The automotive Drive Shaft market is valued at USD 29.15 billion in 2021, and it is expected to reach USD 39.67 billion in 2027, registering a CAGR of about 4.93% during the forecast period 2022-2027
Driveshaft is also known as the driving shaft or propeller which is a medical element used to transmit the power to the elements of the drivetrain or especially to the rear wheels of a vehicle. Automotive drive shafts are capable of providing maintenance-free operation and relatively better life. There are several advantages of automotive drive shafts such as the absence of spill, reliability, clean operation, smoothness, and low running costs. Configuration of automotive drive shafts changes with front-engine rear-wheel drive, distinct front-wheel drive and four-wheel drive. It is also used in other vehicles such as marine vessels, locomotives and motorcycles.
Aluminum, steel and carbon fiber are the elements to create the automotive drive shafts. Aluminum driveshafts help in a weight reduction of the vehicles as they are competitively sturdy meanwhile the steel driveshafts are extremely heavy and they add weight to the vehicle and as high horsepower is required to transmit the power it also lowers the fuel economy. The global market for automotive drive shafts is expected to move ahead swiftly supported by a recovering automotive industry and implementation of stringent regulations regarding fuel efficiency and environmental protection. The presence of several manufacturers and suppliers offering both OEM (original equipment manufacturers) and aftermarket products ensures continued supply of driveshafts and a growing business for these companies. The demand for driveshafts is also helped by the growing vehicular traffic, and increased vehicle production.
July 7, 2020: Dana Unveils New Electric Motor, Drive Axle for Lift Trucks--
Dana Incorporated (NYSE: DAN) today introduced new drive technologies for material-handling vehicles, including a low-voltage, high-efficiency motor for electric-powered applications, as well as a new series of modular, high-efficiency drive axles for Class I, IV, and V industrial lift trucks.
Oct 4, 2021: Hitachi announces new compact in-wheel drive system--
Hitachi and Hitachi Astemo are developing a compact and lightweight in-wheel drive system for electric vehicles that combines motor, inverter and brake in one unit. Hitachi Astemo plans to use the drive system in its electric vehicle product range.
Automotive Drive Shaft Market is segmented based on the type, applications, companies and regions.
By Type, Automotive Drive Shaft Market has been segmented into
By Application, Automotive Drive Shaft Market has been segmented into
The report offers an in-depth assessment of the growth and other aspects of the Automotive Drive Shaft Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific, and Latin America.
The region's need for automobiles is increasing rapidly, owing to the presence of large developing nations such as China and India, where demand for both passenger cars and commercial vehicles is increasing year after year. For example, in January 2021, China's automobile manufacturing and sales grew by 34.6 percent. Since 2020, the country has recovered from the effects of COVID-19, and sales have increased. In terms of demand and supply, China is the world's largest vehicle market.
Many OEMs around the world, however, have production facilities in Asia-Pacific due to its geographic advantage and readily accessible labour, and the majority of them outsource their parts to Chinese enterprises for production due to China's low raw material costs. This made Asia-Pacific possible. Manufacturers were forced to produce new automobile models with updated engines as a result of recent changes in emission standards. As a result of this shift, most manufacturers are investing extensively in research and development of cutting-edge technologies to reduce vehicle weight, as well as developing creative technologies to use new materials for driveshafts.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 4.93% over the forecast period (2022-2027) |
By Type |
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By Application |
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By Companies | GKN, NTN, Dana, Nexteer, Hyundai-Wia, IFA Rotorion, AAM, JTEKT, Neapco, Meritor, Showa, Seohan, Hitachi, SDS, Yuandong, Wanxiang, Guansheng, Lingyun, Hengli, Danchuan, Fawer, Golden, Dongfeng, JDS, Sinotruk, Lantong |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 137 |
Customization Available | Yes, the report can be customized as per your needs |
What is the growth rate of Automotive Drive Shaft Market?
The Automotive Drive Shaft Market is growing at a CAGR of 4.93% over the next 5 years.
Who are the key players in Automotive Drive Shaft Market?
GKN, NTN, Dana, Nexteer, Hyundai-Wia, IFA Rotorion, AAM, JTEKT, Neapco, Meritor, Showa, Seohan, Hitachi, SDS, Yuandong, Wanxiang, Guansheng, Lingyun, Hengli, Danchuan, Fawer, Golden, Dongfeng, JDS, Sinotruk, Lantong
What are the significant types of Automotive Drive Shaft Market?
Propeller Shaft, Haft Shaft
What are the major end-use applications of Automotive Drive Shaft Market?
Passenger Vehicle, Commercial Vehicle
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SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
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