Meritor, Rochling Group, American Axle & Manufacturing, Inc., Nexteer Automotive Group Ltd., Neapco, Dana Limited, Advanced Composite Products & Technology Inc., HYUNDAI WIA CORP., IFA Group, JTEKT Corporation, and GKN Plc.

Key developments:

In November 2020: American Axle Manufacturing (AAM) announced it is EcoTrac disconnecting all-wheel-drive for Chrysler’s new 2021 Chrysler Pacifica mini-van, along with AWD. The DTCM contains AWD system software that provides enhanced handling and improved traction to the rear wheels via the RDM.

In January 2020: GKN Automotive announced collaboration with Delta Electronics Inc. for the development of advanced eDrive technology. New integrated eDrive systems currently in development will enter production within three years to continue addressing a sizeable and rapidly expanding market.

Shaft Types Covered:
Flexible Drive Shaft
Torque Tube Drive Shaft
Hotchkiss Drive Shaft

Vehicle Types Covered:
Electric Vehicle
Light Commercial Vehicles
Heavy Commercial Vehicles
Passenger Vehicles

Position Types Covered:
Rear Axle
Front Axle

Design Types Covered:
Solid Drive Shafts
Hollow Drive Shafts

Drive Systems Covered:
Two Wheel Drive
Four Wheel Drive

Materials Covered:
Aluminum
Carbon Fiber
Steel

Sales Channels Covered:
Original Equipment Manufacturer (OEM)
Aftermarket

Drive Shaft Types Covered:
Multi-Piece
Slip-In-Tube Drive Shaft
Single Piece

Distribution Channels Covered:
Offline
Online

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances