Automotive Drive Shaft Market
Automotive Drive Shaft Market Analysis by Hollow Automotive Drive Shafts and Solid Automotive Drive Shafts from 2024 to 2034
Analysis of Automotive Drive Shaft Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Automotive Drive Shaft Market Outlook (2024 to 2034)
Fact.MR, through its newly published study, reveals that the global automotive drive shaft market size is set to reach a value US$ 36.49 billion in 2024. Worldwide sales of automotive drive shafts are projected to rise at 4.9% CAGR and reach US$ 58.87 billion by the end of 2034.
Significant expansion of the automotive industry is projected to boost demand for drive shafts. Growing production and sales of automotive vehicles are forecasted to lead to the rising demand for components such as drive shafts for improved performance. Shift toward electric and hybrid vehicles is generating requirements for automotive drive shafts compatible with these automobiles. The unique design requirements of electric vehicles are forecasted to positively influence demand for specialized drive shafts.
- Global demand for hollow automotive drive shafts is projected to increase at a CAGR of 5% and reach a market value of US$ 35.44 billion by the end of 2034.
- North America is projected to hold 22.4% of the automotive drive shaft market share by 2034-end.
- Sales of automotive drive shafts in South Korea are forecasted to rise at a 5.7% CAGR from 2024 to 2034.
Emission regulations have become more stringent around the world. This is projected to lead to the growing adoption of lightweight materials and advanced technologies in the design of vehicles. Lighter designs and materials used in shafts are estimated to contribute to improved fuel efficiency, therefore making them more attractive to consumers and automakers.
| Report Attributes | Details |
|---|---|
| Automotive Drive Shaft Market Size (2024E) | US$ 36.49 Billion |
| Forecasted Market Value (2034F) | US$ 58.87 Billion |
| Global Market Growth Rate (2024 to 2034) | 4.9% CAGR |
| Japan Market Growth Rate (2024 to 2034) | 6.2% CAGR |
| East Asia Market Share (2034F) | 37.1% |
| OEMs Segment Market Share (2034F) | 65.9% |
| Key Companies Profiled |
|
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Why is There Steady Automotive Drive Shaft Market Growth?
“Increased Vehicle Production and Sales Worldwide”
Expansion of the automotive industry is projected to contribute to the rising sales of associated components. Automotive drive shafts are one of the crucial elements in this landscape. Demand for automotive drive shafts is projected to grow due to the increased production and sales of vehicles.
Automotive companies are increasing their production capacities to match the escalating demand for vehicles around the world. The automotive industry produces vehicles ranging from heavy-duty trucks to compact cars. As a result, there is a growing demand for automotive drive shafts across a diverse range of vehicles, each necessitating distinct functionalities and design specifications. Therefore, the growth trajectory of the automotive industry is projected to work as a catalyst for the demand for drive shafts to match the diverse and constantly increasing requirements of the evolving vehicle market.
What is Limiting Expansion of the Automotive Drive Shaft Market Size to Some Extent?
“Higher Cost of Shaft Replacement and Competition from Composite Shafts”
The replacement of automotive drive shafts is comparatively an expensive affair, which can adversely impact product demand. In addition, the development of composite drive shafts is estimated to pose a challenge to the suppliers of automotive drive shafts in the coming decade.
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How Can New Companies Increase Their Profit Margins?
“Investments in Technological Advancements for Improved Efficiency of Drive Shafts”
Start-ups ready to enter the market need to invest in technological advancements and development of composite materials. This is projected to influence the manufacturing and design of drive shafts. Use of lighter materials is projected to contribute to improved efficiency of drive shafts while making them more attractive to consumers and automakers.
Country-wise Insights
East Asia is projected to hold 37.1% share of the global market by 2034, as mentioned in the research analysis published by Fact.MR, a market research and competitive intelligence provider. Growing production and sales of vehicles are forecasted to boost demand for automotive drive shafts in the region.
Why are Manufacturers of Drive Shafts Investing in the United States?
“Growing Demand for Luxury and Premium Vehicles”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 7.68 Billion |
| Growth Rate (2024 to 2034) | 3.8% CAGR |
| Projected Value (2034F) | US$ 11.1 Billion |
The United States is projected to account for 84.2% share of the North American market by 2034. Growing demand for luxury and premium vehicles in the United States along with rising manufacturing and sales of automobiles is projected to drive market growth. Moreover, the presence of some of the prominent car and component manufacturers is also contributing to market revenue share.
