Drive Shaft Market Demand Growth Analysis and Overview Report by 2023-2030
Drive Shaft Market Summary
The global drive shaft market is garnering impressive
traction. The market growth attributes to increasing vehicle sales and the automotive
industry worldwide. Besides, the rising production of vehicles creates a
substantial demand for drive shafts. Rising adoption of shaft technologies
required to drive axle or rear axle increases market sales. Moreover, rapid
advances in shaft technologies and materials used for shaft escalate market
growth.
According to Market Research Future (MRFR), the global
Drive Shaft market is estimated to grow at 6.40% CAGR during the
assessment period (2022-2030). Growing vehicle safety concerns and
noise vibration are the major growth drivers. There has been a constant rise in
smart and autonomous vehicle sales and demand for anti-vibration parts,
boosting market revenues.
Also, the increase in sales of luxury vehicles and sports
cars pushes the market growth. Additionally, the demand for a smooth and
efficient ride opens up new opportunities for manufacturers and influences the
growth of the market. Conversely, the increasing demand for electric vehicles
worldwide is a major factor projected to impede market growth.
Similarly, factors such as fluctuating prices and the
demand-supply gap in raw materials required for production are anticipated to
obstruct the market growth during the predicted period. Also, the low-cost
counterfeit driveshafts in the market pose challenges market growth.
Nevertheless, spurring a rise in the auto component industry would support
market growth throughout the review period.
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Global Drive Shaft Market – Competitive Analysis
Highly competitive, the drive shaft market appears
diversified with the presence of several well-established players. To gain a
larger competitive share of the market, innovation, mergers acquisitions, and
brand reinforcement remain the key trends for these players.
Major Players:
Players leading the drive shaft market include
Advanced Composite Products Technology (ACPT), Inc. (US), GKN PLC (UK),
American Axle Manufacturing Holdings, Inc. (US), Dana Holding Corporation (US),
Neapco Holdings, LLC (US), Yamada Manufacturing Co., Ltd. (Japan), NTN
Corporation (Japan), The Timken Company (US), Trelleborg AB (Sweden), and Ifa
Rotorion - Holding GmbH (Germany), among others.
Industry/ Innovation/ Related News:
July 28, 2020 ----- NSK Ltd. (Japan), a leading global
manufacturer of bearings, announced the development of a non-contact torque
sensor that measures drive shaft torque in real-time. The world's first of its
kinds and capability, this sensor can increase fuel economy, improve ride
comfort safety, and expand new possibilities across CASE (Connected,
Autonomous, Shared Services, and Electric).
NSK also unveiled its plans to expand its horizons with new
connected products, including the new torque sensor that can contribute to the
further evolution of mobility globally. Conventional torque sensors have been
complicated or expensive for wide-scale use. To respond to this NSK created a
simple structure in a compact form, ideal for mass production and easy adoption
by automakers.
Global Drive Shaft Market – Segmentation
The report is segmented into four dynamics.
By Vehicle Type: Passenger Cars (PV), Light
Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV).
By Design: Hollow Drive Shafts and Solid Drive
Shafts.
By Position: Front Drive Shaft and Rear Drive
Shaft.
By Regions: Americas, Europe, APAC, and the
Rest-of-the-World.
Global Drive Shaft Market – Regional Analysis
The Asia Pacific region leads the global drive shaft market.
With its raw material advantages, the region attracts foreign investors,
increasing the numbers of production plants. Besides, the largest market share
attributes to the increase in vehicle sales and advances in material technologies.
Moreover, the continually rising economy and population in the region
accelerate the region's automotive drive shaft market. China and India hold
outstanding shares in the regional market.
Europe stands second in the global drive shaft market. The
region is the global hub for automotive research and innovation, positively
impacting market growth. Additionally, the market growth is driven by the large
and well-established automotive sectors in the region, substantiate the growth
of the market. Furthermore, enormous advances in automotive technologies and
the rising economic growth in the region propel market growth.
Also, increased vehicle safety concerns influence the growth
of the regional market. Furthermore, strict government standards for vehicle
safety influence market growth in the region. The European drive shaft market
is projected to create an immense revenue pocket during the assessment period.
North America is a considerably large market in the global
drive shaft market. Factors such as the significant GDP and high per capita
income foster the growth of the market, driving the automotive industry.
Moreover, favorable government policies, the presence of leading OEMs, and
developed automobile infrastructures in the region positively impact the market
sales.
Besides, the constant rise in the automotive industry and
increasing demand from the transportation sector push the growth of the market.
Additionally, increasing vehicle production and demand for vehicle safety and
comfort features foster regional market growth. The well-established automotive
industry creates substantial opportunities for the drive shaft market in this
region.
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