Side Shaft

Side Shaft

A side shaft is a drivetrain component that is used to transfer power from the engine to the rear wheels of a vehicle. It is typically located on the side of the vehicle and consists of a set of gears and a shaft that connects the engine to the gearbox. The increasing demand for automobiles, especially in developing countries, is driving the growth of the side shaft market. As more people purchase cars, there is a growing need for side shafts to power the rear wheels of the vehicle.

The Side Shaft Market is expected to grow at a strong CAGR of 5% during the forecast period owing to the growing demand for electric vehicles. Electric vehicles use side shafts to power the rear wheels, and as more electric vehicles are produced, the demand for side shafts is likely to increase. Additionally, the increasing popularity of SUVs and crossovers is also driving the growth of the side shaft market. These vehicles typically have a higher centre of gravity, which puts more stress on the side shafts, so the demand for them is increasing. For instance, In February 2021, Volta Trucks, the manufacturer of full-electric commercial vehicles, announced the appointment of Meritor as its strategic drivetrain component supplier for Volta Zero. This major purchasing milestone will enable the delivery of Volta Zero vehicles for customer trials in 2021 and the start of series production in about 12 months.

• Based on type, the market is segmented as hollow and solid. Amongst these, the solid segment dominated the market in 2021. This is because solid side shafts are known for their high durability and strength, which makes them a preferred choice for many vehicle manufacturers. They can withstand the stresses and strains of heavy-duty use and are less prone to wear and tear than other types of side shafts. Additionally, Solid side shafts are also generally less expensive than other types of side shafts, such as hollow shafts.
• By vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. Among these, passenger vehicles captured the majority share of the side shaft market in 2021. The major share of the passenger vehicles segment can be attributed to the high demand for passenger vehicles around the world, and this demand is driving the growth of the side shaft market. As more people purchase passenger vehicles, there is a growing need for side shafts to power the rear wheels of the vehicle.
• On the basis of position, the market is bifurcated into rear axle and front axle. The front axle held a significant share of the side shaft market in 2021. Side shaft penetration in the residential sector has drastically gathered steam as consumers have significantly found the value of connected devices that help to automate their homes and offer greater energy efficiency
• For a better understanding of the market adoption of the Side Shaft industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Rest of World. The Asia Pacific region has a significant share of the side shaft market because this region has a large and growing automotive industry, which is a key driver of the side shaft market. The region is home to several of the world's largest automotive manufacturers, including Japan, South Korea, and China, which are major producers of vehicles that use side shafts. This region has a large and growing middle class, which is driving demand for personal transportation. This has led to an increase in the production and sales of vehicles in the region, which has in turn increased the demand for side shafts. In conclusion, the Asia Pacific region has a significant share of the side shaft market due to a number of factors, including a large and growing automotive industry, a growing middle class, a well-established automotive supply chain, and a large and growing market for heavy-duty vehicles.
• Some of the major players operating in the market include GKN Automotive Limited, JTEKT Corporation, Dana Limited., HYUNDAI WIA CORP., Nexteer, Automotive Group Ltd, SHOWA CORPORATION, Yamada Manufacturing Co., Ltd., American Axle & Manufacturing, Inc., Wanxiang Qianchao Co. Ltd, and NTN Corporation.