How is The Market for Automotive Drive Shafts Progressing in China?
“High Demand for Drive Shafts Driven by Cost-effective Manufacturing”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 10.51 Billion |
| Growth Rate (2024 to 2034) | 5.3% CAGR |
| Projected Value (2034F) | US$ 17.62 Billion |
China is forecasted to account for 80.7% share of the East Asia market by 2034. Owing to the cost-effectiveness of manufacturing, many OEMs across the world are projected to establish their production units in China in the coming years. In addition, the implementation of stringent fuel efficiency regulations and growing demand for comfortable rides are forecasted to result in increased sales of automotive drive shafts in China.
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Category-wise Insights
Fact.MR’s research report asserts that passenger vehicles are projected to hold a significant share of the market owing to their contribution to fuel efficiency and increasing comfort.
What is Responsible for Growing Popularity of Hollow Automotive Drive Shafts?
“Hollow Drive Shafts Allow Lower Vehicle Weight and Reduced Likelihood of Malfunctions”
| Attribute | Hollow Automotive Drive Shafts |
|---|---|
| Segment Value (2024E) | US$ 21.75 Billion |
| Growth Rate (2024 to 2034) | 5% CAGR |
| Projected Value (2034F) | US$ 35.44 Billion |
Hollow automotive drive shafts are projected to hold 60.2% share of global market revenue by 2034. Reduction of vehicle weight has been a constant point of concern for innovators and manufacturers. Hollow automotive drive shafts come with specific advantages, including reduced likelihood of malfunctions and a lighter weight when compared to solid shafts.
Projected to align seamlessly with regulations concerning carbon emissions, hollow automotive drive shafts are projected to meet established norms and standards. Therefore, an increase in the demand for hollow shafts is attributed to their contribution to enhanced vehicle performance and improved driving experience.
Why Do Passenger Cars Account for a Leading Share of the Market?
“Higher Production Volumes of Passenger Vehicles across Regions”
Passenger cars are forecasted to hold a noteworthy share of global market revenue by the end of 2034. Lightweight automotive drive shafts to increase fuel efficiency and comfort for passenger cars. The high production volume of passenger cars can be attributed to people’s improved spending capacity.
The availability of abundant raw materials and low labor costs are some other pivotal factors contributing to the increased production of passenger cars. These factors are forecasted to influence automotive drive shaft market trends in the coming decade.
Competitive Landscape
The global market is highly fragmented owing to the presence of some prominent players. With diverse product offerings, automotive drive shaft manufacturers aim to offer affordable options without compromising vehicle performance. Further, suppliers are concentrating on globalization and developing products that adhere to prospective and current market emission norms.
Key players operating in the automotive drive shaft market are NTN Corporation, Nexteer Automotive, GKN Automotive Limited, Trelleborg AB, American Axle Manufacturing Inc., Hyundai WIA Corporation, Dana Incorporated, Wanxiang Qianchao, Neapco Holdings, and Xuchang Yuandong Driveshaft Co., Ltd.
Segmentation of Automotive Drive Shaft Market Research
-
By Product Type :
- Hollow Automotive Drive Shafts
- Solid Automotive Drive Shafts
-
By Position :
- Front Automotive Drive Shafts
- Rear Automotive Drive Shafts
-
By Vehicle Type :
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
-
By Sales Channel :
- OEMs
- Aftermarket
-
By Region :
- North America
- Europe
- East Asia
- Latin America
- Middle East & Africa
- South Asia & Oceania
- FAQs -
How big is the automotive drive shaft market size in 2024?
The global automotive drive shaft market is estimated at US$ 36.49 billion in 2024.
What is the forecasted demand valuation for automotive drive shafts by 2034?
Demand for automotive drive shafts is projected to reach US$ 58.87 billion by the end of 2034.
What is the projected growth rate of the global market from 2024 to 2034?
The global market is forecasted to expand at a CAGR of 4.9% from 2024 to 2034.
How much share of the global market is projected to be held by East Asia?
East Asia is forecasted to account for 37.1% share of global market revenue by the end of 2034.
At what rate are the sales of automotive drive shafts projected to increase in Japan?
Sales of automotive drive shafts in Japan are projected to rise at a CAGR of 6.2% from 2024 to 2034.
What is the demand projection for hollow automotive drive shafts for 2034?
Global demand for hollow automotive drive shafts is forecasted to reach a market value of US$ 35.44 billion by 2034.
Automotive Drive Shaft Market
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