USD 32 billion
Global Automotive Drive Shaft Market Size, Share, Growth Analysis, By Position(Front Axle, Rear Axle), By Design Type(Hollow Shaft, Solid Shaft), By Vehicle Type(Passenger Cars, Light Commercial Vehicles) - Industry Forecast 2024-2031
Report ID:
SQMIG25A2268 |
Region:
Global |
Published Date: March, 2024
Pages:
168
|
Tables:
88 |
Figures:
71
Global Automotive Drive Shaft Market Insights
Global Automotive Drive Shaft Market size was valued at USD 32 billion in 2022 and is poised to grow from USD 34.05 billion in 2023 to USD 55.93 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).
Automotive drive shaft is an essential component of a vehicle as it transfers power from the gearbox to the wheels of the vehicle. These shafts are connected to a coupling that allows the wheels to be driven by converting the motion coming from the gearbox. Rapid surge in the sales of vehicles around the world and growing automotive production are key factors that are slated to drive automotive drive shaft market growth over the coming years. Growing demand for lightweight vehicles to reduce emissions is projected to push automotive drive shaft manufacturers to develop lightweight shafts over the coming years. European countries such as Germany and Italy are projected to be highly remunerative markets for automotive drive shaft suppliers owing to the presence of key automotive giants such as BMW, Audi, Ferrari, Mercedes, etc. Advancements in material technology are also slated to influence the demand for automotive drive shafts through 2031.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Solid Shaft
Fastest Growth
Hollow Shaft
Growth Rate
6.4% CAGR
Global Automotive Drive Shaft Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Automotive Drive Shaft Market By Design Type ($ Bn)
Global Automotive Drive Shaft Market By Design Type (%)
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Global Automotive Drive Shaft Market Segmental Analysis
The global automotive drive shaft market is segmented based on position, design type, vehicle type, and region. In terms of design type, the market is segmented into hollow shaft and solid shaft. Based on position, the market is bifurcated into front axle and rear axle. In terms of vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Design Type
Solid automotive drive shafts have been around for quite a while and this is why they account for a dominant position in the global marketplace. Solid automotive drive shafts provide high durability and have a less chance of failure, which is why they are preferred to be used in a variety of different vehicles. Commercial vehicles capable of carrying huge loads usually deploy solid shafts to ensure reliability of the vehicle under massive loads.
Meanwhile, the demand for hollow automotive drive shafts is slated to increase at a rapid pace across the forecast period and beyond. This can be ascribed to the increasing focus on vehicle weight reduction to comply with the modern vehicle emission mandates around the world. Growing popularity of electric vehicles is also another trend that will bolster the demand for hollow automotive drive shafts over the coming years.
Analysis by Vehicle Type
The passenger car segment is projected to hold sway over the global automotive drive shaft demand outlook. Growing disposable income of people around the world and rising standard of living of people are key factors that are driving sales of passenger cars and thereby automotive drive shaft sales as well. Majority of passenger cars are expected to use hollow drive shafts to provide better fuel efficiency and weight reduction as well as comfort. Moreover, the launch of new passenger car models is also slated to benefit automotive drive shaft market development going forward.
On the other hand, the demand for automotive drive shaft for lightweight commercial vehicles is slated to increase at a notable pace across the forecast period. Growing emphasis on increasing the fuel efficiency and weight of commercial vehicles is what drives market growth via this segment. Surging sales of commercial vehicles across different industry verticals will also bolster market development in the future.
Global Automotive Drive Shaft Market By Design Type, 2022 (%)
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Global Automotive Drive Shaft Market Regional Insights
The Asia Pacific region is slated to hold a dominant stance in the global automotive drive shaft marketplace across the forecast period. Rapidly increasing automotive production in this region is the key factor allowing Asia Pacific to hold sway over global automotive drive shaft sales. The presence of key automotive manufacturers such as Honda, Toyota, Suzuki, Kia, Hyundai, and Tata in this region also contributed to the high market share. Growing disposable income has led to increased demand for passenger cars in countries such as China and India, which in turn, is slated to benefit automotive drive shaft sales outlook as well.
Meanwhile, sales of automotive drive shaft in Europe are estimated to increase at a noteworthy pace across the forecast period. The presence of key automotive companies, high investments in automotive R&D, and imposition of stringent mandates to reduce vehicle weight and emission are key factors that could boost automotive drive shaft market development in the European region over the coming years. Germany, France, Italy, and the United Kingdom are estimated to be the top markets for automotive drive shaft suppliers in Europe.
Global Automotive Drive Shaft Market By Region, 2024-2031
- Largest
- Fastest
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Global Automotive Drive Shaft Market Dynamics
Drivers
High Demand for Fuel Efficiency
- Use of lighter automotive drive shafts is projected to increase rapidly in the automotive industry as companies try to comply with changing emission mandates and reduce vehicle emissions. As automotive companies opt for lightweight vehicle components the demand for hollow automotive drive shafts is also slated to rise and support market growth.
Rising Sales of Vehicles
- Growing disposable income of people has resulted in high sales of vehicles around the world and this has boosted the automotive production activity thereby driving the sales of automotive drive shafts as well.
Restraints
Volatile Raw Material Pricing
- Automotive drive shafts are made from a wide variety of raw metals such as steel, iron, and even titanium alloys. The price of these raw materials is subject to extreme volatility due to changes in the commodity market, which makes it challenging for automotive drive shaft companies to develop products with a defined profit margin.
Market Saturation
- There is a huge number of companies that provide drive shafts of various shapes, sizes, and functionality, which has created a highly saturated market for any kind of drive shaft. This saturation is estimated to create pricing pressure and even hurt automotive drive shaft market growth to a certain extent in the future.
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Global Automotive Drive Shaft Market Competitive Landscape
Automotive drive shaft manufacturers target the electric vehicle trend and create shafts suitable for EVs to stay relevant and profitable in the future. Companies also invest in the research and development of new materials required to manufacture drive shafts to improve their properties and functionality. Automotive drive shaft suppliers collaborate and partner with automotive companies to create shafts of custom specifications for hyper cars and performance vehicles. Mergers and acquisitions are also notable strategies for companies looking to enhance their market presence rapidly.
Top Player’s Company Profiles
- NTN Corporation
- GKN Automotive Limited
- The Timken Company
- Yamada Manufacturing
- Nexteer Automotive
- Trelleborg AB
- JTEKT Corporation
- Hyundai WIA Corporation
- American Axle Manufacturing Inc
- Dana Incorporated
- Ifa-Rotorion Holding GmbH
- Xuchang Yuangdong Driveshaft Co., Ltd
- Neapco Holdings
- Wanxiang Qianchao
- Advanced Composite Products & Technology Inc.
Recent Developments
- In December 2022, JTEKT Corporation, a renowned supplier of automotive components, announced the adoption of its low-vibration drive shaft for Toyota’s front wheel drive system. This was done for Lexus RX models.
- In January 2023, Kalyani Mobility Drivelines (KMD), a provider of driveline components based in the United States announced the launch of new constant-velocity drive shafts designed specially for electric vehicles.
- In June 2023, Shaftec, a renowned company providing different types of automotive shafts, launched its new line of axle shafts. The shafts were designed to be compatible with vehicles from brands such as Mercedes-Benz and Nissan with models from 2007 till date.
Global Automotive Drive Shaft Key Market Trends
- Hybrid and Electric Vehicles: Automotive drive shaft companies can focus on developing shafts specifically designed for use in EVs and hybrid vehicles as they gain prominence and acceptance around the world. A different powertrain layout in these vehicles allows a new opportunity for automotive drive shaft companies to develop new products and stand out from the competition.
Global Automotive Drive Shaft Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, growing automotive production around the world and rising sales of vehicles are projected to be key factors that are estimated to bolster the demand for automotive drive shaft over the coming years. High investments in automotive R&D to develop lightweight auto components are also slated to create new opportunities for automotive drive shaft suppliers in the future. On the contrary, volatile raw material prices are projected to impede automotive drive shaft market development across the forecast period and beyond. The Asia Pacific region is slated to hold sway over global automotive drive shaft demand outlook on the back of rising automotive production and sales in countries such as South Korea, China, and India. Developing custom automotive drive shafts for electric and hybrid vehicles will offer a multitude of new opportunities for automotive drive shaft companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 32 billion |
| Market size value in 2031 | USD 55.93 billion |
| Growth Rate | 6.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Automotive Drive Shaft Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Automotive Drive Shaft Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Automotive Drive Shaft Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Drive Shaft Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Drive Shaft Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Automotive Drive Shaft Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Automotive Drive Shaft Market Report Snapshots
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